What is Tymit?
Tymit is a UK-based financial technology (fintech) company that offers a credit card with a unique feature that allows customers to split their purchases into manageable monthly payments. The company was founded in 2017 with the aim of providing a more flexible and transparent credit card experience to consumers.
The Tymit credit card is designed to give customers greater control over their spending and repayment options. Customers can choose to split their purchases into fixed monthly payments at a lower interest rate than the typical credit card rate. The card also offers real-time notifications of transactions, customizable credit limits, and the ability to freeze and unfreeze the card at any time.
Tymit's mission is to provide a fairer and more responsible credit option to consumers, with a focus on transparency and flexibility. The company is committed to using technology to simplify the credit process and make it more accessible to everyone
How does Tymit work?
Tymit works like a traditional credit card but with additional features that give customers more control and flexibility over their spending and repayment options. Here's a breakdown of how Tymit works:
How to Apply for a Tymit credit card?
- Visit the Tymit website: Go to the Tymit website at www.tymit.com.
- Click "Apply now": Click on the "Apply now" button on the homepage.
- Enter your personal information: Fill in your personal information, such as your name, address, and date of birth.
- Enter your financial information: Provide details about your employment, income, and expenses. Tymit will use this information to determine your creditworthiness.
- Submit your application: Review your application to make sure all the information is correct, and then submit it.
- Wait for approval: Tymit will review your application and let you know if you've been approved for a credit card. This process can take a few days.
- Receive your Tymit credit card: If your application is approved, you will receive your Tymit credit card in the mail. You can then activate the card and start using it to make purchases.
How much does Tymit cost?
Tymit has no annual fees or hidden charges, which means that there are no upfront costs associated with the card. However, there are some fees and charges that may apply in certain circumstances. Here's a breakdown of the fees and charges that you may encounter with a Tymit credit card:
Interest on purchases: If you choose to split your purchases into monthly payments, interest will be charged on the outstanding balance at a rate that is lower than the typical credit card rate.
Interest on cash withdrawals: If you withdraw cash using your Tymit credit card, interest will be charged on the outstanding balance at a higher rate than the purchase interest rate.
Late payment fees: If you miss a payment, you may be charged a late payment fee of up to £12.
Over-limit fees: If you exceed your credit limit, you may be charged an over-limit fee of up to £12.
Foreign transaction fees: If you use your Tymit credit card to make purchases in a foreign currency, a foreign transaction fee of up to 3% of the transaction value may apply.
Tymit experts reviews
Money Saving Expert: Money Saving Expert rates Tymit as a "decent credit card" that offers a competitive interest rate and the ability to split purchases into manageable monthly payments. The site notes that the card is particularly good for those who want to manage their spending more effectively.
Choose Wisely: Choose Wisely praises Tymit for its flexible repayment options, customizable credit limits, and no annual fee. The site notes that the card can be a good option for those who are looking for more control over their finances.
The Balance: The Balance describes Tymit as a "unique" credit card that offers customers more control and flexibility over their spending. The site notes that the ability to split purchases into monthly payments can be helpful for those who struggle with budgeting.
Overall, experts seem to agree that Tymit is a good option for those who want more control over their spending and repayment options. The card's flexible features, such as the ability to split purchases into manageable payments, are particularly praised by reviewers.
What is Tymit Booster?
Tymit Booster is a feature offered by Tymit that allows you to increase your credit limit in a responsible and affordable way. With Tymit Booster, you can add funds to your account that will increase your available credit limit.
Here's how Tymit Booster works:
- Choose your Booster amount: You can choose how much you want to add to your account, up to a maximum amount determined by Tymit.
- Select your repayment term: You can choose how long you want to repay the Booster amount, ranging from 3 to 12 months.
- Agree to the terms: Once you've selected your Booster amount and repayment term, you'll need to agree to the terms and conditions of the offer.
- Receive your funds: Once you've accepted the offer, the Booster funds will be added to your Tymit account, and your credit limit will be increased.
- Repay the Booster amount: You'll need to make monthly payments to repay the Booster amount, plus any interest that is charged.
Tymit Booster is designed to help you increase your credit limit in a responsible and affordable way. By choosing a repayment term that works for you, you can avoid taking on too much debt and ensure that you can comfortably manage your payments.
Tymit card pros
- No fees: Tymit does not charge any fees for using their card.
- Low-interest rates: Tymit offers competitive interest rates compared to traditional credit cards.
- Flexible payment plans: Tymit allows users to choose their own payment plans, giving them more control over their finances.
- Easy application process: The application process for a Tymit card is quick and straightforward.
- Instant decisions: Tymit provides instant decisions on credit applications.
- No credit checks: Tymit does not conduct a hard credit check, which can impact a person's credit score.
- No foreign transaction fees: Tymit does not charge foreign transaction fees, making it a good option for international travel.
- Zero liability protection: Tymit offers zero liability protection for fraudulent purchases made with the card.
- Security features: Tymit uses advanced security features to protect user data and prevent fraud
- Customer support: Tymit provides customer support via chat, email, and phone.
Cons of tymit card
- High-interest rates: Tymit has a variable interest rate that can be as high as 29.9%, which is higher than some other credit card providers.
- Late payment fees: If you miss a payment or pay your bill late, Tymit charges a late payment fee of £12.
- Limited availability: Tymit is currently only available to UK residents with a UK bank account and a valid UK address.
- Credit checks: Tymit performs a credit check before approving your application, which can have an impact on your credit score.
- Cash advance fees: If you use your Tymit card to withdraw cash, you will be charged a cash advance fee of 3%.
- Foreign transaction fees: Tymit charges a foreign transaction fee of 2.95% for transactions made in a foreign currency.
- Minimum credit limit: Tymit sets a minimum credit limit of £500, which may not be suitable for everyone.
- Annual fees: Tymit does not charge an annual fee, but it does charge a monthly subscription fee for its premium service.
- Limited acceptance: Tymit may not be accepted by all merchants, especially those that do not accept digital or mobile payments.
- Limited customer service: Tymit's customer service may not be as comprehensive or responsive as some other credit card providers
FAQ'S
1.What is a Tymit card?
A Tymit card is a digital credit card that allows you to control your spending and pay off your balance in installments.
2. Which bank owns Tymit?
Tymit is not owned by a bank, it is an independent fintech company.
3.Who owns Tymit credit card?
Tymit is owned by its founders, Martin Magnone and Juan Montenegro, along with other investors.
4.Does Tymit have a monthly fee?
No, Tymit does not have a monthly fee.
5.What are the 3 main credit card companies?
The 3 main credit card companies are Visa, Mastercard, and American Express.
6.Which is the highest credit card?
The highest credit card varies depending on factors such as credit limit and rewards. Some examples of high-end credit cards include the American Express Centurion Card and the J.P. Morgan Reserve Card.
7.Which credit card is best for all?
The best credit card for an individual depends on their specific needs and spending habits. Some popular credit cards include the Chase Sapphire Preferred Card and the Capital One Venture Rewards Credit Card.
8.Which credit card is best for all?
The best credit card brand varies depending on the individual's needs and preferences. Some popular credit card brands include Chase, American Express, and Discover.
9.What are the 4 major credit cards?
The four major credit cards are Visa, Mastercard, American Express, and Discover.
10.Which is the most safest credit card?
All credit cards are designed to be safe to use. However, it is important to take precautions such as monitoring your account regularly and reporting any suspicious activity to your card issuer.
11.Which credit card is famous?
Some famous credit cards include the American Express Centurion Card, also known as the "Black Card," and the Chase Sapphire Reserve Card
