The digital challenger launched the Tandem cashback credit card in February 2018, offering a generous 0.5% cashback on both UK and overseas spends, plus no foreign transaction fees.

To date, cardholders have earned a total £1.4m cashback and they have also saved £2.1m in foreign exchange fees. Tandem confirms existing customers will continue to receive the 0.5% cashback along with zero overseas transaction fees.

But as of today, the free cashback credit card is off the market. Instead, anyone wanting to open the next version of this credit card will need to join a waitlist for its new membership scheme which will launch in the new year.

Details are still being finalised but Tandem said it will be a paid for scheme offering varying levels of benefits for members, such as cashback and zero fees for overseas spending.

Ricky Knox, CEO of Tandem Bank said: “Tandem has always been driven by aligning its interests with those of its customers, and membership will allow us to act completely in their interests as we solve real people’s money problems.

“So as 2019 comes to a close we are excited to announce we will be introducing a Tandem Membership beta in 2020. As part of this exciting offer members will receive the next version of our market-leading Cashback Credit Card together with a number of other exclusive services and benefits enabling you to spend, borrow and save your way to a better life with money.”