You are here: Home - Credit Cards & Loans - News -

Tandem launches credit card with 0.5% cashback on all spends

Written by: Paloma Kubiak
Tandem has launched a cashback credit card offering 0.5% on spends here in the UK and overseas, plus there are no foreign transaction fees.

The digital challenger – which last month completed its buy out of Harrods Bank – has launched its first product in the UK – a cashback credit card offering 0.5% on all purchases (on £1+ spends). It comes with no overseas transaction fees.

Users will receive Mastercard’s exchange rate when making purchases abroad and as the product is a credit card, purchases on goods or services over £100+ are protected under Section 75 rules.

The card has an APR of 18.9% and for cash withdrawals, users will be charged a fee of 2.5%, with a minimum charge of £2.50 in the UK while overseas, Tandem said there are no fees for withdrawing cash, though interest will be charged until the balance is paid off.

There’s a £12 fee if you make a late payment or if your payment fails. Customers can apply online and manage the account via the app, where they will see real-time updates of their transactions.

However, for cash withdrawals, it can take up to five days to see the interest details via the app.

In order to be eligible, you need to earn a minimum of £13,000.

Sven Schindele, senior product manager at Tandem, said: “We took a close look at the lifestyle, values and spending behaviours of our customers and produced a card that helps you earn as you spend, spend abroad without worry, and borrow as it suits you. We hope our customers find the card a helpful companion in all situations in life at home and abroad.”

Andrew Hagger of Moneycomms, said this is a great all round card from Tandem which is likely to prove popular.

He said: “The 0.5% cashback rate is generous in its own right in today’s market, but combined with free usage abroad, it makes it a really attractive package.

“Other providers (most recently Monzo) have offered free transactions and cash withdrawals overseas in the past but ended up finding it too expensive so had to introduce ‘foreign transaction and ATM charges’ similar to most providers. So let’s hope this isn’t just another short-term promotion and that Tandem can disrupt the market over the longer-term.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week