Worried about clearing your Tandem credit card by deadline? Your options
The digital challenger confirmed it would close both its popular Cashback credit card offering 0.5% on purchases, and its Journey credit card in November.
Its controversial £5.99 a month membership scheme which only launched in March 2020 was also closed.
Customers were told they would need to clear their outstanding credit card balance by 3 February 2021.
At the time, Tandem said that if any customer feels they will not be able to do this, they should get in touch so a bespoke repayment plan can be made to ensure they don’t find themselves in financial hardship.
Now, Tandem has revealed to YourMoney.com details of the credit card wind-down process, and further information for customers who may struggle to pay off their debt.
It said that in February, it will start closing its credit card platform with remaining credit card accounts with balances to be paid to be moved off the Tandem platform.
At this time, customers will no longer have access to view their credit card account via the app and so it will introduce paper statements.
However, before the closure, it will assess each customer’s affordability to see if a new loan product with Tandem would be suitable.
“Customers who are eligible and willing to transfer their balance across to a loan with Tandem will be able to continue to pay back their remaining balances as per the terms and conditions of the new loan, beyond February 2021”, a spokesperson said.
Alternatively, where customers meet the affordability criteria of other financial providers, they may wish to refinance to a new credit card product. Tandem said it has already emailed and provided this information to customers.
It added: “Tandem encourages any customers who would ideally like to continue to have a credit card account elsewhere to explore refinancing options for themselves, e.g. to check if transferring their balance to another provider would be the right option for them.
“Both options are dependent on affordability and the new product being suitable for individual customer needs.
“For customers where this is not the case, Tandem is speaking to third parties about transferring the ongoing management of any remaining accounts across to them. This would then provide ongoing support and the ability to repay beyond February via a third party, for any customers who do not meet the affordability requirements of the other options and who still need more time to pay back their outstanding balances.”
Tandem added that it is still working through the finer points of all the different options customers have and will continue to update customers with more information by email.