On Tuesday, digital challenger bank Tandem announced the launch of its first product in the UK, the travel cashback credit card, which is described as a credit card that allows users to make money whilst spending abroad. The bank revealed that the cashback card is part of its mission to free the world from the stress of banking by putting financial control back into the hands of its customers.
“The product will integrate with Tandem’s stress-free, intuitive banking app so that customers receive personalised insights as they spend. The card and app are the perfect partners, who together make up an impressive package of services. People are free to spend abroad with the knowledge that they can track what they spend and won’t be charged any surprise fees.”
The card has a competitive APR of 18.9%. It’s true some cards charge lower interest on purchases, however Tandem doesn’t encourage customers to spend beyond their means (and incur fees). The ability to borrow is a valuable tool for spenders, but they shouldn’t be dependent on it. Sven Schindele, Senior Product Manager at Tandem, stated:
“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.”
Ricky Knox, Tandem’s CEO added:
“With our new banking license, our banking app and our new credit card, 2018 is going to be a great year for Tandem. We are looking forward to getting our colourful cards into the hands of customers – I can’t wait to start seeing customers tapping around town”.