Less than a month after revealing it has topped 500,000 in customers, digital-first challenger bank Tandem Bank announced in total customers have spent over £100 million on their credit cards and has paid £500,000 in cashback to its customers. Tandem reported since launching in February 2018, the Cashback Credit Card is a market-leading product, with a 0.5% cashback rate and zero fees on overseas spending.
“By analysing card transactions, the bank has found that Tandem customers really do love to travel, spending a grand total of £17.9 million across airlines, hotels and resorts and travel agencies. Tandem credit card customers have also spent over £8.1 million in restaurants and £1.3 million on fast food, a tasty £9.4 million in total. The average spend in a restaurant transaction being £22.44.”
Speaking about the latest milestone, Sven Schiendele, Head of Banking Products at Tandem, stated:
“Looking at our customers’ spending habits helps us build services that work for them. This card in particular was designed with seasoned travelers in mind so it’s great to see how many are already seeing the benefits of no fees on foreign exchange or overseas payments. We want our customers to be out enjoying life and we can see that they are!”
“As a bank we measure our success against what we call ‘customer lifetime benefit’. This means understanding our customers’ spending habits and building useful and rewarding services around that. We’re very proud of the amount of cashback that has been paid out and hope our customers continue to enjoy their rewards.”