After announcing a £4m funding round last month, Tymit, the London based fintech, has just announced the launch of its fee-free instalment Visa credit card.
Built to provide a rich, mobile app experience, the new card addresses the lack of transparency and control involved with traditional credit cards.
The Tymit card allows customers to plan their spending, see the true total cost of any transaction, and avoid unnecessary interest by spreading the cost of purchases over 3, 6, 12 or 24 months.
Interest is only calculated and applied to instalment transactions rather than the whole balance, saving customers a significant amount of money versus traditional credit cards. Purchases that are not put on an instalment plan default to be due in full the next month, with no interest charges or fees.
Using a built-in calculator function, customers can also simulate future purchases, gaining a clear understanding of the total interest that would be due.
The app also provides a wealth of data and features to help customers manage their finances. Real-time spending notifications, automatic purchase categorisation and reporting, transaction location maps and customer service chat can all be accessed from within a simple interface.
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Advanced fraud protection is also included in the package: customers can block their card from within the mobile app, while advanced fraud prevention features use signals such as phone location to determine if your card could have been stolen.
Tymit co-founder and CEO, Martin Magnone, said: “Traditional credit cards haven’t really changed in decades. The big banks rely on old technology, and because they’ve had a monopoly for so long, they haven’t given a lot of thought to providing a great user experience. You see this in the usability of their websites and apps, but it goes beyond that.
“Traditional credit cards offer customers almost no control, and that can be dangerous. The Tymit card and mobile app are different. They’ve been designed from the ground up to fit seamlessly together, providing a fast, intuitive interface that puts you in control and helps you make better decisions about your spending.”
The card will be rolled out to a select number of beta users from today, with waitlisted customers receiving invites soon after.