Tandem, the U.K. amateur coffer that afresh acquired the cyberbanking arm of the acclaimed Harrods administration abundance partly in adjustment to get its cyberbanking authorization aback on track, has launched its aboriginal cyberbanking product: a acclaim agenda that offers cashback on every acquirement and no barter fees aback spending abroad.
The new agenda is advised to assignment with Tandem’s Personal Finance Manager (PFM) app, which you bung into your absolute coffer accounts and acclaim cards to get spending insights and set allotment goals to advice you bigger administer your money.
The amateur bank, like abounding added consumer-facing fintechs, wants to become your cyberbanking ascendancy centre from which it can affix to and action cyberbanking services, either articles of its own, such as the anew launched Tandem acclaim card, or through partnerships with added fintech startups or bigger providers. On that note, Tandem says it affairs to action a accumulation annual in the a future.
Specifically, Tandem says its new acclaim agenda brings barter a aggressive aggregate of cashback on all purchases (0.5 percent), no across transaction fees, a “market leading” barter rate, and absolute time updates aback you purchase.
It isn’t the alone acclaim agenda of its ilk in the U.K. — there are a cardinal of cashback-styled acclaim cards — although Tandem isn’t charging a account fee, which is absolutely a draw. (Its APR of 18.9 percent isn’t the everyman on the market, however).
It additionally credibility to the startup bank’s initital “attack vector” (as Monzo’s Tom Blomfield calls each fintech’s access point): appear for the cashback acclaim agenda and aught fees aback spending abroad, and break for the PFM and soon-to-launch accumulation drop accounts.
The latter, of course, agency as a accountant coffer Tandem can activate lending out a allocation of those deposits, which would activate to anatomy the base of a accurate business model.
To that end, Tandem says it chose to barrage with a acclaim agenda for assorted reasons. A acclaim agenda gives barter chargeless aegis on purchases over £100, so you’ll get your money aback if, for example, a banker goes bust. “On top of this, anybody needs some added banknote already in a while. Tandem appetite to be there aback you charge some money to awning an emergency cost,” says the self-described “Good Bank”.
Adds Ricky Knox, Tandem’s CEO, in a statement: “With our new cyberbanking license, our cyberbanking app and our new acclaim card, 2018 is activity to be a abundant year for Tandem. We are attractive advanced to accepting our colourful cards into the easily of barter – I can’t delay to alpha seeing barter borer about town”.
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