Confusing charges, hidden fees, and minimum payment traps are some of the most common reasons why people avoid using credit cards. With so many credit cards being offered on the market right now, it sometimes becomes tedious and frustrating to choose one.
While credit cards are a convenient way to finance purchases, they can offer a poor experience to users due to unclear pricing, multiple fees, and lack of features to manage balances. As a customer, I want a credit card that’s cheap, transparent, flexible, and easily accessible.
This is when I found out about the Tymit credit card and its awesome features and benefits. This card was able to address all of my concerns and more. In this article, I will talk about the Tymit credit card, its features, benefits, and how to apply for one online.
- Understanding the Minimum Payment
- About the Tymit Credit Card
- Examining the Features of the Tymit Credit Card
- Additional Benefits of Using the Tymit Credit Card
- Know the Pricing and Fees of the Tymit Credit Card
- Downloading and Installing the Tymit Mobile App
Understanding the Minimum Payment
As a credit card user, I try to avoid what is called the “minimum payment trap”. Unlike other bills that emphasise the total due amount, credit card bills highlight the minimum payment alongside your outstanding balance.
The minimum payment is the absolute minimum amount that you can pay to fulfill your obligation to the credit card company for that month. It is usually equivalent to 2% of the outstanding balance.
The minimum payment amount should cover at least the accrued interest charges for the month.
Some card companies have a minimum amount that would be charged if the percentage amount falls below it.
Don’t Fall into the Trap
Personal finance experts warn people not to get into the minimum payment trap, referring to the practice of only making minimum payments without really trying to pay off the actual debt.
The minimum payment system was originally created to ease the financial burden during times of unexpected expenses. However, some people are tempted to only pay the minimum balance all the time, making it into a debt trap.
Ideally, what you should aim to do is to pay off your monthly balance to minimize the amount of interest you need to pay while still enjoying the flexibility that the credit card offers. It takes discipline to do this.
About the Tymit Credit Card
The Tymit credit card helps people avoid the minimum payment trap by introducing the ability to spread out the cost of the purchase.
Using the Tymit credit card, you will be able to distribute the cost of your purchase from the shortest period of three months to the longest period of 36 months. The three-month option has 0% interest.
This means that you’re only paying interest based on the amount of the installment you need to pay for a particular month.
About the Issuing Company
Tymit was established in 2017 by brothers Martín and Nicolas Magnone on the idea that people should be able to finance purchases over time to help manage their monthly budget.
They identified the woes of customers regarding credit cards and the limitations of alternatives such as store loans, which require credit checks every time a purchase is made and are not available in most places.
Using their experience working with major high street banks, the Magnone brothers took advantage of the latest technology in cards and payment systems to provide a better customer experience.
Examining the Features of the Tymit Credit Card
The Tymit credit card works to address the issue of the minimum payment trap. Their credit card allows you to split purchases not paid in full by the end of the month into installments.
Because of this, you only pay interest on the purchases placed in installments rather than the entire balance, saving you money. Any cost tied with a purchase is quoted in advance to avoid surprises.
The card is also tied to a mobile app that lets you plan your purchases ahead of time and helps you manage repayments based on your capacity.
You can even boost your credit score via the app’s Tymit Booster feature.
Making Repayments with Tymit
Another great feature of the Tymit credit card is the ability to select your repayment period from the moment that you make a purchase.
If you want to enjoy a 0% annual percentage rate (APR), you could choose the shortest period of three months. However, you can still select plans of six, 12, 24, and 36 months if you need more time to repay.
Adjustments can be made anytime with your repayments, and if your situation changes, you can even pre-pay in the middle of the repayment plan without having to face penalties or fees.
Additional Benefits of Using the Tymit Credit Card
Tymit users face no fees besides the late payment fee. It ranges from £1 to £10 and is charged after the grace period expires and after an alert notification is received.
You can also make ATM withdrawals of up to £200 per month anywhere in the world.
To cater to your needs, the company provides support via chat and sends out real-time notifications to help you monitor transactions.
In cases of loss and theft, you may instantly block your card via the mobile app. You will also receive a free contactless Visa credit card, as well as a personal credit line.
Bank Contact Info
You may contact Tymit via email at firstname.lastname@example.org for anything related to the card and at email@example.com for general inquiries.
You may also call Tymit Customer Services 24/7 at +44 (0) 20 3389 5270.
The company’s headquarters is located at 2 Eastbourne Terrace, Paddington London, England W2 6AA, UK.
Know the Pricing and Fees for the Tymit Credit Card
Depending on the cardholder, the credit limit for the Tymit credit card ranges from £500 to £15,000. While the three-month installment plan has no interest, a representative APR of 19.8% is imposed on the other repayment periods.
For the first three return payments, no fee will be charged, but £5 will be imposed beyond that. The late repayment fee for each payment has a maximum of £10.
The company imposes no annual fee, monthly fee, over-limit fee, card issue fee, or non-sterling transaction fee.
The replacement card fee is set at £5.
Card Transaction Limits
The Tymit credit card is subject to an overall transaction limit of £10,000 per day, £15,000 per month, and £150,000 per year.
For ATM withdrawals, you can only withdraw £200 per day, £200 per month, and £2,400 per year.
Physical card usage using POS terminals is limited to £8,000 per day, £15,000 per month, and £150,000 per year. Online usage has limits of £5,000 per day and per month and £150,000 per year.
Downloading and Installing the Tymit Mobile App
To more conveniently manage your credit card, you can use Tymit mobile app. For Android users, the app can be found in the Finance category on the Google Play Store under the name “Credit Card by Tymit”.
It has been downloaded by more than 50,000 users and currently has a rating of 4.6 out of 5 stars based on over 2,100 user reviews.
The app has a file size of 103 MB and requires Android 5.0 and up to function properly.
To begin downloading, tap on the Install button. It will begin installation automatically once the download is finished.
Tymit Mobile App for iOS
The iOS version of the app can be found on the Apple App Store under the name “Tymit Credit Card”, also in the Finance category. It has a current rating of 4.8 out of 5 stars based on over 2,100 user reviews.
It requires a storage space of 79.2 MB and iOS 13.0 or later for both the iPhone and the iPod touch.
Simply tap on the Get button to begin the download process and wait for it to finish. Once all files have been downloaded, the app will automatically install onto your device.
If you’re like me and you’re looking for a credit card that has little to no fees and helps you avoid the minimum payment trap, then the Tymit credit card is a great option. I also find the mobile app to be a perfect companion to the card as it allows me to monitor my purchases and make payments.
Don’t lose any more of your hard-earned money through fees or interest with the Tymit credit card. Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.