UK challenger bank Tandem announced on Thursday the launch of its new second credit product, which is called the Journey Card, available through an application through the bank’s website. According to Tandem, the Journey Card is considered a way for those who haven’t had credit before to build up a strong credit profile. The bank explained:
“When paid on time, and without going over their credit limit, customers can use the Journey Card to achieve better financial health. Increasingly people are realizing the importance of credit scores for building a better future, be that helping them to get car loans, mortgages and better credit rates in the long-term.”
The Journey Card offers the following:
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ZERO transaction fees on any purchases abroad
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ZERO transaction fees on cash withdrawals abroad
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Up to 56 days interest-free on any purchases
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24.9% APR representative, variable
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Receive all updates and communication through the Tandem App
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Powerful in-App budgeting tools
Tandem also noted that the new Journey card is fully integrated with their suite of credit specific app features: the app can leverage the data from customer’s aggregated accounts to contextualize what they are spending on their Journey Card. Speaking about the credit card and the bank’s growth, CEO of Tandem, Ricky Knox, Tandem CEO, then stated:
“2018 continues to be a transformative year for Tandem. Our customer numbers are growing and so is our suite of products. We set out to solve real people’s problems with money and with every new product we are in a stronger position to do just that. Credit cards are valuable tools and we’re helping people get the most out of them.”
Sven Schindele, Head of Banking Products at Tandem, went on to add:
“We are thrilled to be launching our second credit card. At Tandem we are all about financial freedom and that comes from building a healthy credit score and getting the best from the money you have. We hope this card is your trusty companion for your next adventure.”