Tandem has launched a credit card in the UK which offers cash back on every purchase as well as no exchange fees when spending overseas. This new card works with Tandem’s personal finance manager app which you are required to plug into the existing bank accounts and credit cards in order to get and set budgeting goals so as to better manage your money. This new credit card offers market-leading exchange rates and real time updates on purchasing any item with the credit card, apart from providing cashback on all purchases as well as no transaction fees while spending abroad. Another benefit of this credit card is that customers don’t have to pay a monthly fee.
2018 is therefore going to be lucrative year for Tandem as it is hoping that its new banking licence, the banking app, and the new credit card will help them attract many new customers and increase their business. There are a number of cash back style credit cards in the UK, but Tandem is certainly hoping that the zero transaction fees on spending abroad will be a feature that will attract many new customers. The Challenger Bank hopes to become the financial control centre from which it can offer financial services and products of its own or through partnering up with startups and other bigger providers. Tandem also plans to offer a savings account in the future.