Consumers can use Tandem Credit Card for all sorts of different reasons. They may is it just for their everyday shopping or paying bills, or they might use them for ‘luxuries’, such as one-off expensive holiday abroad. There are many benefits to credit cards, as most places accept them, and they are easy to carry around with you.

If you have a sudden emergency, you may want to use your credit for this purpose too. If you don’t have any savings, the credit card can be a handy back-up. You will also have peace of mind that should the worst happen, you will still be able to cope.

Who are Tandem?

Tandem Credit Cards are issued by Tandem Money Limited, a registered credit provider in the UK. The company offers a credit card with no monthly fees as well as the ability to track spending and earn cashbacks on purchases. Tandem offers two credit cards, the Journey and the Cashback credit card.

Find your best debt solution

This 4 question debt calculator will tell you if you’re eligible.

What is the total amount of your debt?

Tandem Cashback Credit Card Overview

IssuerTandem Bank
NetworkMastercard
Rep. APR18.9% (variable)
Annual/monthly fees£0
Loyalty schemeCashback
Cashback details0.5% after £1 of monthly spend. Cashback paid Monthly into Card Account.
IncentiveEarn cash back on all purchases over £1 worldwide.
Purchases18.9%
Purchases interest-free period (days)56

Tandem Cashback Credit Card Fees and Charges

Annual/monthly fees£0
Minimum monthly payment1% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance.
Foreign usage charge (EU)0%
Foreign usage charge (rest of world)0%
Cash advance fee2.5% (min. £2.5)
Late payment fee£12
Duplicate statement fee£0
Exceeding limit fee£0
Additional card fee£0
Dormancy fee£0

Tandem Cashback Credit Card Application Requirements

Minimum Age18
Minimum income£13,000
AvailabilityAvailable to new customers

Tandem Credit Card Reviews

To understand how other customers rated their experience with the Tandem Credit Card, read through Tandem Bank reviews here.

trust pilot review

Information correct as of 14/06/21 (Trustpilot)

Credit Card Tips

In this article we are going to uncover:

  • Some reasons why it might not be a good idea to take out a credit card
  • The pluses and minuses of having a credit card
  • Whether there are any more suitable alternatives that may be more beneficial based on your circumstances and financial situation
  • How you can manage your credit card well, if you decide this is the best option

Budgeting struggles

To maintain your Tandem Credit Card well, you need to be good at budgeting. The balance needs to be paid off each month, if you want to improve your credit score.

You may overspend

You know yourself better than anyone, and you know if you are likely to overspend if you take out a Credit Card. It could lead you to greater financial troubles, if you are some who tends to overspend.

Your salary and the credit card balance

Credit cards are a great way to give your credit rating a boost, but the only way this will happen is if you manage your card well, and this means paying off the balance as soon as you get your bill through. If you are not able to do this, it could have negative consequences for your credit score.

Your main consideration should be whether your salary will cover the balance, when you take all your other outgoings into account. If it doesn’t meet the expenditure of your credit card, you could end up in financial troubles.

Tandem Credit Card and interest

Consumers often forget that there is also interest payments to take into consideration, if you do not clear the balance of your Tandem Credit Card (or any credit card).

Avoiding debt problems with the Tandem Credit Card

Most people will take out a credit card with the purpose of having a back-up for emergencies, and to help improve their credit rating. If you have a good credit rating, you will get better access to loans and other forms of credit, and more favourable interest rates.

Credit scores are dependant on how you manage credit in general. How you keep on top of bills and whether you are good at budgeting.

There is no underestimating the importance of a good credit score. It can help you buy a home, and get access to loans if and when you need them. You need to manage your credit card well to be able to enjoy any of these benefits though.

If you are considering a Tandem Credit Card, these are some tips for ensuring you manage it well.

  • Only retain one credit card, you don’t need any more than this.
  • As mentioned throughout, the best way to manage the Tandem Credit Card is to ensure the balance is cleared at the end of the month. This should be your focus when using a credit card.
  • Don’t take out a credit card just because you like the reward.

Other options to the Tandem Credit Card

There is every chance that you have read this and decided that a Credit Card is not for you after all.

In this case, there is an alternative you may want to consider if you want a convenient option. You may choose a ‘prepaid credit card’ as this can help you improve your credit score, but without the risks of overspending.

Prepaid credit cards – what you need to know

Prepaid cards are similar to credit cards, but you need to load the funds onto them, before you can spend anything. You can use them in the same places as you use credit cards, so you are not limited in your options. These are convenient and safer than carrying cash.

The benefits of prepaid cards:

  • You can build your credit score
  • It can help you if you are budgeting
  • Small to carry out, so more convenient than cash
  • Better safety than cash
  • Easy to track your spending

If the worst happens and your prepaid card gets lost or stolen, it can be easy to sort it out and cancel the card. With cash, you don’t have this safety net, which can be distressing if anything happens.

Using a debit card

Debit cards are another option for paying for goods and services. You can use them anywhere and again, you avoid the risks of credit cards as you need to have the funds to be able to spend anything. Your debit card is provided when you sign up to a bank account.

In much the same way as the other options, you can use debit cards anywhere, and they are extremely convenient. You are not limited in your choices.

Building your credit score without a credit card?

You don’t actually need a credit card to improve your credit score, although it can be extremely helpful – if you manage it well. Credit cards are not essential for your purchases, you can save your money and this will save you from getting into debt.

Another way to improve your credit score is simply by ensuring you pay any bills in your name on time. The more you do this on a consistent basis, the quicker your credit score will increase.

References

CONC 13.1 Application

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
×