Fintech startup Tandem is launching its first product to the public – a credit card.
It's also the first digital challenger bank to offer a credit card, with others such as Monzo and Starling initially diving into current accounts.
The card will offer 0.5 per cent cashback and will have no fees when being used abroad and comes with an 18.9 per cent APR. The card will also be connected to the Tandem app, through which users can manage multiple accounts and track spending.
The credit card has previously only been available to limited early customers of Tandem – known as co-founders – and the fintech firm plans to launch savings accounts in the future.
"With the help of our co-founders we have built a product that caters to the needs of the people and are on target to make our customers’ lives richer," said Tandem senior product manager Sven Schindele.
“We took a close look at the lifestyle, values and spending behaviours of our customers and produced a card that helps you earn as you spend, spend abroad without worry, and borrow as it suits you. We hope our customers find the card a helpful companion in all situations in life at home and abroad.”
The challenger bank recently regained its banking licence after buying up Harrods Bank.