London-based FinTech Tymit has announced the launch of its app-enabled fee-free instalment Visa credit card.
The Tymit card will now allow customers to plan their spending and spread the cost of purchases over three, six, 12 or 24 months.
The interest will only be calculated and applied to instalment transactions, rather than the whole balance, to save customers a significant amount of money compared to more traditional credit cards.
Tymit co-founder and CEO, Martin Magnone, said: “Traditional credit cards haven’t really changed in decades. The big banks rely on old technology, and because they’ve had a monopoly for so long, they haven’t given a lot of thought to providing great user experience. You see this in the usability of their websites and apps, but it goes beyond that. ”
He added “Traditional credit cards offer customers almost no control, and that can be dangerous. The Tymit card and mobile app are different. They’ve been designed from the ground up to fit seamlessly together, providing a fast, intuitive interface that puts you in control and helps you make better decisions about your spending.”
The Tymit Visa credit card is issued by digital financial technology provider Wirecard and can be used anywhere in the world that accepts Visa.
The card will be rolled out to a select number of beta users from today, with waitlisted customers receiving invites soon after.