What changes are being made to the Tandem Cashback Credit Card?
The Cashback Card is being replaced with Tandem Membership which includes some great new features for only £5.99 a month. You’ll keep your 0.5% cashback on all purchases, but you’ll also get a market leading 1.5%* savings rate on your Tandem Account, 0% interest on purchases and cash withdrawals which means no charges on your balance and of course there will still be no foreign transactions fees when you use your card abroad.
*reducing to 1.25% AER from 26th June 2020
Why are they being made?
As Tandem grows as a bank, we feel it’s important to develop our products as well. The cashback card is a great product, but we feel that the new version is even stronger and can bring our customers more value.
What are the next steps if I’d like to become a member?
If you decide to take up the Tandem Membership offer, then you’ll need to let us know by clicking on the link in the emails we’ve sent you recently and leaving us your details on the page you’re taken to. Once you’ve done that, your membership will become active from the 9th March 2020. In the meantime, you can open your Tandem Account from within the Tandem app and the 1.5%* AER savings rate will go live on the 9th March 2020 too. If you open your Tandem Account between now and then, you’ll receive the standard rate of interest (currently 0.5%) until the 9th March 2020.
*reducing to 1.25% AER from 26th June 2020
What will change when I sign up to Tandem Membership?
On the 9th March, you will be moved to a new credit agreement which you can view here.
We’ve put together a quick comparison guide to make it easy for you to see what’s changed in the new credit agreement which you can view here.
For the full Terms & Conditions of the Tandem Membership click here.
What are the next steps if I don’t want to become a member?
If you don’t want to become a member, you will not need to let us know. However, your card will be disabled from the 9th March 2020, so you won’t be able to spend with it and it will then be important to pay back any outstanding balance you may have with us.
I would like to close my cashback credit card, will anything happen to my savings account that I have with you?
We can reassure you that nothing will happen to your savings account that you hold with us. The changes are only affecting the cashback credit card product.
Is there a limit to the balance I can earn a promotional rate on?
Interest will be paid on the total balance of your Tandem Account up to the maximum deposit as outlined in your Tandem Account T&Cs
When will the 0% interest come into effect if I choose to take up the offer?
You will continue to pay interest up until the 9th of March which is when Tandem Membership becomes active. Any purchases made after this date will be included in the 0% interest.
When I tried to open my Tandem Account for savings I was declined?
If you’ve signed up for Tandem Membership and tried to open a Tandem Account but received a decline message, please contact us via the app or on 020 3370 0970 and we’ll get it fixed for you. Sorry for any inconvenience caused.
If I sign up, when will my membership start?
On the 9th March 2020 your Tandem Membership and all its benefits will become active, and you can start to benefit from them. You’ll start to see your membership fee on your next statement and then monthly on your statement thereafter.
Why weren’t we informed sooner?
In line with our Ts&Cs we have provided you with 60 days notice of the product change. This should provide enough time to make an informed decision about the Tandem Membership offer.
What if I can’t afford the monthly fee?
Then this product may not be for you but keep an eye on our website and socials as we have some exciting new products coming soon that may be more suitable.
Can I apply for a Journey Credit Card?
Yes however, you will need to complete some steps first. In order to apply for a Journey Card you will need to close your Cashback Card and pay off your outstanding balance. You can then check your eligibility for a Journey Card by doing a soft search check in app. A soft search check won't have an impact on your credit file.
Am I going to be able to reapply?
No, the Cashback Card in its current form will no longer be available.
Will I be able to cancel my membership?
Yes, if you decide to join Tandem Membership but cancel at a later date, you’ll just need to give us a call and we can do that for you. When cancelling your membership, you will have to close your credit card which requires you to repay any outstanding balance. This means you will continue being charged the £5.99 membership fee per month until you have fully repaid and closed your credit card. Your instant access savings account (if applicable) will have its rate reduced to the standard rate.
How do I cancel my membership?
Give us a call and we will be able to help you with that.
If I close my account can I re-apply at a later date?
No. Once the account has been closed, Tandem Membership will no longer be available but please bear in mind you do have until 9th March 2020 to make a decision.
Will Cashback be paid after the 9th March 2020?
Any cashback earned before the 9th March 2020 will be paid on your final statement. After the 9th of March 2020 your card will be deactivated, and you will be exempt from the existing offering unless you have signed up to Tandem Membership.
Will I still be charged late payment and returned payment fees and interest on Tandem Membership?
If you decide to join Tandem Membership, then the card and your spend are interest free. However, if you miss your minimum payment or one of your direct debits are declined or returned then you will incur a £12 charge.
How am I charged the £5.99 fee for Tandem Membership?
This will appear on your statement each month as a fee, clearly labelled.
If the card is 0% interest on all purchases and cash withdrawals, why does it show an APR of 6.37%?
The APR is 6.37% rather than 0% as it takes into account the membership fee as a cost of credit. Your actual purchase and cash interest rates will be 0%.