Tandem launches credit card
Written by Hannah McGrath
Digital challenger bank Tandem is launching a new credit card service as part of its plan to help users build a strong credit history.
The bank, which regained its banking licence in January this year, has expanded its product offering rapidly to keep up with fellow digital-only players Monzo and Starling.
The ‘Journey Card’ is the fourth product launch and the second credit card from the bank in the last 10 months; it is aimed at those who are looking for their first credit card.
The credit card is offering customers free spending abroad and budgeting tools as they work towards building a healthy credit score, all of which is tracked in the bank’s mobile app.
The digital bank doubled its customer base to 21,000 in January this year when it acquired Harrods Bank, once owned by luxury department store owner Mohamed Al Fayed. The deal added £80 million of capital to the bank's balance sheet.
Ricky Knox, chief executive of Tandem, said: “The integration of credit products into our app is a game-changer for the industry.
“Our competitors have launched some great pre-loaded and debit cards, but we will own credit in this space,” he added.