Tymit is currently by invitation only. Reserve your account today by signing up for the waitlist at tymit.com. Once you are selected, you’ll be able to download the Tymit app and complete sign-up in less than 3 minutes with your phone.
You need to be 21 years of age or older, have an iOS or Android smartphone, a UK bank account to your name, and currently be living in the UK (we will make it available in other countries of the EU next).
Yes, we need to run a standard credit check with the credit reporting agencies because we are issuing you a credit line. During onboarding, we initially run what is called a “soft check” on your report (this means we only see; we don’t leave any records) to make sure everything looks good before progressing with the application. This way, applying for Tymit will not affect negatively your credit history.
If you get approved and become a Tymit user, we will let the credit agencies we work with know that you became our customer and the size of the credit line we extended. We are also legally required to report to these agencies if you fail to meet the minimum required payments, but we will make every effort possible to work with you to ensure it never gets to that.
Yes, absolutely. Your personal information is managed directly by us and stored securely in our servers using the highest encryption and security standards. We will only share what is absolutely necessary with the official credit bureaus and with our card processing and issuing partner that needs your basic details in order to issue you the Tymit Visa card.
When you sign-up with Tymit you immediately get a Visa virtual credit card available in the Tymit app that you can use for online purchases. Also, you can order a physical card to be delivered to your home address. Simply use any of these cards like any other card for your purchase, and you’ll get an instant notification on your phone at the moment of payment. By tapping on that notification, you are able to select the repayment plan that you prefer for that purchase. You can choose to pay it back in full on the next month (always totally free) or in 3 to 24 equal monthly instalments. You can always go back to the app to change your selection very easily with no penalties or added costs.
Anywhere in the world that accepts Visa. Remember that Tymit has full Credit Card functionality which means you can use it to rent cars, book hotels, on-board airplanes, and anywhere else that requires having a credit line available.
There are no tricks and no hidden charges with Tymit. We charge no membership fees and no fees when you buy abroad (we apply the market exchange rate provided by Visa and add no extra cost). Also, there are no fees or additional charges outside of interest when you put a purchase in instalments. Finally, we also won’t charge a fee if you first miss a payment; we may charge a late payment fee if there are extraordinary late payments after several notices and alerts have been delivered.
Only on specific purchases that you decided to spread overtime for longer than a month. We may also offer promotions to spread a purchase into 3 months for free. You will always know exactly what the financing costs are (if any) and these never change. There no tricks and no surprises. A lot of lenders and credit cards charge disguised commissions and fees on top of the interest, we don’t. Tymit is fee free (as long as you pay on time). If you don’t choose any plan, then the purchase is due in full the next month at no added cost always. When you decide to finance a specific purchase overtime, that doesn’t affect any of your other purchases. Finally, it is really easy to change payment plans without any added cost or penalties. You are always in control.
Yes, anywhere in the world where Visa is accepted (which is in many, many places). Additionally, when you buy abroad, we use the market exchange rate published by Visa with no added fees or costs. As always, you are able to turn any purchases made abroad into monthly instalments of your choice if you wish to do so.
Yes, your Tymit card will always work as long as you have credit available in your account. If you have no access to the internet at the moment of purchase, or simply choose to ignore the instant notification sent to your phone, the purchase will be recorded to be paid in full on the next month (these are always free). You’ll be able to change the payment plan, if you want to, later easily through the app when you are back online, or when is more convenient for you.
Every month you’ll be required to pay for all the purchases you chose to pay in full (these carry no interest) plus any instalments due for purchases that you decided to pay overtime. You can easily manage how much you wish to pay every month by changing the payment plans through the Tymit app (it’s kind of fun too).
You can currently pay your monthly bill by bank transfer. However in the near future you will also be able to set up Direct Debit or pay with a debit card.
For more information on how Direct Debit works and the favourable protections it has for you go to https://www.directdebit.co.uk/Pages/Home.aspx