Tymit has announced the launch of its app-enabled fee-free instalment Visa credit card to address the ‘lack of transparency and control’ involved with traditional credit cards.

The Tymit card will allow customers to plan their spending, see the true total cost of any transaction, and avoid unnecessary interest by spreading the cost of purchases over several months.

The London based fintech revealed 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 said the new app will give its customers complete control and transparency over their repayments, enabling them to plan purchases around a monthly budget, and that once a transaction is made, an interest-bearing repayment schedule can be selected and easily adjusted.

Tymit co-founder and CEO, Martin Magnone, commented: “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 a great user experience. You see this in the usability of their websites and apps, but it goes beyond that.

“Traditional credit cards offer customers almost no control, and that can be dangerous. It’s virtually impossible to anticipate the total charges when you make a purchase – you only find out the real cost months later when you review your statements. And once you have a balance accruing interest, banks provide almost no help in planning repayments.

“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.”

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