Tandem retires paid Cashback Credit Card membership

Friday 4 September 2020 15:04 CET | News

UK-based Tandem Bank has made an announcement to its members about the GBP 5.99/month Cashback Credit Card, telling them the card is shutting down.

Tandem launched its Cashback Credit Card back in 2018, its first UK product after its acquisition of Harrods Bank and subsequent banking licence, however this March it introduced a controversial GBP 5.99 monthly “membership” in order to make the card more “sustainable”, according to AltFi. 

Tandem has been quiet for most of 2020, following the confirmation in March that it had raised a “significant fundraise” reportedly of GBP 60 million from investors including Qatar Investment Authority. Then in August 2020 Tandem announced it would become "the UK’s first green digital retail bank" and had "acquired" specialist green lender Allium Lending Group. Earlier this week AltFi subsequently reported that Tandem has acquired GBP 44.6 million in consumer unsecured whole loans from listed lending fund Honeycomb.

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Keywords: Tandem Bank, credit card, cashback credit card, UK, United Kingdom, challenger bank
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce