London-based FinTech Tymit has announced the launch of a fee-free instalment Visa credit card.
Its Tymit card will now allow customers to plan their spending and spread the cost of purchases over three, six, 12 or 24 months.
The London-based firm, which says it is not a bank, uses a built-in calculator function in its app to allow customers to calculate the cost of future purchases before making them.
It also provides real-time spending notifications, automatic purchase categorisation and reporting, transaction location maps and customer service chat.
Tymit co-founder and CEO, Martin Magnone, said traditional credit cards offer customers little control, which 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,” he said,
“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.”
The Tymit Visa credit card is issued by digital financial technology provider Wirecard and can be used anywhere in the world that accepts Visa.
The card will be rolled out to a select number of beta users from today, with waitlisted customers receiving invites soon after.
The news follows a successful £4m funding round last month.