Tandem announce that in total customers have spent over £100 million on their credit cards and has paid £500,000 in cashback to its customers. Launched in February 2018, the Cashback Credit Card is a market-leading product, with a 0.5% cashback rate and zero fees on overseas spending. This spending milestone comes from well over 2 million card transactions across the world.
These transactions help Tandem to build up a picture of the Tandem customer and exactly what they want from their money. By analysing card transactions, the bank has found that Tandem customers really do love to travel, spending a grand total of £17.9 million across airlines, hotels and resorts and travel agencies. Tandem credit card customers have also spent over £8.1 million in restaurants and £1.3 million on fast food, a tasty £9.4 million in total. The average spend in a restaurant transaction being £22.44.
Sven Schiendele, Head of Banking Products at Tandem, says, “Looking at our customers’ spending habits helps us build services that work for them. This card in particular was designed with seasoned travellers in mind so it’s great to see how many are already seeing the benefits of no fees on foreign exchange or overseas payments. We want our customers to be out enjoying life and we can see that they are!”
Tandem is a bank built with data in mind and is using advanced analytics to make day to day money management easier and more personalised. Founded with the goal of finding solutions to people’s money problems rather than profiting from them, Tandem offers market-leading credit cards, savings accounts and account aggregation services.
Ricky Knox, adds, “As a bank we measure our success against what we call ‘customer lifetime benefit’. This means understanding our customers’ spending habits and building useful and rewarding services around that. We’re very proud of the amount of cashback that has been paid out and hope our customers continue to enjoy their rewards.”