Tyme Bank Credit Card

Established in 2015, TymeBank is the first bank in South Africa to offer a comprehensive cloud-based financial platform.

Relying solely on their Android Banking App, they offer you the convenience and luxury of banking on the go, hence the name “Tyme” which means to take your money everywhere.

How the Tyme Bank story began

TymeBank was a venture originally part of the Deloitte Consulting project, that was receiving funding from the MTN group. It became an independent business in 2012. The Commonwealth Bank of Australia obtained 100% of Tyme. Subsequently, it underwent a name change and became TymeDigital. 

In 2018, ARC Imali-Madi (RF) obtained a 10% share of TymeDigital. The South African Reserve Bank approved the acquisition of the remaining 90% stake by entrepreneur, Patrice Motsepe on the 5th of November 2018. The name was then changed to TymeBank Limited. 

The TymeBank vision

Unquestionably, like many successful businesses, TymeBank has a vision of what they aim to achieve. This vision comprises two main aspects, namely:

• The purpose – To empower people in a manner where they can take full control of their hard-earned money.
• The mission – To help you gain a comprehensive understanding of money and subsequently give you the power to make informed financial decisions in the future.

A belief system that benefits you

Apart from TymeBank’s vision, they conduct business on a set of deeply embedded core beliefs that benefit you in every way. These beliefs speak of their business integrity and how you can expect to be treated. These beliefs are divided into 3 key categories:

• Simplicity – To offer you a user-friendly and simplified banking solution for ease and convenience.
• Transparency – You’ll know exactly what you pay for and what their fees are at all times.
• Affordability – By not having any physical branches, they can offer you banking that’s affordable without the unnecessary extras.

Apart from offering a convenient, all-in-one banking solution, TymeBank provides you with a safe and secure banking platform that’s available wherever you are.

TymeBank can offer you a credit card with a range of benefits to complement your daily life. Their smart shopper points reward you every time you swipe your card and earn you extra points at all Pick n Pay retailers.

55-day interest free period

The TymeBank credit card offers you the first 55 days at no interest, subject to you paying your full monthly instalment. They also offer free delivery to your door for your first card and a secondary card for your family.

They charge a once-off initiation fee of R160 and a monthly service fee of R40. You’re charged a fee of R100 for late payments and optional customer protection insurance of R4.50 for each R1,000 that’s outstanding.

How a credit card can benefit your daily life

Having a credit card can open you up to a world of financial freedom. The responsible management of your card ensures you enjoy access to credit when you need it. You can pay for your mid-month groceries or easily cover big expenses.

Having a credit card and managing it well also positively benefits your credit score.

Should you decide to buy a home or vehicle and need to apply for financing, a good credit record is beneficial in many ways.

Safety features and optional benefits

Safety is important and TymeBank’s credit card has many built-in safety features.

These features include SMS notifications to alert you to any activity on your card. They also offer you a credit card protection plan that covers you for up to R250,000 in the event of your death, permanent disability, or dread disease.