TymeBank Offers Credit Cards To Those Earning R3000
TymeBank Launch Credit Card
TymeBank have entered the next phase of their business plan and after holding back during the first 2 years of the global pandemic have now broadened their banking offerings to now include credit cards.
As we know credit cards are very popular and TymeBank is now offering these in an effort to expand into the middle income client market and bring in more affluent clients.
They have partnered with RCS (who offer credit through Mr Price & Jet etc) to provide credit cards to those who earn as little as R3000 a month (or more). This is a significantly lower threshold than most banks that tend to favour clients earning R5000 or more a month.
TymeBank have brought on new experts to help them run this portion of their business and help manage the risks and feel confident it is a positive next logical step for them to grow as a brand.
Expanding into this portion of the market of course exposes them to defaults and means they will have to offer their clients assistance through debt review when that arises. At present, much of the RCS debt review book is handled by Consumer Friend.