Forum Home » Credit Cards

Aqua - Payment Requested and Contractual minimum payment...

New Post Advanced Search

Coronavirus: The latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: UPDATED MSE Coronavirus Guides

NEWSFLASH


New, free ‘Academoney’ course from MSE and the Open University launches
All the key areas of personal finance are covered, so that you can master your money decisions


Aqua - Payment Requested and Contractual minimum payment...

edited 30 November -1 at 1:00AM in Credit Cards
16 replies 2.8K views
w3w3w3w3w3w3 Forumite
18 posts
edited 30 November -1 at 1:00AM in Credit Cards
Hi, I got my first credit card about just over a month ago with Aqua. It says Payment Requested: £5.80 by a certian date, so i paid this, and the amount went into my balance to spend, so i spent it the same day. My Contractual minimum payment says £0.00 so have i paid the min for this month then?


I ended up going out down town (First time in years) and messed my money up lol. Its not a problem, as when i get paid start of month i will pay card off in full, no problem. I just don't wanna to miss a payment, or mess my card up, and not sure if i have paid up? or i still need to pay the requested? I can't post a pic, as im a new member, and it wont let me.


Thanks! :beer:
«1

Replies

  • zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    As long as you made the minimum payment before the due date, you won't get late fees.

    But make sure you pay in full to avoid interest.
  • edited 17 May 2019 at 4:59PM
    w3w3w3w3w3w3 Forumite
    18 posts
    edited 17 May 2019 at 4:59PM
    I paid the payment they requested, which i still have a couple of weeks to go for the date of it. I then spent it as it showed up on my balance to spend, contractual minimum payment is £0.00. So your saying as long as i sent a payment that they requested, i am good. Is that why the contractual min payment is at £0.00? Thanks by the way. :)
  • edited 17 May 2019 at 5:17PM
    moleratmolerat Forumite
    22.8K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    edited 17 May 2019 at 5:17PM
    As long as you have paid the minimum payment as shown on your statement between the statement date and the due date you have met your contractual obligations. Unless you are in a promotional 0% period you need to pay off the full statement balance by the due date shown on the statement to avoid paying interest though .
  • Willing2LearnWilling2Learn Forumite
    6.2K posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    w3w3w3 wrote: »
    Hi, I got my first credit card about just over a month ago with Aqua. It says Payment Requested: £5.80 by a certian date, so i paid this, and the amount went into my balance to spend, so i spent it the same day. My Contractual minimum payment says £0.00 so have i paid the min for this month then?


    I ended up going out down town (First time in years) and messed my money up lol. Its not a problem, as when i get paid start of month i will pay card off in full, no problem. I just don't wanna to miss a payment, or mess my card up, and not sure if i have paid up? or i still need to pay the requested?
    w3w3w3 wrote: »
    I paid the payment they requested, which i still have a couple of weeks to go for the date of it. I then spent it as it showed up on my balance to spend, contractual minimum payment is £0.00. So your saying as long as i sent a payment that they requested, i am good. Is that why the contractual min payment is at £0.00?
    Yes, you have paid the minimum payment for this month. You have satisfied the contractual agreement.

    Do you understand that you will pay interest, in accordance with the amount shown on your Aqua statement, if you don't pay the full balance before the due date that is shown on your statement?

    You get paid at the beginning of next month, and have said that you will pay the balance at that point. Unfortunately, you will not be paying the full balance before the due date, which means you will be paying interest in the next monthly statement. Does that make sense to you? :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • gettingreadygettingready Forumite
    11.3K posts
    ✭✭✭✭✭
    ... and Aqua adding interest BEFORE next statement may take you over your limit if you have used all your credit on the card now to the full - that would mean a fine
  • w3w3w3w3w3w3 Forumite
    18 posts
    If i owe £450 say... How much "interest" would i end up paying, if i pay £450 when i get paid. I am a bit confused here?
  • phillwphillw Forumite
    3.4K posts
    Seventh Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    I have no idea what your Apr is, but its common to be around 20 percent. If you leave 450 on the card for a month then it will cost you about 7.50. However if you always pay the previous statement balance by the due date then you never pay interest even though you may have spent the money up to two months ago. Even underpaying by a penny will trigger the clause that let's them charge you interest from the day you spent the money.
  • zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    The interest depends on how long you borrow the money for and what APR you're charged.

    If you borrowed £450 for the full month, on a typical aqua APR of around 40%, it'll be around £15.

    If you clear the balance in full each month, then no interest.
  • edited 17 May 2019 at 10:46PM
    w3w3w3w3w3w3 Forumite
    18 posts
    edited 17 May 2019 at 10:46PM
    Ah ok, i did think it would be around that. It is 35.5% APR I am sure, tho i have used it for cash withdrawel as well, and paid £3 fee each time, and i think APR goes abit higher. Paying £15 is no problem. as long as it wasnt in the £100's. Thanks! I used to pawn my stuff for £45 and pay £70 back... So being able to use £450 and pay £15-30 for the month(if i don't pay within month i use) i think is a fair deal and i am happy to do.


    EDIT: I am mainly using this for the odd money i need here and there, and to also use a LOT, and pay back to improve my credit score. On Experian my score is 683,
  • zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    w3w3w3 wrote: »
    EDIT: I am mainly using this for the odd money i need here and there, and to also use a LOT, and pay back to improve my credit score.

    If you're taking out cash on the card and not clearing in full, lenders will view you as higher risk.

    Only spend what you can afford to repay in full and never take out cash.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support