Aqua Card Boosted/Requested payment.

Afternoon. I have just received my new Aqua card (6 months interest free on purchases) and am in the process of setting up the DD. It has given me three options - Pay full balance, a 'boosted payment' or 'payment requested' plus an optional 'recommended extra payment'...!?!
What do these mean? What is the difference?

I've not had a CC for a few years, and am using this one (along with a Capital One card) to help rebuild a positive credit history. I did not have these options with Capital One - that I remember anyway!

Thanks :)

Comments

  • I should add that I know what 'pay full balance' means :D
  • Pay the full balance
  • Boosted Payment:
    To help you clear your balance faster and save on interest you can make a Boosted Payment. This will pay your:
    contractual minimum payment (plus any arrears)
    monthly instalment payments, if applicable
    Plus, a Boost Payment, which will vary depending on your balance.
    For example, if you had a purchase balance of £1,000 with an interest rate of 39.9% per annum, and you only paid the contractual minimum payment each month, it could take 20 years and 11 months to pay it off. You would pay £2,580 in interest alone. However, if you made a Boosted Payment each month of £71 this could reduce to £640 and you'd pay off your balance in just 6 years and 8 months; assuming you didn't miss any payments, your interest rate does not change and there was no further spend.
    You can make Boosted Payments manually online or by calling us or by setting up or amending an existing Direct Debit. If you set up a Direct Debit, the amount will be shown on your statement and your account summary online each month before your Direct Debit is collected.
    The Boosted Payment amount may change each month depending on your balance so it is important you check your statement.

    Payment requested:
    The monthly Payment Requested includes your contractual minimum payment and, where shown on your statement/account summary includes:
    your monthly instalment plan payment; and/or
    a Recommended Extra Payment (see below).
    If you had a Direct Debit set up to pay only the contractual minimum payment, we will now collect the full Payment Requested amount unless you contact us and ask us not to. If you don't have a Direct Debit set up, we recommend you pay the full Payment Requested shown on your statement. Remember, you must pay at least the contractual minimum payment by your due date to avoid a late payment fee.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • The way I see it you should elect to pay off the balance in full. That way the onus is on Aqua to collect the money to pay off your balance and you can't forget. You also won't pay a horrendous interest rate on any balance that you forget to pay off... the APRs on Aqua cards are horrible.

    That is assuming you aren't trying to stooze a bit... 6 months interest free isn't nothing, but there are better cards out there.

    EDIT: if you are trying to (re)build credit then definitely pay off in full each month, even with a 0% card. This will show lenders that you aren't desperate for credit and can manage it responsibly
  • you should elect to pay the full balance
  • If possible you should always pay the balance in full every month (particularly on a high interest card like Aqua and if you're trying to build up a positive credit history.) :)
    A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.
  • konark
    konark Posts: 1,260 Forumite
    Not much point in having a '6 months spending at 0%' card if you're going to pay it off in full every month. You could do that with any card.


    I'd just pay the minimum then after 6 months clear the lot.



    Some posters on here haven't quite got their head around this stoozing thing.
  • Well yes obviously if you’re on a 0% deal then by all means wait.

    That goes without saying really - only on the basis you can clear it before the promo period ends
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