Hi guys, I just need few help as am new to this . I got approved for booster . Just wondering would I be able to access my deposit besides the credit limit or I can’t spend some out of it ? Would be glad if anyone could help me out pls . Thanks
Hi, You can withdraw from your deposit at any time however it’s not a great idea if you are looking to improve your credit score as a lower credit limit would be reported to the CRA’s
Thanks so much for ya update . Am not looking forward to withdrawal from my deposit. I just want to know if it’s acceptable as most credit cards don’t ask for a deposit.
This really helped a lot thanks
If you do find you need cash remember you can always withdraw up to £200 without any fees at a ATM that way it won’t affect your security deposit.
Oh that’s a good idea , thanks for the good update . So is it 200£ a month or at once ? Sorry it’s hard to get hold of customer service .
It’s £200 per month without any additional fees.
It’s best to treat it as a backup just in case rather than relying on it regularly though.
Thank you so much. This is so helpful .
It seems like a good credit card and once again thanks
No problem at all, Anything else just ask.
So if I put 100£ deposit
Would my credit limit be 100£
Also want to know if I spend my credit limit of 100£ . Would I still have my 100£ deposit available in my account ?
My main point is I don’t want to touch my initial deposit.
But good to know you could withdraw it anytime.
Hope to read back from you .
Also is there any charges on transferring to my personal bank account pls ?
In answer to your first question yes, If you deposit £100 your credit limit will be £100 and if you deposit £300 your credit limit would be £300 etc.
Tymit use your deposit as security against any spending so that there is no risk to themselves as you are basically using your own money and not theirs.
The purpose of this is to prove that you can use credit responsibly by making regular monthly payments on time and in doing so increasing your credit score.
Tymit will hold back from your deposit whatever amount you spend. So for example you deposit £300 making your credit limit £300 then spend £100 that amount would be held back from your deposit but you would still be able to transfer the remaining £200 back to your bank should you wish.
In answer to your second question, No you will not be charged anything for transferring the available portion of your deposit back to your bank account.
I hope this helps
Thank you so much for the clarifications, this actually helped a lot . Yeah it’s more like a bank rather than a credit card .
I do have 2 credit cards without any deposit. This seems strange to me , was why am trying to know more bout it . No point paying monthly fee to keep my money
Booster is more for people who can’t get credit, it’s a way of improving your credit score.
If you already have credit cards from other companies then using them in a responsible way and making regular payments on time would just have the same effect on your credit score (without the monthly fee).
I think Tymit just set their qualifying criteria higher than other providers hence why you have been offered booster rather than standard Tymit. It may even be because you have a few other lines of credit already as they like to look at the full picture when checking eligibility.
Please please help me
Actually I’ve got Tymit card but never received pin code and it’s long time that I have it but at least for one time even did not work I mean just have card but never used it has credit and online shopping I can’t use I don’t know how is working please let me know please if you send an email to explain what I have to do to use my card please
Hi , I just want to ask a question. Am purchasing a ps5 450£ and how could I spread the payment pls
Would I get a refund and would the refund available for spending after setting up a plan pls ?