Settling monthly bill early

Hi all

I’ve just signed up to booster account and put a small limit on for now. I’m just wondering if you pay in full does this show immediately and are you able to use the card again same day or does it take a couple of days to settle the bill?

Thanks :blush:

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Hi @Cakey87 welcome to the community.

If you make a payment using your personal reference number the credit should show in your account immediately.

Yes as @Billy says if you use your reference number it shows straight away and your available credit is ready for use immediately

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There have been a number of newer Tymit users, especially Booster recently using it more as a daily charge card than a credit card, more akin to a debit card. This is common practice in the US especially with charge cards such as Amex where no rolling credit is permitted. Members make a transaction then pay it off as soon as it’s processed/cleared into their credit account. The original concept was to pay the charge card account in full at the end of the month. I’m not sure if there are any advantages to doing this with Tymit, they only report once per month so no real advantage unless Booster users are maintaining a very low credit limit.

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Thanks all @MuppetDave that’s how I was planning to use initially and top up once a month to build the limit a bit

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@Cakey87 you do benefit from the increased limit being reported but it’s not always beneficial to have low or zero credit utilisation (paying off in full).

Tymit Booster does allow you 12 months zero interest (I believe) so it may be worthwhile doing what I do by spreading all payments over the limit (I can only do 3 months) and making my savings earn interest in the meantime.

It means you are reporting a limit and use of the credit line to show you can responsible be given credit and not miss payments.

This is not advice as such, just a thought. You do you :slight_smile:

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You get interest free on all the plans upto and including 36 months

Is that 100% confirmed? Early discussions about Booster seemed to suggest it was 12 months only.

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I suppose it wouldn’t be fair to charge a monthly fee and also apply interest especially when you need to deposit cash as security in the first place.

That’s a turn up for the books and surprising. Lucky you ha ha!

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I believe that is why it’s all interest free because of the monthly fee

Yeah I thought that would be the case. Your lucky 0% up to 36 months on everything and get to choose your own credit limit, sounds ideal :smiley:

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This is what I was thinking, that if Booster users pay as they go there’s very little to report. Normally card companies report the closing balance, if that’s a tenner out of a grand (for example) it’s 1% utilisation, which proves very little. I personally only use my Tymit to spread larger payments whereas Amex I use for all monthly outgoing as I earn rewards for that. The balance is paid off at the end of every month and averages between 15-20% of the limit consistently. Responsible consistent use of credit is good. Playing around with Booster by paying off transactions as you go and leaving no balance to pay or report as utilisation is likely to be detrimental I suspect.

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Totally agree @MuppetDave. I do understand the idea that some people are just more comfortable in charge card mode and using Booster is good to ensure they can always pay back their balance if needed.

But as you rightly say, to really get that credit rating working for you, carrying a balance is essential.

I have the exact setup as you, BA Amex for rewards (miles not cash back) and then Tymit to spread large purchases over 3 months.

Don’t forget to check if the retailer you’re buying from with Tymit is offering anything in terms of Avios via the British Airways Executive Club app! - It’s always good to benefit, smaller stuff is always nice to get Amex MR points plus Avios on top if they’re registered & offering points/miles. :nerd_face::+1:

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I always do this. Whenever I buy anything it’s my first port of call.

I try to maximise my spend through their with their partners too, e.g. hotel bookings for work and always flying BA in the UK if I can.

There’s some cracking points increases right now so I’m making lists of everything I need and want and should be some great gains :slight_smile: