Tymit Booster question

Hey guys ive been accepted for tymit boost but im completely CONFUSED to say the least! If i for example transfer £50 to my account how much will my credit limit be? Is my credit only the money I transfer or do i get loan money on top of my transfer? Hope someone understands my question as i am so confused. I dont want to lose money! Thanks in advance

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Hello @lauren and Welcome to the Tymit Community :wave:.

With Tymit Booster the amount you deposit is the amount of credit you have available. So to answer your question if you deposit £50 you will have £50 credit.

You can deposit more at a later date as and when you want to using the correct Account Number & Sort Code and Referende given in the app :grinning:.

Any more questions @ me in and I will reply as soon as I can

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@Jamesj015 So basically will they give me extra credit without transfering more money after time? I just dont want to be charged interest on my own money if that makes sense

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You won’t be charged interest on Tymit Booster however over time you may be invited to move onto Full Tymit depending on factors set out by Tymit.

Tymit Booster has a membership fee instead :slight_smile: @lauren

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@Jamesj015 i think i get you so basically its like a savings account at first with no money lending on top? Thanks for the replies I appreciate it

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Very similar yes. It’s a 100% secured card. When you do move away from Booster whatever money you had deposited will be refunded to you. It might be worth spending a bit of time reading through the original Booster thread to see everyone’s questions and answers about Booster as you might find a few more questions you have answered here :grinning:

I did discuss how users will be moved from Booster to full Tymit and when that is an option you will be notified

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@Jamesj015 do you know how much the membership fee is or if it varies?

It’s £9.95 a month and will be added to your account when the bill is produced

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Thanks alot @dudesuper1982 it says on app i need to transfer money via branch but as i have internet banking access will that work?

Yes you can do a faster payment via your banks app just make sure you use the sort code and account number from the add funds section from the Tymit app also need to include your unique reference number

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Thanks thats very helpful

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hi, im a bit confused too… i have put in £30 and paid 30 for a purchase, which i chose to spread over 12 months just to i could see what using the app was like etc.
how am i spreading anything over installments if i have already paid £30 to the card? surely the benefit would be to spread the costs so i would still have £27.50 for example as everything else is spread over the 12 months?

The £30 deposit you paid is held safely in a separate account and in return Tymit have given you a £30 credit limit and whatever you spend reduced what limit is available to spend and you repay it the same as you do any other credit card

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so the money i have paid in is just held elsewhere.

if i withdraw my money, what happens to the purchases i have on payment plans? they will continue but i wont be able to buy more as i pay it off?

I’ve never withdrawn myself but I think you can only withdraw what you haven’t used as it reduces your credit limit

ok so i basically control my own credit limit but i have to pay the money in first

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Hiya everyone :wave:

Thanks for all these questions and to @Jamesj015 and @dudesuper1982 for jumping in with the correct answers!

We’d love any more feedback you all have on how we can make this concept easier to understand. I’ve just made a new thread to ask for feedback on the ‘2 account’ concept:

Please head over there and leave any feedback if you have it!

Thanks,

Alastair

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