New Day: Bye Bye Minimum Payment?


The Notice Of Variation sent out to New Day (i.e. Aqua and Amazon credit cards) through messaging in their online account manager appears to do away with the Minimum Payment. There will be attention paid to what New Day calls “paying down the balance”. It doesn’t really affect me personally but it might affect customers who can only afford the minimum payment.

Here it is:

What happens if you are not making sufficient payments?

As responsible lenders, our aim is to ensure that you are repaying your balance within a reasonable period whilst also allowing you the flexibility to spread your repayments and better manage your finances. If you only pay the contractual minimum payment (or close to it) every month, the balance on your account will take a longer time to pay off and this will cost you more.

We might recommend an extra payment

We will look at your account regularly and if we notice that over a reasonable period of time you have not made sufficient payments to help you pay your balance down, we may recommend you make an extra payment in addition to your contractual minimum payment. This is an amount that will help you pay down your balance more quickly than if you continued with your existing repayment pattern and help you reduce the amount you are paying for credit. We will let you know how much you should pay and this recommended extra payment will be shown in your statement each month.

If we suggest that you pay a recommended extra payment, the amount of this may vary each month and we will request payment depending on how you are paying off your balance, so we may not request it every month.

You can let us know if you would prefer not to pay the recommended extra payment (see How you can contact us), but we may contact you, or ask you to contact us, to discuss your account.



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