Back Up allows you to redirect the whole amount of a card payment to your Vivid Now account when the funds in your Money Pocket aren’t enough to cover for it.
How many transactions can I have in my Back Up?
You can use Back Up as often as you’d like, as long as you have sufficient money in your Vivid Now account, either a credit balance or overdraft limit.
Be advised that this feature doesn’t allow you to redirect standing orders, direct debits, outbound SEPA transfers, quasi-cash or gambling purchases to your Vivid Now limit. If you don’t have enough funds to cover a direct debit on its execution day, you can provide the merchant with your Vivid Now account IBAN so as to complete the payment.
Will I pay interest on transactions using Back up?
If a Back up transaction uses the overdraft on the Vivid Now account, then you’ll pay interest on the overdrawn balance. The annual percentage rate (APR) of 14%* will be calculated on your daily overdrawn balance, and will be charged on a quarterly basis.
How can I repay the Back Up?
If a Back Up transaction uses the overdraft, then the balance on the Vivid Now account will drop below zero. Any incoming credit into the Vivid Now account will automatically repay the overdraft. This helps you avoid paying too much interest. If you repay partially, or in full, the overdraft balance via instant top-ups, then this will count towards the monthly limits set by your plan (€200/month for Standard and €1000/month for Prime).
*The available amount of the overdraft facility will depend on your creditworthiness whereas the annual percentage rate (APR) is 14% starting from 30th January 2023 for newly onboarded customers. For customers who had a Vivid Now account before this date, the APR of 14% will apply from 14th February 2023 on their overdrawn balance.