Aqua Reward Credit Card - 3% cashback up to £100/year

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Comments

  • lisyloo wrote: »
    The DD is the responsibility of Aqua.
    It sounds to me like it is actually clearing your bank account on 20th and was requested in advance.

    FP's are better if you want to pay several times a month.

    Be careful.
    You need to work out whether FPs will be deducted from your DD amount.
    Some do, some dont, other companies only do if the FP hots the account before the DD instruction goes out.

    If you are disciplined I would say use FPs only, then you have full control.
    The Direct Debit was taken this morning, so I'm happy about that. I agree with your other points. Thanks.
  • Hooloovoo
    Hooloovoo Posts: 1,281 Forumite
    lisyloo wrote: »
    You need to work out whether FPs will be deducted from your DD amount.
    Some do, some dont, other companies only do if the FP hots the account before the DD instruction goes out.

    My experience suggests that the amount stated for DD on the most recent statement will be taken regardless of any other payments.

    My first direct debit was for about £211. I had already made a test payment by FP of £10, after the statement had been produced, but before they took the DD payment. The DD was still taken at the same value as on the statement.

    The is the only credit card I've had that works this way. Both my Barclaycard and Capital One card reduce the DD by the payment amount, provided you do it before the call for the DD is made (ie several days before the DD is due).
  • Hooloovoo wrote: »
    My experience suggests that the amount stated for DD on the most recent statement will be taken regardless of any other payments.


    Yes, I have found the same
  • DragonQ
    DragonQ Posts: 2,193
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    Hmmm I was told over the phone when I activated my card that the direct debit would change if I paid some off early.

    So what happens if, say, you spend £200 of your £500 limit, then pay in £100, then they take a direct debit of £200? Do you then have a credit limit of £600? If not, where does that extra £100 go?
  • lisyloo
    lisyloo Posts: 29,583
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    Do you then have a credit limit of £600?
    Your credit limit would still be £500.
    Your balance -£100 i.e. positive
    Your "available credit" would be £600.

    But bear in mind that if YOUR £100 is fradulently stolen then it's not the credit card companies problem as it's YOUR money that's stolen and not theirs. Furthermore their insurance may not cover it.
    Furthermore it's not within Ts&Cs to put your account in credit so potentially they could close your card if it flashes up as a "money laudering" issue.

    So basically it's not a good idea to do this.

    I don't think DDs and FPs work well.
    Undisiplined people should set up a DD as it's paramount to make payments on time.
    Disciplined people who want to get cashback shoudl use FPs and should cancel their DD. Problem solved.
  • luci
    luci Posts: 5,957
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    I was told that the full DD would be taken once the statement is produced regardless of whether any additional payments had been made.

    If you make a payment at least 5 days before the DD is due then the DD will be adjusted to take account of the manual payment.

    However even after the statement is produced you can call them and ask for the DD to be reset to zero and make a manual payment.
  • lisyloo
    lisyloo Posts: 29,583
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    If you want to manage payments yourself, then why have a DD at all? I don't have one so I don't believe it's mandatory.
  • DragonQ
    DragonQ Posts: 2,193
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    Kinda like a safety net?
  • lisyloo
    lisyloo Posts: 29,583
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    Kinda like a safety net?
    I guess it makes sure you make the minimum payment at least.
    But if you are the sort of person that is maximising cashback by making FPs and checking the balance regularly then I would have thought it isn't required as you are already monitoring things closely.

    I would always recommend DD's for less disciplined people who find it a bit difficult from time to time to keep on top of things.
  • callum9999
    callum9999 Posts: 4,389
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    lisyloo wrote: »
    I guess it makes sure you make the minimum payment at least.
    But if you are the sort of person that is maximising cashback by making FPs and checking the balance regularly then I would have thought it isn't required as you are already monitoring things closely.

    I would always recommend DD's for less disciplined people who find it a bit difficult from time to time to keep on top of things.

    Rather patronising don't you think... I'm more than capable of making faster payments to each of my cards every month, but why on earth should I when Direct Debits can do the same job automatically...
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