Aqua Reward Credit Card - 3% cashback up to £100/year
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aleph_0
Posts: 539 Forumite
Edit 4/4/2013: The card is no longer available to new customers.
Edit 14/10/2013: Aqua are sending out letters to [strike]some or probably[/strike] all existing customers withdrawing the card in January.
Simon7685 started a thread a few days ago, pointing out that aqua had redesigned their website, and launched a new card, the Aqua Reward card, but it didn't seem to attract that much attention. Key points:
* Representative 34.9%APR
* 3% cashback on all your purchases, up to £100, paid annually, rounded down to the nearest mutliple of £5
* No foreign currency exchange fees making it free to use abroad
* An initial credit limit between £250-£1,600
This seems like a pretty good deal for everyone. For higher spenders, one can just spend £3,300 a year to get the £100, and then the rest on their other card. For those on lower incomes, it is the only accessible card available. The APR is high, so one really does need to make sure it's paid off every month, of course.
Most people seem to be given an initial limit of £250 or £500, but there have been some higher limits (up to and including £1,600) given. After 5 months, many received letters informing them they would get an increased limit (typically from £250 to £500). Otherwise, those of us who requested an increase after having the card 6 months typically had their limit increased by less than double (e.g. from £250 to £350, or from £500 to £650).
Edit 14/10/2013: Aqua are sending out letters to [strike]some or probably[/strike] all existing customers withdrawing the card in January.
Simon7685 started a thread a few days ago, pointing out that aqua had redesigned their website, and launched a new card, the Aqua Reward card, but it didn't seem to attract that much attention. Key points:
* Representative 34.9%APR
* 3% cashback on all your purchases, up to £100, paid annually, rounded down to the nearest mutliple of £5
* No foreign currency exchange fees making it free to use abroad
* An initial credit limit between £250-£1,600
This seems like a pretty good deal for everyone. For higher spenders, one can just spend £3,300 a year to get the £100, and then the rest on their other card. For those on lower incomes, it is the only accessible card available. The APR is high, so one really does need to make sure it's paid off every month, of course.
Most people seem to be given an initial limit of £250 or £500, but there have been some higher limits (up to and including £1,600) given. After 5 months, many received letters informing them they would get an increased limit (typically from £250 to £500). Otherwise, those of us who requested an increase after having the card 6 months typically had their limit increased by less than double (e.g. from £250 to £350, or from £500 to £650).
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Comments
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Some other points:
The 'starting' credit limit appears to be between £250 - £500, based on people who have applied and posted.
Cashback is rounded down to the nearest £5 each year, so if your cashback is £99.99, expect to get back £95.
If you ever exceed your credit limit or fail to ever make the minimum payment, you will lose all cashback you have earned and will not be eligible for future cashback until the anniversary of your account, where it will restart from zero.
So you need to be careful!0 -
Just applied and got an 'estimated' credit limit of just 500£. All my other cards have given me between 7 and 14k! Oh well, only doing it for the 100£ annual cashback lol. 3% is a fantastic rate!!0
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Just got rejected.....I have excellent credit history no CCJ's or anything bad on record, already use the capital one cashback card.... Bulls**t0
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Was wondering if you have a good credit history, will applying for one affect me in any bad way? Or am i likely to be turned down as it's costing them money?0
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Just applied and got an 'estimated' credit limit of just 500£. All my other cards have given me between 7 and 14k! Oh well, only doing it for the 100£ annual cashback lol. 3% is a fantastic rate!!
It's a sub-prime card, meant for people with credit troubles, they are not likely to lend 14K to someone in such circumstances.Was wondering if you have a good credit history, will applying for one affect me in any bad way? Or am i likely to be turned down as it's costing them money?
It'll only affect you in the same way as applying for any other credit card. As for the cost, think of Halifax giving away £75 to anyone with a Reward account. This is £100, but they'll get a fair amount of that back with merchant fees. More if you forget a payment or go overlimit.0 -
Gromitt: Just got accepted for £500 limit, v pleased as recently got rejected from Santander for their 123 credit card. what do you mean they are givingaway £75?0
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Gromitt: Just got accepted for £500 limit, v pleased as recently got rejected from Santander for their 123 credit card. what do you mean they are givingaway £75?
Halifax Reward Current Account pays £6.25/month=£75/year (so £5/month after basic rate tax; conditions: £1k needs to pass through a month iirc). The Halifax Reward Credit Card gives £5/month if you spend £300+ on it that month.
I think Gromitt's got it bang on. Use the card right, and aqua lose money, but, say (I dont' know), 1-2% of the cashback is covered by merchant fees anyway.
Aqua's profits will come from people slipping up, or them reducing the cashback amount sometime in the future. They might also be careful in their customer selection, and try not to offer the card (or give a £250 limit, so it will take more effort to get maximum cashback) to customers who they think are too safe - that is they're very unlikely to exceed the limit/miss a payment/do a cash advance. The experience in the other thread has been for most people to get £250/£500 limits, with no clear correlation with what people expected.0 -
Thought that's what Gromitt meant. I have the reward account and the clarity already. I shall be using it mostly for petrol but might displace the clarity in favour of this one as the cashback is higher and then fall back to this one, once I have spent £300 per month.0
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....to be honest, it's max £100 cashback per year so £500 is more than enough!0
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I've just applied and got a message that they will be in touch in 10 days. Maybe it's because the system did not recognise my address, and I had to enter it manually.
I really want to get my hand on this one for the 3% cashback. I hope that the fact that I pay off my card balances each month wont go against me, though I fear it might.0
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