Help with Aqua Card initial limit.

Hi all I'm new to your forum, which is excellent by the way.

So I've just signed the credit agreement for an Aqua Card but I'm a little confused as to what my limit will be. The information on the agreement is unclear to me as I'm new to the credit card game.

This is what it says on the back of the credit agreement:

The total charge for credit is £264.56. consisting of £264.56 interest. This is based on credit of £1,500 being borrowed at the start of the agreement over one year at the standard interest rate.

What does this mean? I haven't a clue! Does it mean I have a £1,500 limit or £200?

Thanks very much.
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Comments

  • john1002
    john1002 Posts: 984
    First Post First Anniversary
    Forumite
    All it menas is they have used a general limit to show you how much potential borrowing would cost all lenders are now required to give this information, and most use a number of pre set examples like 1500, 3000 etc.

    Most online cards that tell you if you have been approved or not give a more precise format in the terms you electronically sign and do generally use the approved limit, aqua is not one of these and they do not have online account management, all done by phone due to its sub prime nature.

    Regards

    John
  • Thanks for clearing that up for me John.
  • skyrider007
    skyrider007 Posts: 1,108 Forumite
    Capital One Classic have online banking, you may want to apply for one.
  • Tori_Bellatrix
    Tori_Bellatrix Posts: 1,307
    First Anniversary Combo Breaker
    Forumite
    I've just got an Aqua card and my intital limit is £500
    :happylove Tori Bellatrix :happylove

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  • londonuk2008
    londonuk2008 Posts: 1,101 Forumite
    which CRA do Aqua use Tori?
  • Tori_Bellatrix
    Tori_Bellatrix Posts: 1,307
    First Anniversary Combo Breaker
    Forumite
    which CRA do Aqua use Tori?

    They searched with Experian initially but because my address was input incorrectly, they changed it and searched again with Equifax. (The search comes up as Halifax). They are also reporting to Equifax and not Experian at the moment
    :happylove Tori Bellatrix :happylove

    .·:*¨¨*:·..·:*¨¨*:·..·:*¨¨*:·.
  • Hey Tori,

    Congratulations on receiving the £500 limit. Hope I'm as lucky as you.
    How long did it take for your card to come after you posted your credit agreement?

    Lewis
  • Tori_Bellatrix
    Tori_Bellatrix Posts: 1,307
    First Anniversary Combo Breaker
    Forumite
    Hey Tori,

    Congratulations on receiving the £500 limit. Hope I'm as lucky as you.
    How long did it take for your card to come after you posted your credit agreement?

    Lewis

    IIRC, they were a little slow ... I think I waited around 2-3 weeks for the card and PIN to arrive .. :)
    :happylove Tori Bellatrix :happylove

    .·:*¨¨*:·..·:*¨¨*:·..·:*¨¨*:·.
  • Thanks for the speedy reply Tori,

    I only applied for my card on 30/05 the agreement came on 03/06 so I'm hoping that they will be as quick with the card and pin.
    How long have you had your card?
  • Tori_Bellatrix
    Tori_Bellatrix Posts: 1,307
    First Anniversary Combo Breaker
    Forumite
    About a month now ... no problems so far ... They don't have any internet service available but the automated telephone service works just as well for checking balances, payments etc ...
    :happylove Tori Bellatrix :happylove

    .·:*¨¨*:·..·:*¨¨*:·..·:*¨¨*:·.
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