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Help with Aqua Card initial limit.
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# 1
memyselfandi1980
Old 05-06-2008, 4:53 PM
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Default 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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# 2
john1002
Old 05-06-2008, 5:02 PM
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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
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# 3
memyselfandi1980
Old 05-06-2008, 5:12 PM
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Thanks for clearing that up for me John.
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# 4
skyrider007
Old 05-06-2008, 5:30 PM
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Capital One Classic have online banking, you may want to apply for one.
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# 5
Tori Bellatrix
Old 05-06-2008, 6:49 PM
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I've just got an Aqua card and my intital limit is £500
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# 6
londonuk2008
Old 05-06-2008, 7:16 PM
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which CRA do Aqua use Tori?
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# 7
Tori Bellatrix
Old 05-06-2008, 8:01 PM
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Quote:
Originally Posted by londonuk2008 View Post
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
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# 8
memyselfandi1980
Old 05-06-2008, 8:02 PM
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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
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# 9
Tori Bellatrix
Old 05-06-2008, 8:05 PM
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Quote:
Originally Posted by memyselfandi1980 View Post
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 ..
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# 10
memyselfandi1980
Old 05-06-2008, 8:13 PM
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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?
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# 11
Tori Bellatrix
Old 05-06-2008, 8:16 PM
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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 ...
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# 12
memyselfandi1980
Old 05-06-2008, 8:20 PM
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@Tori,

What sort of strategy are you going to implement, payment wise? I'm still trying to figure out the best way that I can to get a balance increase come review time.
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# 13
Tori Bellatrix
Old 05-06-2008, 8:31 PM
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Not sure really ... I swap between paying it off it full or paying part payments on my cards ... I think the main thing is that you keep all payments up to date and don't go over your credit limit.
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# 14
memyselfandi1980
Old 05-06-2008, 8:35 PM
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Thanks for taking the time out to answer my questions Tori.

Hope you have a nice evening. Lewis
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# 15
clio
Old 05-06-2008, 8:43 PM
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Tori
well done on your endevours ..
and you lewis as well..
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# 16
Katie789
Old 06-06-2008, 8:54 AM
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Quote:
Originally Posted by londonuk2008 View Post
which CRA do Aqua use Tori?
I've had my Aqua card for a year now and they report to Experian and Equifax. Interestingly it's just shown as a halifax card rather than an aqua card on your reports so doesn't immediately flag up as a sub-prime card.

They've given me limit increases every 4 months, the first 2 automatically (650 to 1250 and then 1250 to 1650) and the most recent one I requested and they upped it by a further 300
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# 17
katie1
Old 27-04-2009, 1:22 PM
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Quote:
Originally Posted by Katie789 View Post
I've had my Aqua card for a year now and they report to Experian and Equifax. Interestingly it's just shown as a halifax card rather than an aqua card on your reports so doesn't immediately flag up as a sub-prime card.

They've given me limit increases every 4 months, the first 2 automatically (650 to 1250 and then 1250 to 1650) and the most recent one I requested and they upped it by a further 300
Can i ask if you pay your balance in full every month or min payment??
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# 18
cally6008
Old 27-04-2009, 1:36 PM
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OH got approved for Aqua card and it came with a 750 limit on it. They now do have online access as he registered and set it up last night

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# 19
oceanscape
Old 28-04-2009, 8:10 AM
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Quote:
Originally Posted by Tori Bellatrix View Post
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 ...
Yes they do - www.aquacard.co.uk then click on "login" at the top right.
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