Aqua - New Range of Cards & New Website

Kyresa

Hi you only get one or the other, not both

premierfella

Just to give an indication of the broad customer type they seem to be happy accepting for the Reward card: I'm a modest stoozer but otherwise debt free and always pay off the balance on my cashback credit cards and have been accepted with a £500 limit.

So clearly Aqua appear happy enough taking on "prime" customers who are going to cost them money as well as their traditional "sub-prime" customers.

On your post below loony2012, it would be easy to decline many "prime" customers using the information from the application (salary) and credit check, which I was half-expecting, so I'm genuinely surprised that I got accepted as the information in my credit file would tell them they haven't a scooby's chance of avoiding losing money on me!!!

loony2012

premierfella wrote: »

Just to give an indication of the broad customer type they seem to be happy accepting for the Reward card: I'm a modest stoozer but otherwise debt free and always pay off the balance on my cashback credit cards and have been accepted with a £500 limit.

So clearly Aqua appear happy enough taking on "prime" customers who are going to cost them money as well as their traditional "sub-prime" customers.

Well they can't discriminate you for having a perfect credit history...

lju

I always pay my Amex and Tesco credit cards off in full every month. Limits of around 7k on both.

I have applied for this due to the cash back rate of 3% and have been accepted with a limit of £500!

I'll max it out every month and get the £100 cash back every year.

Maestro.

Well I reckon aqua have made a very good business move here considering people with prime credit are biting their hand off.

Kyresa

I just tried to apply for the cashback one (if they ask can always say made a mistake ) will let me know in 10 days - probably because I've already applied for the other one... but just wanted to see

Peter__2

I'm an existing aqua customer, as they were the only place that would give me a credit card - I don't have a bad credit history (zero defaults etc) just more of little history as I have never borrowed before, just had a mobile contract and standard current account overdraft facility. I called them to see if they could convert my card into a cashback one, but they said no - it was an introductory offer only for new customers. I wonder how long new customers will keep it. I think it's a good deal for those who can get it while it lasts.

Stuart_W

A pure 3% cashback rate on a Mastercard credit card is loss-making, so this is either (i) a short term introductory carrot (ii) based on expecting to rake in the interest from non-full payers or (iii) expecting plenty of folk to spend significantly more than £277 each month.

Plenty of MSEers would probably like (ii) and (iii) to prevail so we can enjoy an easy £100 every year, but (i) is most likely to end up being what's going on here.

jo-bo

Stuart_W wrote: »

A pure 3% cashback rate on a Mastercard credit card is loss-making, so this is either (i) a short term introductory carrot (ii) based on expecting to rake in the interest from non-full payers or (iii) expecting plenty of folk to spend significantly more than £277 each month.

Plenty of MSEers would probably like (ii) and (iii) to prevail so we can enjoy an easy £100 every year, but (i) is most likely to end up being what's going on here.

True but with the very high apr all it takes is to not clear in full and the cashback benefit will have been wiped out.

ses6jwg

Just applied and been accepted for a £250 credit limit which is low considering I have £2.1k on a santander card, £3k on another and 3k on a barclaycard.

but hey they might increase over time