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

Blue_Max

Anthorn wrote: »

I disagree: Credit Card lenders are more likely to view more favourably a balance which is cleared over the short term than a balance which is always nil. They're in the biz to make money from interest because the money they make from transactions is negligible (is it still 20p a time?). I keep a small rolling balance on Vanquis and I pay around £12 per year in interest.

The newer parameters in CRA credit card accounts provide info on everything that can be done with credit cards. If the credit card companies love balances which are always cleared why do they need all that info?

You say, "They're in the biz to make money from interest". True but that not our biz.
We are in the biz of saving money!

If you are suggesting that people borrow money at high rates charged by Aqua, I disagree. It defeats the object of earning 3% cash back. I have held many credit cards over the years. Paid small interest, only twice by mistake and that was before payments using DDs came in. I was never refused a bank account or CC and is often given credit many times more than I need.
If anyone is building their credit rating, making sure to pay the balances is more than good enough to establish a good credit rating.
Never ever pay their extortionate interest charges.

Blue_Max

isayhello wrote: »

Great thanks, I thought the direct debit pays whatever the closing balance originally was and doesn't take other payments into account, which could lead to a credit balance on your account when the DD is paid.

Direct debit does pay whatever is the 'closing balance' shown on the printed statement. But if you make an FP payment well before the account date, then your 'closing balance' will be that much lower.

isayhello wrote: »

What would happen if you just made a FP of £500 if you have a credit limit of £250, could you spend 750 and get 3% cashback on all of that?

I have not tried £500 but have made FPs making my 'available to spend' £100 or so more than my credit limit. One point to remember, however, is that a single transaction that is over your £250 credit limit may get declined.

Blue_Max

psychic_teabag wrote: »

That sounds about right. I had got the impression ccard providers generally don't like accounts being in credit, though ..?

I try to check the balance a few days before the statement is due, and if it's on the high side, I send a FP to reduce the balance that will appear on the statement (and hence taken by DD). Just so that I can continue making extra payments without worrying about a large DD taking the account into credit.

Yup! making an FP in good time before the account date will reduce the 'closing balance' on the printed statement. And only that will be taken as DD.
Another advantage of reducing the 'closing balance' this way is that you will have a higher 'available to spend'.

psychic_teabag

grumbler wrote: »

Is it not simpler just to set the DD for a minimum payment then?

Probably. But I'd rather be sure the thing was paid off in full if I forget to log in.

isayhello

Blue_Max wrote: »

Yup! making an FP in good time before the account date will reduce the 'closing balance' on the printed statement. And only that will be taken as DD.
Another advantage of reducing the 'closing balance' this way is that you will have a higher 'available to spend'.

Right, I see. I was thinking about the situation where you make a FP after your statement has been sent out, so you know they will take £200 and you pay £100 by FP after that. Then will you have paid £300 that month.

I guess the only advantage by making FP payments is that, it gives you a higher available spend for the month right? I don't see any other.

Uplink

Speaking of anecdotes, here's what Nationwide wrote to me when declining my upgrade to a full VISA card:

[...] The credit scoring system incorporates many years experience of processing applications and helps avoid situations where it may not be beneficial for further facilities to be provided.

Emphasis mine. Who do you think is the subject of the "beneficial" qualifier? I doubt it's me The way I translate that is: "you don't appear to want to makes us any money, go away". And that "many years experience" appears to mean "we know what games you're playing".

rb10

Uplink wrote: »

Speaking of anecdotes, here's what Nationwide wrote to me when declining my upgrade to a full VISA card:

Emphasis mine. Who do you think is the subject of the "beneficial" qualifier? I doubt it's me The way I translate that is: "you don't appear to want to makes us any money, go away". And that "many years experience" appears to mean "we know what games you're playing".

No - it's about risk, not reward.

izools

What they mean is they don't trust you with an offline card because of one or more of the following:

> Data you supplied on your application form
> Data obtained from a credit reference agency
> Data they have collected about your account conduct as an existing customer

Your profile is simply considered too high risk in Nationwide's eyes.

Uplink

izools wrote: »

Your profile is simply considered too high risk in Nationwide's eyes.

That is true. But it's the use of the word "beneficial" that's the interesting bit. What they're keeping me from are the free benefits and access to products that one can get with a full VISA, but not with a Cashcard+ The Cashcard+ is a VISA card itself, and works at Pay@Pump and online and everything. I even made some international payments with it, online - I didn't leave the UK to see if the card itself would work in a foreign POS machine. It's that I haven't used the account as my "main account". It's not dormant, but I hardly pay any bills out of it - I just route money in and out and buy the occasional thing, thus not really making them any money. Not even a few pennies For this kind of thing, the Cashcard+ is just fine, and I'm sure Nationwide agree

OK, I'm done hijacking the thread. You can have it back I understand the other angles as well. Thank you.

izools

What they are saying is they think you would get in to financial difficulty with an offline debit card, and it is therefore beneficial for you to not have access to an unathorised overdraft.

Which is true.