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

waqasahmed

older_wiser wrote: »

aqua seem very pro active when it comes to increasing limits mine was doubled only in feb now its been increased again by nearly double in may. i thought reviews only take place once every six months ? i'll accept but i think they are hoping i'll keep it if the cashback goes or maybe i'm just suspicious.

They refused to give me a bigger limit, despite spending around 3.3K in the space of around 6 or 7 months

Uplink

older_wiser wrote: »

if only we knew why CC companies offer some people credit limits or cards and not others we'd be rich :rotfl:

I don't think we would. If the reason is "because they have debts they pay interest on", then you can't meet the requirements anyway, because of the aversion to non-zero interest debt.

The only people getting rich are the financial institutions.

If you want large limits, you have to do this:

1. Borrow a lot of money. For anything: a car, a bike, a flat, a house, a motorhome, a holiday.
2. Pay it back with interest over several years, but never ever miss a payment.
3. Somewhere in the middle of a term, refinance your loan and borrow some more money. Repeat from 2.

Banks and credit card providers will love you.

So there, you know the secret. If you can get rich now (but couldn't get rich without knowing this), I'd love to know your game

older_wiser

It was actually a throw away comment not really something to be taken serious lol my comment was that we seem to be all doing the same thing buying things paying it back without interest and yet people are treated differently. Banks are in it to make money as we all are otherwise the aqua card wouldn't be so popular.

Uplink

older_wiser wrote: »

It was actually a throw away comment not really something to be taken serious lol my comment was that we seem to be all doing the same thing buying things paying it back without interest and yet people are treated differently. Banks are in it to make money as we all are otherwise the aqua card wouldn't be so popular.

I was half serious though. It does appear that people who have other running debts (which charge interest) got better limits from Aqua than people without debts, or only interest-free debts.

InsertWittyName

I started with £250 initial limit last year, went up to £600 after a few months (4 maybe?) and I've now been on £1k for the past two months.

I pay off in full each month and never carry a balance.

Interim payments were made previously as the £250 and £600 limits weren't enough for a month of my spending - maybe that has something to do with the increases?

I have substantially higher limits on other cards (£5k, £6k, £6.5k).

Hope this helps.

older_wiser

i think our limit is in part decided by how active our account is but others who use it daily get no increases so its only part of it. I've reached my 100 cashback so i don't use it as often but i keep the account ticking over with a purchase or two to keep it active. I'll be sorry to see it go if cashback is just for the first year.

pqrdef

InsertWittyName wrote: »

Interim payments were made previously as the £250 and £600 limits weren't enough for a month of my spending - maybe that has something to do with the increases?

Just came to the same conclusion - they increased my limit after I had to make an interim payment.

Well it shows we're paying attention.

<cynic mode> Which means they're not going to catch us over-limit, so their best remaining strategy is just to help us to spend more.

waqasahmed

pqrdef wrote: »

Just came to the same conclusion - they increased my limit after I had to make an interim payment.

Well it shows we're paying attention.

<cynic mode> Which means they're not going to catch us over-limit, so their best remaining strategy is just to help us to spend more.

I was constantly making FPI's every month, so I dunno why they've not given me a bigger limit?

Well, nowadays I use it on a £1-£2 transaction every month

aleph_0

waqasahmed wrote: »

I was constantly making FPI's every month, so I dunno why they've not given me a bigger limit?

Well, nowadays I use it on a £1-£2 transaction every month

Their decisions must be a function of one's credit report and spending on the card. It's possible that they might be basing the decision based on transaction details. For example, having larger transactions might be considered a good thing - they might see potential for you to keep using the card beyond the 3% cap. Or as potential for you to spend more than you can afford one month. Or maybe they try to deduce this from transaction types? If someone makes large luxury purchases, this is seen as a more profitable thing, for example.

Whereas they might deduce from my behaviour that I'm very careful about the limit, use the card for essential spending and I'm unlikely to spend more than £3,300 a year. They'd be right.

Or, instead of clever data mining, it might be luck, if they only consider the past 1/2/3 months data when making auto-increase decisions.

michaels

If you data mined my account and saw me spending up to 5x my credit limit in the first few months FP in after every large transaction and then barely using the card after 3.3k spend you would mark the account for closure.