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

izools

00ec25 wrote: »

good luck with that. After 6 months on £500 limit I requested an increase to £1,500 but they only gave me £150 increase

I am a higher rate tax payer and get 5 figure credit limits on other cards. When I challenged their £150 increasem, the letter they sent was computer generated platitudes and generalisations aboutr how they credit rate. As my mortgage is long paid off I have >£2k per month free disposable income and regiularly spend much of that on my other cards. Yet Aqua still will not budge from £150 so I don't think much of the credit rating approach - clearly their busienss model is to be highly risk averse which is undertandable given the card is aimed at sub prime borrowers

Or rather diversifying the risk as much as possible - e.g. they would rather have £2,500 lent out across 10 different sub prime borrowers each with £250 limits so the effect on their profits of one defaulting is much reduced.

This is in contrast to Vanquis' approach of lend lend lend and then hike the borrowers interest rate to stratospheric levels once their balance exceeds what they can clear in full each month.

Frustrating. Might just cut my losses and close it altogether then.

Uplink

00ec25 wrote: »

I am a higher rate tax payer [...] I have >£2k per month free disposable income [...]

You are definitely not their target audience then.:A

Wywth

00ec25 wrote: »

good luck with that. After 6 months on £500 limit I requested an increase to £1,500 but they only gave me £150 increase...

I think that's pretty standard for the better risk customers

Higher risk customers start with a £250 limit generally (assuming they meet the acceptance criteria)

I know there are a few post in this thread that may suggest otherwise, but that's the general opinion here and on other websites where the Aqua reward card is discussed.

aleph_0

Hominu wrote: »

When did you receive your latest statement?

If the bank details have indeed changed then I hope my bank adjusts them for me as I never entered the account info and just typed "Aqua" into the bill payment field.

27th June. Banks usually adjust these things automatically, and since both holding accounts are under Lloyds Banking Group, I expect they'll be using both for the foreseeable future.

izools

I received a statement today and can confirm the sort code is now 30-00-00

DragonQ

Been using my card abroad, loving the perfect exchange rates. Wish other credit card companies would follow suit!

So this sort code change...will it affect direct debits? I imagine not but can't hurt to ask.

00ec25

Uplink wrote: »

You are definitely not their target audience then.:A

Agreed. That is more or less verbatim what their call centre (ie Lloyds staff) said when I discussed it with them. Computer says no, nothing we can do...

shortcrust

The low limits on the 3% cards are nothing to do with them being risk averse. They just don't want people getting the cashback in one go and leaving the card at home for 11 months. People have much higher limits on the non-cashback aqua cards.

izools

Didn't stop me maxing out the £100 cashback in just over two months, just made it darned inconvenient!

Iand1

Thanks Aqua for my £100 this morning.

Now to start using the card again (not used it for 8 months!)