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

aleph_0

Money_Man_Steve wrote: »

Just logged in to my Aqua account to see if my £100 cashback has been credited yet - it hasn't. However, I also noticed that they have put my credit limit DOWN from £500 to £250 for no logical reason.

Has anyone else had a similar experience?

I think it may be an attempt to make it harder for people to spend large amounts on the card and earn the max cashback ASAP.

That's slightly concerning. My limit is currently unchanged. It should be noted that they could have just reassessed the risk they believe you pose, or have decided to lower their risk. Given that we are dealing with aqua here, I'd strongly suggest applying Hanlon's razor.

Uplink

Missed DD collections (one reference number reverted to old value in this thread, and I still don't know why they haven't taken mine - I wonder how long 2 days take for Aqua to respond to messages on their website), lowered limit without sending a letter (I have this feeling you're a victim of "old data" as well). The Aqua saga continues

aleph_0

Oh goody, and now I'm getting a "Out of service" error with online banking. I'm glad that I'm not using them as my main card.

derrick

Money_Man_Steve wrote: »

I think it may be an attempt to make it harder for people to spend large amounts on the card and earn the max cashback ASAP.

It does not matter how soon you earn the cash back, you will not be paid it until the anniversary of the first statement, i.e. every 12 months.

.

Money_Man_Steve

derrick wrote: »

It does not matter how soon you earn the cash back, you will not be paid it until the anniversary of the first statement, i.e. every 12 months.

.

I'm fully aware of that. What I was suggesting is that, by reducing credit limits, Aqua's customers have to work harder to gain the maximum cashback, i.e. by managing their spend more carefully so as not to exceed the limit, being unable to make larger purchases, and having to make more frequent 'faster payments.'

It's in Aqua's interests to (i) restrict use of the card by dropping the credit limit and making it easier for a customer to fall foul of the T&C's, thus voiding their cashback and (ii) have customers keep the card in their wallets for more regular use rather than just allowing them to accrue the max cashback ASAP and then 'mothball' the card until after the anniversary date.

Blue_Max

Your are absolutely right in your observations.
But considering; Aqua not issuing any new Reward cards and possible EU Directives, I suspect Aqua is discouraging the existing card holders. Time will tell!

Money_Man_Steve wrote: »

I'm fully aware of that. What I was suggesting is that, by reducing credit limits, Aqua's customers have to work harder to gain the maximum cashback, i.e. by managing their spend more carefully so as not to exceed the limit, being unable to make larger purchases, and having to make more frequent 'faster payments.'

It's in Aqua's interests to (i) restrict use of the card by dropping the credit limit and making it easier for a customer to fall foul of the T&C's, thus voiding their cashback and (ii) have customers keep the card in their wallets for more regular use rather than just allowing them to accrue the max cashback ASAP and then 'mothball' the card until after the anniversary date.

reclusive46

Blue_Max wrote: »

Your are absolutely right in your observations.
But considering; Aqua not issuing any new Reward cards and possible EU Directives, I suspect Aqua is discouraging the existing card holders. Time will tell!

If these EU directives come in. I have a feeling there will be a lot more issuers issuing American Express branded cards. The same thing happened in Australia when they capped Visa/MC interchange. WestPac is even rumoured to start issuing an American Express branded debit card soon.

blitzboy

Cashback is now showing on both mine and my partner's account :j

For some reason though my partner only has £95 even though we've both had multiple statements saying we've reached the £100

lisyloo

There was something in the Ts & Cs saying it would be rounded down to the nearest fiver.
So perhaps he had acrued £99.98 which showed as £100 but under their system only pays out £95. If that's the case then it's a little dissapointing that they round up for display but down for payout.

Did your partner not do his own independent calculations?
Personally I always do my own maths and never rely anyone else.

ringo747

I can't find the 3% card on the website and was looking to find out if it is ok to use this card abroad. Do you get charged silly rates? I have either this or a Santander 123 CC to use. Is one better than the other to use abroad? Obviously I won't be lifting cash or anything!