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

ronin93

Pound wrote: »

I see your point Ronin and good luck with your complaint. Personally I'd think about how much time and effort I'd have to put into it and whether it's worth it for a fiver.

Thanks. This is a problem that needs sorting. Until it is other people are going to fall foul of this sooner or later. Not much for me to do now apart from wait for the result of the Ombudsman's investigation.

aleph_0

ronin93 wrote: »

I have studied the T&Cs relating to cashback and there is nothing in it to support the calculations in your example. As far as I sam concerned the net amount spent is £4000 and therefore £100 should be payable.

Hmm, 11.4 state the maximum cashback that can be earned is £100. 11.5 states that if one receives a refund on a purchase earning cashback, "we will deduct the cashback accrued on that purchase.

I guess they believe that having the cashback refunded doesn't negate the fact that you have 'earned' the cashback on it in the first place. However, I think the whole section is badly worded, and I think your interpretation is very reasonable. I also see no mention of how 'earning' transactions are chosen. In the absence of this, they should pick the transactions most beneficial to the customer.

Whilst it's only for a small amount, I'm glad that you've gone to the Ombudsman, and sad to see that Aqua didn't resolve it (and for the amounts we're talking, it would have been cheaper for them to just pay it and move on).

Pound

Anyone else got charged interest? I had about £10 interest on my account. When I called up the advisor showed a complete lack of understanding about how interest works.

Initially she said it was because I hadn't paid the balance in full. When I asked why it wasn't paid in full when it's up to Aqua to do that as per my instruction she changed her tune and said interest is charged between the statement date and the payment date even if I pay off in full. I told her that's not how it works and she started talking about cash withdrawal fees. When I said I've never used my card for that she said she would get someone to call me back.

Admittedly I did get a call back 10 mins later to say it was an error and the interest would be refunded.

[Deleted User]

Pound wrote: »

Anyone else got charged interest? I had about £10 interest on my account. When I called up the advisor showed a complete lack of understanding about how interest works.

Initially she said it was because I hadn't paid the balance in full. When I asked why it wasn't paid in full when it's up to Aqua to do that as per my instruction she changed her tune and said interest is charged between the statement date and the payment date even if I pay off in full. I told her that's not how it works and she started talking about cash withdrawal fees. When I said I've never used my card for that she said she would get someone to call me back.

Admittedly I did get a call back 10 mins later to say it was an error and the interest would be refunded.

Error or not, there must have been a basis for which they erroneously charged you interest.

It's in your own interst to insist that this is reviewed and advised as it could lead to further complications.

I suggest you follow their complaint process if they can't explain over the phone how they erroneously happened to charge you interest.

... And no, I've never been charged interest on my Aqua reward card because I only use it for retail purchases and pay it off IN FULL every month as MSE Martin advises :money:

Quartermass

I've just had my loyalty payment through, £100. I had anticipated some issues with it - just seemed too good to be true, but no problem.

Unfortunately I did pay interest on the card, which has eaten into my reward by £0.02. It does ring a bell.. I think somewhere along the line I made a purchase that turned out to be a cash advance (it was eBid which competes with eBay) and they were kind enough to refund the fees... but I paid 2p interest

Through the year I'd been unhappy with the £500 limit, and they eventually agreed to up it to £650 which still isn't enough to hold two month's spending on it - which is what you need if you pay the card in full each month.

I've just sent them a message through their internet banking site to ask if they can now review the credit limit again, and also to ask if they're going to be doing cashback over the next year of my card.

welshmike_2

Happily I saw that £100 Loyalty Award had been credited to my account last month.
I don't have a copy of the original terms and conditions and wondered if I will be eligible for the Loyalty Award at 3% on purchases in future so that I get a £100 Loyalty Reward next July.
So I emailed Aqua and received a reply in a letter.
It stated "I can confirm that your next anniversary date will be 9 July 2014 and any loyalty cash back accrued from 9 July 2013 will be shown in your August 2014 statement up to a maximum of £100."
The letter did not refer to the 3% though.
Am I right that the 3% will still continue?

OllyM

Yes, the 3% is continuing - I don't know why people keep thinking that it is going to end?

welshmike_2

Given that people like me stick to the Ts & Cs, use the card only for purchases and pay in full by DD every month, I wondered how Aqua can make money out of us. Or do they charge retailers rather more than 3%?

Blue_Max

welshmike wrote: »

Given that people like me stick to the Ts & Cs, use the card only for purchases and pay in full by DD every month, I wondered how Aqua can make money out of us. Or do they charge retailers rather more than 3%?

Credit card comapnies have been known to charge as much as 4.5% to small retailers. Though it can be as low as 0.5% when the size of the account is huge and value of the average transaction is high.
Interest rate and penalty chages by Aqua are on the high side. So if anyone borrow or default by mistake they make money.
Having said that Aqua stopped offering the 3% card few months ago. It may be that the business model is not working.

joecox92

Using this Card this week in france.... getting 1.17 euro to the pound!:money: