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

Hominu

luci wrote: »

We've both had an AA Rewards Plus card for a couple of years, which they withdrew within 4-6 weeks of launching it. It is still paying 3% cashback on petrol and diesel and there are no plans to change that that I know of

I remember getting 4% on an AA Rewards card for fuel purchases, due to being an AA member, didn't last long though before they changed the rules and dropped it to 2%, then 1%, and I think it's now 0.5%.

Wywth

luci wrote: »

...I don't know why people keep questioning when the cashback is going to end or whether it will continue after 12 months. Did no-one read the T&Cs when they took it out? There was nothing there that said it was for 12 months, a year or any limited time...

I can only imagine most of the comments come from some rather jealous individuals who, for whatever reason, missed on on this card when it was available to new applicants and now can't bear the thought that us lucky ones who got the card are getting 3% cashback on everything we buy ... something that they can only dream of ever having at present.

Quartermass

luci wrote: »

I don't know why people keep questioning when the cashback is going to end or whether it will continue after 12 months. Did no-one read the T&Cs when they took it out? There was nothing there that said it was for 12 months, a year or any limited time.

Let me explain it to you in detail.

1) 3% cashback for customers who pay their bill in full each month is loss making.

2) It's already been withdrawn for new customers

3) When I asked them on the phone they were very careful and said that it would continue month to month for the time being, but that they would notify customers in writing when it was withdrawn.

4) The reason why people are talking about the 12 month thing is because the cashback is assessed in 12 month periods. It would be a natural thing for them to honour it for 1 year and then stop it, it may also be easier to administer.

5) The terms and conditions for financial products can be varied, with notice, and virtually without limit. If they wanted to impose a £100 charge for having the card they could do so. If they wanted to remove the cashback they could do so. If they wanted to close all of the reward cards they could do so.

I think those 5 reasons are plenty for people to ask the question, and I think the questions are perfectly reasonable and justified.

guesswho2000

Quartermass wrote: »

Let me explain it to you in detail.

1) 3% cashback for customers who pay their bill in full each month is loss making.

Yes, however their terms are strict, cashback forfeited if you miss a payment, go over limit, etc - coupled with their ludicrously low limits, they'll be banking on a proportion of their customers breaching the terms, incurring fees, forfeiting cashback.

I accept that they can vary their terms with a months notice at any time, their customers can also close their accounts at any time.

I have one of these and, like many others, will simply close the account if they stop the cashback, but until then, I'll keep it. The one benefit it does have over my other cards, is that it pays cashback on fee free foreign transactions, whereas my Nationwide Select doesn't.

aleph_0

Quartermass wrote: »

3) When I asked them on the phone they were very careful and said that it would continue month to month for the time being, but that they would notify customers in writing when it was withdrawn.

The thing is, if the T&Cs change, the people on the phones at the call centre will probably be the last to know. So they can't deny that there are plans to withdraw it, just in case there are plans that they don't know about.

Quartermass

You're both quite right, guesswho2000 and aleph. I'm only explaining why people keep asking if it's going to end or not - I think it's perfectly reasonable for people to wonder about.

I'm not sure how many will breach the terms - it's a very difficult thing to guess. If it's any help I work for a bank and know that the overwhelming mass majority of customers do not breach terms on cards. However anecdotally people may find it more difficult with the Aqua card as it's going to be a new card for them, with a tiny limit that could be easy to accidentally exceed.

Us consumers can only really guess.

The lack of foreign loading fees is unusual and valuable on it too. If I use it abroad I pay 97% of the transaction, while with another card I would likely pay 102.75%. A 5.6% saving is not to be sniffed at!

lisyloo

I think it's perfectly reasonable for people to wonder about.

I think it's a pretty stupid thing to waste your life on TBH.
We have NO control over it, so enjoy it and don't worry.

luci

Quartermass wrote: »

Let me explain it to you in detail.

1) 3% cashback for customers who pay their bill in full each month is loss making.

2) It's already been withdrawn for new customers

3) When I asked them on the phone they were very careful and said that it would continue month to month for the time being, but that they would notify customers in writing when it was withdrawn.

4) The reason why people are talking about the 12 month thing is because the cashback is assessed in 12 month periods. It would be a natural thing for them to honour it for 1 year and then stop it, it may also be easier to administer.

5) The terms and conditions for financial products can be varied, with notice, and virtually without limit. If they wanted to impose a £100 charge for having the card they could do so. If they wanted to remove the cashback they could do so. If they wanted to close all of the reward cards they could do so.

I understand all your points. I did read the T&Cs and am well aware that any financial product can be withdrawn at any time with notice.

However your point 4) re the 12 months doesn't make sense to me. Everyone keeps asking if it will continue after 12 months. Everyone's 12 months are on a different date. If it was to be withdrawn after 12 months it would have said so initially on application. If they do decide to withdraw it, it will be on a specific date which may be 12 months for some, 9/15/17 etc months for others. This has nothing to do with "12 months".

maxzorin_2

Has anybody had trouble actually getting the cashback paid?

My anniversary was 4th July & I accumalated the max £100, I waited for a cheque but nothing came.

I rang their office last week & after waiting on hold they came back & said it will be processed on 20th Aug statement, I asked will it show as a deduction & was told yes.

Statement retrieved online yesterday & no reference to it at all!

Never missed a payment or gone over limit.

Do some people get paid by cheque, such as those who pay in full each month?

Any suggestions welcome, thanks.

welshmike_2

maxzorin wrote: »

Do some people get paid by cheque, such as those who pay in full each month?

.

I got paid via a credit of the £100 to my Aqua account.

I joined Aqua on 9 July 2012. The credit date was 11 July 2013 and shown on my statement dated 9 August 2013.