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

guesswho2000

DragonQ wrote: »

It seems as if the Nationwide Select Credit Card does everything the new Aqua card does (0.5% cashback, no foreign transaction fee/load), plus it has 0% interest on new purchases for 15 months. So presumably you can earn the cashback plus any savings interest from not paying the balance in full every month for 15 months. Obviously you have to be a Nationwide customer though.

Everything except pay cashback on foreign purchases (which the existing Aqua does, I assume the new one will too).

However, I'll be keeping my Nationwide Select, won't be bothering with the Aqua 0.5% one though.

DragonQ

boobbby wrote: »

Seems some people think that to buy gift cards, stamps and other items that take a year to use so they can get 3% cashback. Much simpler to put their money in a current account where you can get 3,4 or even 5% interest. Wont suit everybody as you have to make monthly payments to these accounts but worth considering.

I agree I probably wouldn't get a year's worth of shopping vouchers, but I've already maxed out my 5% accounts. The next best right now is 3%, which Aqua matches and doesn't require the money to be set aside for a full year.

guesswho2000 wrote: »

Everything except pay cashback on foreign purchases (which the existing Aqua does, I assume the new one will too).

However, I'll be keeping my Nationwide Select, won't be bothering with the Aqua 0.5% one though.

Ah, nice catch. Good to know. I did spend a decent amount overseas on the Aqua card last year but would've reached the cashback limit without that expenditure anyway. I'm also probably not going away next year so it doesn't matter much to me.

Herbalus

I could buy Tesco vouchers and save 3%, but then I would be denying myself the 4% that Luma offers me there....

Life is too short to be worrying about achieving the maximum possible gain from every little corner. Just find something that you're comfortable with and stick with it. If that means £3000 worth of Tesco vouchers then I sure hope you don't lose them!

lisyloo

Much simpler to put their money in a current account where you can get 3,4 or even 5% interest.

Downsides:
You only get those amounts after a year of having the whole balance saved.
Many people will pay 20% or even 40% tax
Some hassle with monthly payments and standing order/direct debits (believe you need 2 for Santander).

I would be a bit unconfortable having £3Ks worth of giftcards.
When I suggested it I was really thinking of people who had a few hundred pounds to get to their limit. We have a least 2 months notice and Xmas spending to get through first - but I guess it depends on when your anniversary comes.

But anyway it was only a suggestion - if it doesn't suit then you might have to forego cashback unless you can sensibly bring forward any big expenditure.
I have a holiday booked and I'm sure they will accept an early instalment or 2.

blitzboy

For those saying that you'd have to leave the amount in the interest account for a year to get the money, boobbby did clearly say in his example " items that take a year to use". So the fact that you'd need to leave it in the bank for a year means you are actually comparing like for like.

Of course if you will use the gift cards quicker then it is a good idea, which is why I said I will get a month's worth myself. I wouldn't be comfortable with a year's worth lying around the house though, just like I wouldn't like that much in cash lying around. Maybe i'd go to 2 months worth but any more than that would be too much for me to feel happy with safety wise.

It's about risk v reward and risking loosing somehow thousands (fire, burglary etc) for the sake of 3% that I'd get in interest from the money I had spent on the gift cards anyway, no thanks.

lisyloo

" items that take a year to use". So the fact that you'd need to leave it in the bank for a year means you are actually comparing like for like.

I don't think it's lke for like.
Example £60 per week spend (total circa £3k).
Let's suppose you put £3K in a bank account.
After week1 you withdraw £60 for groceries and have £2960 left.
After week 2 you withdraw another £60 and have £2880 left.
Can you see how the balance is reducing?
You would NOT get annual interest on the whole £3K because you need to exchange some of it for groceries.
Whereas if you bought vouchers you'd get 3% on the whole lot instantly.
Does that make sense?

I wouldn't be comfortable with a year's worth lying around the house though

You're correct that theft, flood, fire etc. are all risks.

It's about risk v rewardp.

Agreed and people perceive these things differently.
I have a safe in my house, so I wouldn't be bothered about flood, fire or theft. Armed robbery could happen but is unlikely.

for the sake of 3% that I'd get in interest from the money I had spent on the gift cards anyway

Most of us that pay tax can't get 3% on the money though.

It's great to point out all the risks, but why not let people chose.
If they want to do it fine, if they don't fine.

I'm a higher rate tax payer and personally for me it's just not worth the hassle doing those current accounts.

blitzboy

lisyloo wrote: »

It's great to point out all the risks, but why not let people chose.
If they want to do it fine, if they don't fine.

I am letting people choose, I'm just saying it's not for me. It's not like I'm threatening anyone that does any differently!

Yes you are right regarding the decreasing balance, I was counting it as being in there for the whole year. However there would also be the cashback you would earn from your alternative product, be it the new aqua card or something else, to take into account so that can be offset against what you'd loose in interest making it even less you'd loose out on overall (in fact to start with you could earn more, depending on your interest and cashback rates)

As for the letter, finally got mine today. The way I read it the cashback will not be rounded down, hopefully this is the case. When it talks about the new card it says it will be paid on the anniversary 'in line with the t's and c's' but in the closure section it simply says "any cashback you've earned will be paid".

I would hope that as the cashback isn't able to roll over into a new year as it would on the anniversary it will instead be paid in full. This is how I read it anyway, who knows with aqua

simax

Got my letter today. Not going to switch to their new card.

Jemma-T

Got my letter/application yesterday and read this thread. Very odd they want to move people over seems a lot of work.

Anyway, I signed the new agreement as it's the only card I have that makes no charge for foreign purchases and I've gotten used to not be robbed and not allowing Amazon, PayPal et al their dirty little 'conversion' arrangement.

I like paying in the original currency. Going to look at that new Luma too for UK transaction cashback since it's almost gone from Aqua.

lisyloo

Jemma - you could look at Halifax Clarity.
I find it really handy for cash abroad.

If I have free and safe internet access I usually end up paying virtually no interest, but if I'm on a boat or something then it's normally about £2 or £3 interest for a fortnight and I pay it off as soon as I get back.
Sometimes it's not just not worth spending your holiday trying to get on the internet.