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

toothpick

Jammi wrote: »

I've just applied and got a message that they will be in touch in 10 days. Maybe it's because the system did not recognise my address, and I had to enter it manually.

I really want to get my hand on this one for the 3% cashback. I hope that the fact that I pay off my card balances each month wont go against me, though I fear it might.

I also got the "will be in touch in 10 days" message and no final decision at the last screen. Hope I will get it!

Anyone else who got the same message, do let me know if you get yours!

KCS1503

I just don't see that this is sustainable. It's a great cashback rate but surely anyone using the card sensibly (not incurring charges) will be costing them money. To cover that then I guess it means that the people who can't manage their payments end up paying for those that can.

It seems a bit unethical really - like PV solar power those that can afford to make the investment being subsidised by those that can't.

As posed above I wonder if rejections due to you not fitting their business model would damage your credit worthiness...?

Gordon_the_Moron

I do see this as sustainable, 3% cashback but merchant fees will probably cover around half of that but the real money spinner for them is people not paying off in full each month, if 1 in 10 pays the 34.9% APR it will cover a good bit of cashback!

Zogger

almost suprised to get accepted.. £500 credit limit... now I have to deal with managing this followed by the YourPoints CC on a monthly basis.
Does aqua have anything to alert you when you're reaching your credit limit? I'll probably stick to about £350 a month and then pay that off rather than running close to the limit I guess

James129

Just got declined as well. And they searched experian not call credit as they explained on their decision page.

I think I have got excellent credit history. 6k on Halifax all in one, 3k on Nationwide select, 3k on Capital one world mastercard, 5k on Marriott rewards card, 7k in overdrafts and over 5k in catalogues accounts. Hardly any debt as I clear my accounts in full.

Maestro.

KCS1503 wrote: »

I just don't see that this is sustainable. It's a great cashback rate but surely anyone using the card sensibly (not incurring charges) will be costing them money. To cover that then I guess it means that the people who can't manage their payments end up paying for those that can.

It seems a bit unethical really - like PV solar power those that can afford to make the investment being subsidised by those that can't.

As posed above I wonder if rejections due to you not fitting their business model would damage your credit worthiness...?

I reckon I might have been rejected due to not fitting their business model. Although I don't have a lot of credit history, what I do have is absolutely flawless. The APR rates though means that it only takes one "borrower" (balance carrier) though to make up for a lot of "good" customers. I suspect they are crunching their numbers very closely so that they don't start making a loss.

Miss_Wetwipe

Is the site down or is it me ?

aleph_0

Miss_Wetwipe wrote: »

Is the site down or is it me ?

Not just you:
http://www.downforeveryoneorjustme.com/aquacard.co.uk

I expect they weren't prepared for the traffic levels from featuring in Martin's e-mail.

Captain_JMac

I think all the traffic from the latest MSE email has killed their website!!

:money:

Miss_Wetwipe

Applied now. £1600 credit, lovely old job !! :