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

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andydiysaver wrote: »

hold on - I applied for the 3%, used it for a year paid it in full, then they reduced it to 0.5% because they didn't like how I was making money from them and not vice versa! you'd think with the APR on those cards, for every person like me there'd be 100 people falling for the minimum payment trap and counterbalancing it, and then some!

What threw me is that they went through the whole "close, and please open a new one" routine. I remember reading that they could have just notified everybody of a rate reduction (or even withdrawal) and then continue, instead of being foolish enough to have a "fiscal cliff" where they send a bunch of cheques out if people don't send the new account papers in.

andydiysaver wrote: »

it is now a rubbish card with a ridiculous APR and it has a zero balance so the correct place for it is the bin

I hope you also told them to close your new account that you signed up for apparently without reading anything in that envelope that contained the new agreement, or that card will stay on your record as active.

andydiysaver wrote: »

I need a reason to have a card with such a high APR and that reason was 3%, now it's six times less the card is rubbish. I also applied for 3% card and the card has a 2015 expiry date. So in my mind this financial product is good until then. Credit card companies reserve the right do change anything including pull the card outright or change the APR so nothing is set in stone. However I think it's fairly spurious to sell you something with a 2015 end date and then slash the rate in a year. Why not be honest and say 3% for a year?

The card has an expiry date of 2015. The account it is attached to does not have a minimum term. Your mind needs to stop inventing stuff that isn't true. You can keep your card until expires if you so wish, even if your account is closed and you can't use the card for anything.

If you look closely, because you took up the replacement account the card continues to be valid. Nowhere on the card does it say it has to be attached to the old 3% account. It's just a number on a piece of plastic that you operate your account with, whatever the account is.

TL;DR; *facepalm*

Mishomeister

I've chosen to keep it. This is the only card in the market that pays you any reward on purchases abroad without charging you for foreign transactions.
Though from every day card this now became a holiday card

Gromitt

Mishomeister wrote: »

Though from every day card this now became a holiday card

If you go on holiday less than once every 6 months, I'd use the card for some every day items, else they might classify it as inactive.

Hooloovoo

Mishomeister wrote: »

I've chosen to keep it. This is the only card in the market that pays you any reward on purchases abroad without charging you for foreign transactions.
Though from every day card this now became a holiday card

Yes. I wish I had realised that at the time. I'd have opted for the new card rather than just letting it close.

Oh well. I have a Post Office card now for foreign transactions. And missing half a percent on a few hundred pounds a year, whilst annoying, is not something I'm going to get too worked up about.

lisyloo

If you go on holiday less than once every 6 months, I'd use the card for some every day items, else they might classify it as inactive.

I use the clarity card about 3 times per year (not necessarily equally spaced). I've not had a problem with that.
I guess it might depend how long you leave it, but anecdotally it seems rare for comapnies to close accounts.

masonic

lisyloo wrote: »

I use the clarity card about 3 times per year (not necessarily equally spaced). I've not had a problem with that.
I guess it might depend how long you leave it, but anecdotally it seems rare for comapnies to close accounts.

Not spending on an Aqua card for a few months can have consequences... http://www.helpmetosave.com/2013/08/aqua-reduced-my-credit-cadlimit/

scoly

Mishomeister wrote: »

I've chosen to keep it. This is the only card in the market that pays you any reward on purchases abroad without charging you for foreign transactions.
Though from every day card this now became a holiday card

Unfortunately, with such a low credit limit, the card is next to useless for most people travelling abroad. e.g. it probably wouldn't even cover the hotel bill.

lisyloo

Not spending on an Aqua card for a few months can have consequences...

I agree. There could be all sorts of consequences in trusting that shower.

Fingerbobs

masonic wrote: »

Not spending on an Aqua card for a few months can have consequences... http://www.helpmetosave.com/2013/08/aqua-reduced-my-credit-cadlimit/

She claims to be a canny Scot, but she missed the clause in the T&Cs about rouding down payments to the nearest fiver. She'd stopped spending 34p too early, and would have only netted £95 cashback in that year anyway, with the £4.99 rolling over into the next year.

She should count herself lucky she had an £1800 limit in the first place. I only had £500 for the entire period I held the card.

masonic

lisyloo wrote: »

I agree. There could be all sorts of consequences in trusting that shower.

Huh? Is your ad blocker not working?

Fingerbobs wrote: »

She claims to be a canny Scot, but she missed the clause in the T&Cs about rouding down payments to the nearest fiver. She'd stopped spending 34p too early, and would have only netted £95 cashback in that year anyway, with the £4.99 rolling over into the next year.

Well quite, although I rather suspect she went over her target spending limit and got away with it.