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

Quartermass

Plxply wrote: »

You can pay off the card at any time so you can reach your limit multiple times within the month and pay it off. I suppose depending on the speed of the payments you could theoretically get the full amount of cashback in one month even with a £500 limit.

Yes, of course. However it doesn't make it particularly convenient, and it also still excludes large purchases.

From the lack of responses though I'm guessing it's not common for people to have a higher limit - or even possible.

walp

=From the lack of responses though I'm guessing it's not common for people to have a higher limit - or even possible.

As this is a newish offer from Aqua, and they tell me 6 months is the earliest that a higher limit can be applied for, I guess that no-one has yet had the opportunity to increase their limit.
I don't think that it will be any kind of issue to do so when 6 months has arrived, although based upon the starting limit generally set (£500 typically) the increase might be fairly paltry...

lisyloo

However it doesn't make it particularly convenient

It's pretty easy to make a debit card payment, although you do have to wait a couple of days for it to clear.

From the lack of responses though I'm guessing it's not common for people to have a higher limit - or even possible.

I have £1600 so it's certainly possible.
I have a very good credit history and decent income but I do take cash advances abroad so I wonder whether that's why I got given the card.
I still hit the limit though as I've been throwing everything at it.
I didn't find it much of a problem to make a debit card payment although you do have to wait before it increases the available credit.

Iand1

I have been making payments directly to the account through Internet Banking and faster payments to enable me to keep using the card. Only got a £500 limit, had it three weeks and spent about £850 so far.

The payments are meant to be faster payments, but the online system only shows the available credit the next day after payment.

lisyloo

The payments are meant to be faster payments, but the online system only shows the available credit the next day after payment.

On-line systems are not generally real-time.
They generally get updated once every 24 hours - often overnight.
This doesn't mean the credit is not available.

That's quicker than the debit card method which takes a few days.

Gromitt

lisyloo wrote: »

On-line systems are not generally real-time.
They generally get updated once every 24 hours - often overnight.

I used to use a First Direct Credit Card a few years ago (before using the cashback variety), and when using FP to pay off the card, the "available balance" was updated within a few minutes, whilst the actual transaction didn't show up until the next working day (even if the transaction was from another FD account).

However, if you assume the credit has been processed and purchase further items therefore exceeding your limit, you forfeit all of your cashback. Can you afford that?

lisyloo

However, if you assume the credit has been processed and purchase further items therefore exceeding your limit, you forfeit all of your cashback. Can you afford that?

I had a transaction declined last week when it would have gone over my limit.
So therefore I was assuming (perhaps wrongly) that they would not allow this.
Thanks for the reminder, but I'm not whether they would allow it.

Gromitt

In that case, I'd check your online statement promptly, as:

Section 5.3 of the CCA states: "We will charge £12 each month if, at any time during that month, you go over your credit limit."

Section 11.6 of the CCA states: "If you exceed your credit limit, you will no longer be eligible for cashback and any cashback accrued upto that point will be lost."

lisyloo

In that case, I'd check your online statement promptly

Sorry I don't understand.
The transaction was declined - it didn't go through - that means I haven't gone over my limit.
I do check my account regularly anyway (usually every day), but in this case it as not permitted to happen.

Gromitt

Your not over your limit now, but Aqua may treat it differently. Ie, they declined the transaction as it caused your account to go over the limit.

But I admit, its a grey area as your account is not over the limit now.