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

Iand1

Gromitt wrote: »

I agree. Use it at least every other month. 6 - 8 months unused is asking for cancellation.

OK, good idea, thanks for the heads up. Will use it once a month for a couple of quid purchase.

Don't want to spend over the magical £3.333.33 (or £3.333.34) !!

^^ Not looking at re-opening that can of worms again!! ^^

crestfa11en

Originally Posted by stphnstevey
Just got my Aqua card and asked about the cashback-the women said that it was £100 max PER CUSTOMER (not reoccuring annually) and also ONLY UPTO 31st JULY 2012!!

I made a formal complaint that this was not in the T&C's and they are getting back to me

MARTIN-ITES - can you speak to them as this was heavily promoted on MSE, I applied as soon as I saw it, but hardly seems worth the bother nowif you only get about 15 days to use it!

callum9999 Obviously a mistake. Possibly meant it's valid until the 31st July 2013, or that you can only sign up to the card until 31st July 2012.

Can anyone follow this up, is the cashback still active and if so for how long?
This card does seem a little to good to be true, even if it's capped at just £100 a year.

aleph_0

crestfa11en wrote: »

Can anyone follow this up, is the cashback still active and if so for how long?
This card does seem a little to good to be true, even if it's capped at just £100 a year.

The website still has the same information, so nothing has changed, the cashback is still active. If anything were to change, they would still need to notify existing customers if they intended to change the T&Cs.

We know the woman from aqua stphnstevey spoke to was wrong, I'd guess her source would have been a misunderstanding or office gossip, rather than anything concrete. Speculating, I would say that the earliest they would bother stopping cashback for existing customers is next year.

Regarding the too-good-to-be-true, I sort of agree. But remember the cost to aqua, after they get the merchant fees (say 1-2%), isn't too bad. I expect the gap is being filled by customers who don't pay in full, or exceed the credit limit, and so end up paying fees/interest, as well as sacrificing the cashback earned so far.

The other school of thought is that aqua have made a mistake, and are loosing money on this card. I don't subscribe to this, since they would have withdrawn the card by now (although you could argue that giving £250 limits to people who are likely to manage their account well is their solution here).

crestfa11en

Thanks aleph_0 you've hit the nail on the head so to speak, it's as definitive an answer as I could have hoped for.

lisyloo

Be aware that debit card payments seem to take a long time.
I've made one this morning and will report back.

Roger1

The answer I think is to use your bank's online payment system if it offers Faster Payments.

Last week, I paid my balance from my Nationwide FlexAccount using Faster Payments, payment promised within two hours. Later the same day, I checked and my mighty available balance had been fully restored.

The credit didn't show up in the narrative to my account until the next day.

lisyloo

The answer I think is to use your bank's online payment system if it offers Faster Payments.

I think you are right. I need to use one of those card reader things to set up a faster payment initially so it's a bit of a pain - but yes it needs to be done.

I still think it's worth making people aware how long the debit card payment takes which is why I've made one this morning.

derrick

Made a faster payment from my Halifax current account at 1225 today, checked twice since then, and at 1305 my "available to spend" has increased by the amount I sent but the payment is not showing on the statement.

.

fleetwoodguy

derrick wrote: »

Made a faster payment from my Halifax current account at 1225 today, checked twice since then, and at 1305 my "available to spend" has increased by the amount I sent but the payment is not showing on the statement.

.

made a payment at 1444, by 1530 it had shown up in available balance. Under 45 minutes is quite impressive!

myth123

I've found that faster payments show up as balance available to spend quickly but isn't reflected on the statement for a day or two.

Debit card payment takes about 3 days to go through.

That's just roughly what I've found having used both those payment methods. I've not bothered to set up a direct debit yet but got the forms sent through to me.