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

derrick

myth123 wrote: »

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.

My payment sent yesterday at 1225, showing as available by 1305, but not showing as a credit on the statement, on accessing online statement this morning the credit payment is showing.

.

lisyloo

I am pretty sure my debit card payment took longer than 3 days, but I'm unsure if it's my imagination playing tricks. Hence the reason for making a payment yesterday and taking notes this time.

aleph_0

lisyloo wrote: »

I am pretty sure my debit card payment took longer than 3 days, but I'm unsure if it's my imagination playing tricks. Hence the reason for making a payment yesterday and taking notes this time.

I'd guess processing doesn't happen at weekends, so that could explain it?

Money_Man_Steve

Just for a bit of fun, I'd like to propose the following alternative Aqua-card related dictionary definitions:

to aquaplane - verb. The act of accruing cashback on an Aqua credit card. Ex. I've been aquaplaning for a couple of months now.

aquanaut - noun. A person using an Aqua credit card solely (or mainly) for the purpose of aquaplaning Ex. There's a whole community of expert aquanauts on the MSE forums.

:rotfl:

anon_ymous

Plxply wrote: »

There's an easy way to fix that too, when you're with your friends agree to pay everything on your card and they give you the cash/transfer. As long as you have decent friends who pay, then you'll be getting the extra cashback.

This. Also, what I do at home is when my mum wants me to get something from the supermarket, or something from town, and gives me cash, I deposit the cash in the bank, or pay off the card depending on the amount and then pay for the goods via card

If I was given a tenner, and I would have got £3.50 change if I paid in cash, I tend to use that for whatever my mum wants next. It all evens out in the end, and I get the cashback

anon_ymous

Gromitt wrote: »

I think the card will stay, but they'll change the T&Cs in 6 months time to something like "Cashback is available at 3% for the first 6 months and 0.5% thereafter".

There business model seems to be, dangle carrot (3%), 35% apr for anyone who carries a balance or forgets to pay balance, forfeit all cashback for any late payers. This will likely pay for a lot of the people who use the card to its fullest.

However, with the current website site, maybe the T&Cs are changing already and the 3% was to just get some customers on board.

If they put it all the way down to 0.5%, they can get lost lol. I opened a Nationwide Flex account today and apparently if I transfer in £750/month (even if I transfer it all out ) I get the free European travel insurance, along with 0.5% cashback, with 12 months at 0%, "free" overseas spending and 20 months at 0% for shifted debts, with 12.9% APR

http://www.moneysavingexpert.com/cards/cashback-credit-cards#foodPetrolTwo

Currently, I have the Capital One classic extra and after a year or so, that's an excellent haggling tool!

lisyloo

I'd guess processing doesn't happen at weekends, so that could explain it?

No, I don't think so.
It seemed to take over a week and there were no bank hols recently.
I am monitoring it now to make sure.

anon_ymous

Hooloovoo wrote: »

I don't think it would.

£3333.33 * 0.03 = £99.9999 cashback.

Now technically that could be rounded down to £95 cashback, but I very much doubt that it would be.

I doubt they computer systems even store the cashback to that precision. That would have been rounded up and taken care of many transactions ago.

Hooloovoo wrote: »

Because 3% of £3333.33 is not £99 and 99 pence, which I agree would be rounded down to a cashback of £95.

It's £99 and 99.99 pence. The rounding of 99.99 pence to 100 pence will happen when the final transaction is entered, therefore before the total cashback payout is calculated.

I suppose Aqua could store the cashback amount to four decimal places before rounding down to the final payout, but it's highly unlikely.

Hooloovoo wrote: »

Expanding on this, I would suggest that the minimum spend to obtain £100 cashback is £3333.17.

3333.17 * 0.03 = £99.9951

Or how about you guys aim to spend £3334 instead. It's not much more and it's guaranteed to get you the £100, considering that 3% of £3334 is £100.02

Masomnia

I've been accepted, think probably because of low income as my credit history should be good.

Limit of £250, bit inconvenient. That works out at £3000 over the year, so the plan is to spend up to the limit each month, or as near as I dare(!) and clear it. Then in a couple of months make an extra payment and spend a bit more to get me the full £100. Hopefully that'll keep me under the radar.

Does anyone know, does paying off utility bills count as making a purchase? That would really help me get towards the £3andabitk as I'm not a massive spender.

Gromitt

waqasahmed wrote: »

Or how about you guys aim to spend £3334 instead. It's not much more and it's guaranteed to get you the £100, considering that 3% of £3334 is £100.02

But what happens if Aqua round down the pennies throughout the year and you end up with £99.98 or something ? You could lose £5 !

Isn't it better to spend £3367 for £101.01 ? Or £3350 for £100.50 ?