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

Plxply

Fingerbobs wrote: »

On the other hand, I don't think the initial credit limit has any relation to the cashback. They set the low initial limit to prevent you spending beyond your means. This is a card aimed at those with poor credit histories after all.

I'm sure they're aware that people who have prime cards are applying, they can easily tell from their credit report and if they were applying for a regular Vanquis/Aqua card for whatever reason I'm sure they would be given a large initial credit limit.

ferrit44

Applied, got the old '10 days' response, within 2 days had a letter offering me the card.

Looks like it's on a £250 limit which is a bit of an inconvenience but nothing major.

DragonQ

Got instantly accepted for this card with an "estimated" credit limit of £500 (the credit agreement I got sent doesn't clarify this though). Only got my first credit card last year (ridiculous near-£3000 limit) but that has no benefits and I only got it to build up a credit history. The cashback and load-and-fee-free overseas spending should be very useful!

Very occasionally I do spend more than £500 per month though so I'll keep my old card in case. Just have to keep an eye on big purchases to make sure I don't go over my credit limit and incur charges!

Blue_Max

One caveat!
With such low credit limit, it is all too easy to exceed it.
If you do even by a tiny amount, you loose the cash back for the whole year!
:eek:

DragonQ

Two ways to do it: only use the card for normal purchases and leave one-off large purchases to another card, or only use this card for large purchases that are easier to keep track of and leave every day stuff to another card.

Gromitt

Blue_Max wrote: »

One caveat!
With such low credit limit, it is all too easy to exceed it.

I pay the card off at the end of each week. So far I've not managed to spend more than £500 in any single week. Once (if) I get an increased credit limit, I might start paying it off more slowly.

Fingerbobs

With a 3% cashback rate, it can even be worth paying for some things on credit card where the merchant levies a percentage surcharge for paying by credit card. Provided the merchant's surcharge is less than 3.09%, you'll still make some cashback on the transaction :-)

DragonQ

Depends if you're near the £100 yearly cashback limit or not. If you already get to that limit then you'll lose money by doing that.

Fingerbobs

DragonQ wrote: »

Depends if you're near the £100 yearly cashback limit or not. If you already get to that limit then you'll lose money by doing that.

Yep. Agreed.

Bombay1978

Applied for the card on Friday,got the ten days message and received my credit card agreement today with a £500 limit.

My first credit card since my bad debt early 2000's,couldn't even get a mobile phone contract until 2 years ago!

This forum/website has been a fantastic help turning my credit score around so thanks everyone.