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

Happy_Shrimper

Gromitt wrote: »

It'll wipe out what is earned so far and be useless now until the card anniversary. It'll also be reported on your credit report that you exceeded your credit limit.

I pay my card off at the end of each week to prevent the balance getting too high and also means I automatically pay more than the minimum amount so hopefully never miss a payment (probably will now).

I feared as much. I only planned to use for fuel purchases of around £50 - £60 per week, but as I chose a day of the month, they set the full repayment DD foward rather than collect first payment a few days early.
Took my eye off the ball and paid the price.
Ah well. I'll pay it off, cancel it, and get a new one in the wifes name ;-). Real blow about the credit file though!

Hooloovoo

Happy_Shrimper wrote: »

Ah well. I'll pay it off, cancel it, and get a new one in the wifes name ;-)

Then you can bu gger up her credit record as well. Awesome [:rotfl:]

boobbby

Just wondered that if I have a credit limit of £250 and then credit my card with a further £250 could I then buy an item costing £450

Happy_Shrimper

Hooloovoo wrote: »

Then you can bu gger up her credit record as well. Awesome [:rotfl:]

Fair point. Maybe not worth the risk. Back to the Amex it is then .
Valuable lesson leant with a nasty stain on my squeaky clean file to prove it.
Bye Aquacard.

lisyloo

Just wondered that if I have a credit limit of £250 and then credit my card with a further £250 could I then buy an item costing £450

It's against most (if not all) credit card companies terms and conditions to put cards into credit.
It might get flagged up as money laundering on the other hand you might get away with it.
If your money is stolen or used fraudulently then it probably won't be insured by the lender as they only insure their money (debt balance) not your money (credit balance).
Generally it's not adviseable but you may well get away with it.
I wouldn't recommend doing it continually but for a one-off it will proably work although I'd leave minimum time between the two due the fraud/theft risk not being covered.

Gromitt

boobbby wrote: »

Just wondered that if I have a credit limit of £250 and then credit my card with a further £250 could I then buy an item costing £450

No, you can only spend up to your limit. So you could could spend £250 twice in the same day, but not £450 in one transaction.

If you were in credit when you made the further £250 payment, you might find that the payment gets bounced back.

boobbby

Gromitt wrote: »

No, you can only spend up to your limit. So you could could spend £250 twice in the same day, but not £450 in one transaction.

If you were in credit when you made the further £250 payment, you might find that the payment gets bounced back.

Thank you for the reply.. when I make a purchase with a credit card I normally repay the credit card with a transfer from my current account within a few days plus add maybe £20 extra so I can purchase further low cost items without going to the trouble of transferring money to the credit card account. Its a pity I have not got a larger limit on this card as my other cards only give 1% cashback. I think I may be able to ask for an increased limit after 6 months.

aleph_0

A while back we were (rather pedantically) discussing the exact spend required to get the maximum cashback.

Looking at my latest statement, where I should have earned £13 and 33.95p cashback, I've discovered it has been rounded down to £13.33. It looks as if cashback is calculated monthly, rounded down to the nearest pence. This could leave a very unlucky person with 12p less cashback than they expected, over the course of the year.

Not the sort of thing worth worrying about, or adjust spending to avoid, but if anyone else finds their calculations differ from aqua's by a few pence, this will be why.

Gromitt

Of course, that 12p could get you £5 less cash back!

sizeit8

Hi, I got a mail shot out the blue from this credit card company, so applied on.line, tempted by 3% cashback, and was accepted with a £500 credit limit. I think its because I recently applied for and was turned down for NatWest C/C, presumably because I have lived at my current address for a year, otherwise I think I have an AAA+ credit record. If this card works out, Natwest have done me a great favour. Happy spending to all us savvy people....