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

Gromitt

Scrounger wrote: »

How would you keep track of your cashback (or even know that they'd paid any) as it only appears on the paper statements?

There is that, but its easy enough to give them a ring on the 0800 number if you are worried about not receiving the cash back.

I'm going to be spending the money anyway, the cash back is just a bonus. If they had a valid reason for not paying out, then I'm not going to complain to the FOS.

horngkai

lisyloo wrote: »

Only a guess but I expect their computer systems do not show discretion and the charge will appear when the statement is generated.
You may be able to get it reduced or waived if you ring up and plead with them if it's a first offence. You may lose any cashback though.

2 statements have been produced since then and they haven't charge me for it. I stopped using the card as I thought I would've lost the cashback, but if they have not charge the overlimit fee yet after 2 statements, I was wondering if I should start using it again.

horngkai

pqrdef wrote: »

Generally with credit cards the "Available to spend" is kept up in real time but the transactions are only made up at the end of the day.

If 10th Sep was your due date, they would typically receive the DD payment in the small hours of the morning on the 10th and add it to your "Available to spend" straight away. It would then appear in your transactions the following morning, but dated 10th. So there wouldn't be an overspend.

Having looked at my statement again, I think I overspent on the 9th rather than the 10th. But 2 statements later, still no charge?

Fingerbobs

Scrounger wrote: »

That would only earn you £95 in cashback :eek:

Where does this thing about rounding down to the nearest £5 come from?

I've just received a leaflet from Aqua, reminding me (as if I needed reminding) about the 3% cashback, and the example they give states:

Let's say you spend £150 a month for 12 months, you can look forward to a £54 cashback treat.

That implies no rounding down.

Gromitt

The rounding down is in the terms and conditions.

acc2007

victoria797 wrote: »

how exactly did u manage your account? did u use less than 50% of your limit and pay it off in full every month? Please share,it will be a guidance for everyone.Thanks x

Because the limit was only £250 to start with I wanted to maximise the cashback so I had the card up to it's limit every month and then paid the card off in full.

However 2 months running I left a small ballance on the card of £50 and paid the intrest and then I got the letter in the post advising my limit will be increased. Hope this helps others.

Fingerbobs

Gromitt wrote: »

The rounding down is in the terms and conditions.

Yep, just checked my T&Cs and it is indeed in there. Clause 11.4 in my copy.

So the leaflet they've just sent me contains a blatant lie. How are they allowed to get away with that?

Uplink

Fingerbobs wrote: »

Yep, just checked my T&Cs and it is indeed in there. Clause 11.4 in my copy.

So the leaflet they've just sent me contains a blatant lie. How are they allowed to get away with that?

Reading around, some people didn't get a rounding down at all (things like 99.99 ended up becoming 100, not 95).

In my initial experience with Aqua, they appear to have come from the past, where credit was as simple as "here's a card, we'll send you a monthly sheet of paper, and you send us money, ok?" and they bolted a cashback and a website to that.

The first thing I did with this CC was add it to Paypal. Paypal charged one pound for verification, as they do in these cases. But Aqua earmarked 1.62. The Paypal transaction appeared on the online statement, but the 62p extra are still subtracted from "available to spend". The Paypal transaction is the only thing I did thus far. The 62p earmark appears to have happened coupled with the Paypal charge. So what's going on? I'm keeping an eye on it to see what happens.

And I can't register for "aqua Secure" because the registration page says this FI (Financial Institution I guess) has been deactivated. Until I can do that, this card is not leaving my sight and it doesn't go on the Internet anywhere unless it's through Paypal.

lisyloo

So the leaflet they've just sent me contains a blatant lie.

Not necessarily.
Lots of companies put harsh ts&cs in to protect themselves.
So for example my employer can submit me to drug testing, searching or medical examination, but these are only to protect themselves in extreme cases and it hardly ever happens.

My last statement shows
Previous (cashback) balance £70:45
Cashback earned this month £29.54
Total cashback earned £100.00

So they have rounded UP in my case.
I have been very pleased with them.
They have declined transactions to stop me going over the limit and also sent me texts when I have been near the limit.

I am not connected with them and their website is absolutely pants, but so far they have shown good customer service and nothing remotely cynical.

So yes if they don't actually do it, then it's NOT a blatant lie.

Scrounger

Fingerbobs wrote: »

So the leaflet they've just sent me contains a blatant lie.

That cashback example on your leaflet is not a lie:

A £150/month spend on Aqua reward for a year would earn a cashback of £54 (£1,800 @ 3%).

There would be no rounding down because the spend is an exact multiple of £5.

Scrounger