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

[Deleted User]

So how long will it take me to earn my cashback, could I just spend £300 in week one, pay it off in week 2 and spend it again in week 3? Or is there a max monthly spend for cashback purposes? I'm so thick I don't understand.

Blue_Max

assj wrote: »

So how long will it take me to earn my cashback, could I just spend £300 in week one, pay it off in week 2 and spend it again in week 3? Or is there a max monthly spend for cashback purposes? I'm so thick I don't understand.

There is no maximum monthly spend for cashback purposes.
Points to bear in mind are:
Do not exceed your credit limit.
As their interest rates are high, avoid borrowing.
Keep an eye on the 'available to spend' figure at your web page.
If you wish to spend more than that, make faster payments, as and when required, to increase your 'available to spend' figure.

DragonQ

Hmm it's been 4 working days and my direct debit still hasn't shown up on the Aqua online statement. It definitely came out since it appeared on my bank statement straight away.

Blue_Max

A quite Friday afternoon here, so I kept the brain ticking over with this little exercise.

Rules for rounding off decimals are:
1. Find the place value you want (the "rounding digit") and look at the digit just to the right of it.
2. If that digit is less than 5, do not change the rounding digit but drop all digits to the right of it.
3. If that digit is greater than or equal to 5, add 1 to the rounding digit and drop all digits to the right of it.

Looking at the statements that I received, it does appear that the clever guys at Aqua are ignoring the rules.

> period ending 8 Aug 2012 (spend after refund credits) £380.86
3% = £11.4258. cashback given was £11.42
> period ending 10 Sep 2012 (spend after refund credits) £319.12
3% = £9.5736. cashback given was £9.57
> period ending 9 Oct 2012 (spend after refund credits) £573.57 x .03 = £17.2071
3% = £17.2071. cashback given was £17.20

> 3 month total spend after refund credits = £1273.55
3% = £38.2065
Cashback should have been £38.21 (£38.2065 correctly rounded off)
But cashback given was £38.20

So, I lost a Penny.

With several thousands of cards in inssue, ignoring of the rules by Aqua would amount to losses of thousands of Pounds to card holders :eek:

lisyloo

Not that it matters to me, of course. It's the principle of the thing

If you feel strong then complain.
Please keep us updated. I'm sure we'd all like to know the outcome.

Many of us are too busy to worry about things that don't affect us but would love to know what they say.

lisyloo

Hmm it's been 4 working days and my direct debit still hasn't shown up on the Aqua online statement. It definitely came out since it appeared on my bank statement straight away.

Has your available credit been increased?

Aqua are very slow to update the actual transactions, but very quick to update your available credit.
If it's been added to your available credit, then it's been dealt with and you can re-spend the money. It's jsut their system being slow at showing trasnactions, but the important is that's it's been credit to your available spend.

Fingerbobs

Gromitt wrote: »

I can't believe we are still discussing spending £3333.33 (£95) or £3333.34 (£100).

Heck, I know this is a money saving site, but spending an extra penny?!

Personally, I think I'll be spending at least an extra 67p. Might even go as far as an extra £1 :eek:

That's not what I'm discussing.

My gripe is with them sending me a promotional leaflet that completely contradicts their Terms and Conditions. If the T&Cs are applied as stated, then the example quoted would be wrong and customers may receive less cashback than they thought they would. That's what's bugging me.

However, reading subsequent posts, it sounds like this rounding down doesn't actually happen in practice, so it's apparently the T&Cs that are wrong.

Obviously it doesn't matter a jot to me personally. I'm going to spend comfortably over £3333 - I'm not going to track it down to the last penny

Fingerbobs

OK, just spoken to Aqua Customer Services, and they have said that, in the example given (£150 spend per month for 12 months), the account would be credited with £50 on the anniversary, but the remaining £4 cashback would carry-over to the following year, and be included in the following year's cashback.

I know this doesn't tally with people's experiences here, but I'm repeating what Aqua have just told me.

The advisor I spoke to agreed that the example was misleading. Hopefully this will be fed back to their marketing department.

Scrounger

Blue_Max, that was an interesting read...

Blue_Max wrote: »

Looking at the statements that I received, it does appear that the clever guys at Aqua are ignoring the rules.

Based on your figures, Aqua are using another rule for calculating the monthly cashback: they are working to 2 decimal places on the cumulative monthly spend with no rounding!

Therefore, for optimum monthly cashback your combined monthly spend total needs be to an integer value (ie an exact number of pounds with no pence).

Just my two-penneth.

Scrounger

wannaberichbtch

Just updating on a previous post where I queried using the Aqua Card for topping up the Asda Christmas Saver Card. I managed to do this online (Although a bit of a palava). Anyway the transaction did not go through as a cash transaction, but as a purchase so cashback and bonus eligible.