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

exponential

blitzboy wrote: »

It's very easy to use, albeit a little slow to show transactions compared to some. However the 'available balance' is always up to date which is useful, simply decuct the 'available balance' from the 'credit limit' and that tells you how much you need to pay tp get the card back to £0 (if you dont want to wait for a statement).

The way I (and many others on here) use the card is to pay for fuel etc on the card then transfer that amount from my bank account to the aqua card via faster payments. I do this because the initial limit was too low to fit a whole month's spending on so a direct debit was no good for me. By making the payments straight away you always have your full credit limit available and will always be paid up to date so no interest will be payable.

However if you are only going to be spending around £100 a month and have a £250/£500 credit limit then setting up a direct debit to pay IN FULL each month would also work.

Thanks so much for the information! I'm going to go ahead with it then.

Thanks again.

exponential

Nessie23 wrote: »

As long as you pay the full amount each month you will not have to pay the 44% APR. For me the easiest way is to set up the direct debit to pay the full amount.
If you do that you can use it for credit building and get the 3% cashback for your purchases .

PS - For the first month check with them whether there is enough time to set up the Direct Debit or whether you have to do a manual payment.

Hi. Yeah, whenever i set a new card up i always pay manually to start with just so there are no nasty accidents! Its the safest way isnt it.

Thanks for the info!

boobbby

blitzboy wrote: »

It's very easy to use, albeit a little slow to show transactions compared to some. However the 'available balance' is always up to date which is useful, simply decuct the 'available balance' from the 'credit limit' and that tells you how much you need to pay tp get the card back to £0 (if you dont want to wait for a statement).

The way I (and many others on here) use the card is to pay for fuel etc on the card then transfer that amount from my bank account to the aqua card via faster payments. I do this because the initial limit was too low to fit a whole month's spending on so a direct debit was no good for me. By making the payments straight away you always have your full credit limit available and will always be paid up to date so no interest will be payable.

However if you are only going to be spending around £100 a month and have a £250/£500 credit limit then setting up a direct debit to pay IN FULL each month would also work.

Excellent advise and exactly the way I use mine. I dont bother with the DD as I always pay mine off within a week of using it. Even tho' I only have a £250 limit I also sometimes spend over £500 per month and of course get back 3% cashback on all my spending.

gglaze

exponential wrote: »

Also, keeping the account in good standing, would they consider a rate reduction in the near future??:D

Guys, correct me if I'm wrong, but I basically assume no one has an Aqua card with an APR they would actually consider using to actually run credit on, right? I have understood this is basically a card with tiny limit and rates geared at the sub-prime level, which also happens to have a great cashback offer, and that's why we are all getting it, not because we want a card with fabulous APR or high limits.

lisyloo

Yes correct.
We're all getting it for the 3% cashback.

exponential

gglaze wrote: »

Guys, correct me if I'm wrong, but I basically assume no one has an Aqua card with an APR they would actually consider using to actually run credit on, right? I have understood this is basically a card with tiny limit and rates geared at the sub-prime level, which also happens to have a great cashback offer, and that's why we are all getting it, not because we want a card with fabulous APR or high limits.

Exactly. There is no way I would ever consider spending on this card except for paying off in full every month!

Its the best some of us can get though so being responsible with it is essential.

Nessie23

gglaze wrote: »

Guys, correct me if I'm wrong, but I basically assume no one has an Aqua card with an APR they would actually consider using to actually run credit on, right? I have understood this is basically a card with tiny limit and rates geared at the sub-prime level, which also happens to have a great cashback offer, and that's why we are all getting it, not because we want a card with fabulous APR or high limits.

Yes exactly! :cool:

Voyager2002

exponential wrote: »

Really?? Is that how it works??

Well I didn't throw the agreement away so maybe I should rethink my position?

My intention was to use it for fuel then pay in full each month anyway.....

So in order to not be hit by 44%, I should pay off in full BEFORE my next statement is produced or would setting up a DD to pay in full sort that for me?

Also, keeping the account in good standing, would they consider a rate reduction in the near future??:D

The rate doesn't matter so long as you never borrow from them.

It is my main card; I am racking up cash-back; I have never paid so much as a penny in interest.

exponential

Voyager2002 wrote: »

The rate doesn't matter so long as you never borrow from them.

It is my main card; I am racking up cash-back; I have never paid so much as a penny in interest.

Thats brilliant that!!

grumbler

exponential wrote: »

...
So in order to not be hit by 44%, I should pay off in full BEFORE my next statement is produced ...?

exponential wrote: »

...whenever i set a new card up i always pay manually to start with just so there are no nasty accidents! Its the safest way isnt it.

No, it isn't the safest way and you should know already that you have to pay before the due date, not before the next statement is produced. These dates never are the same.