AQUA c/c question

lisyloo

No you didn't do anything wrong but you don't come across as friendly in some of your posts.

Thanks :-)
I'll try harder :-)

Stuart_W

mrmajika wrote: »

Often the limit remains even when early payments are made. That is, a £500 credit limit is the monthly statement limit, irrespective of 'early' payments.

AMEX and a few others definitely enforce this. Not sure about Aqua...

Really? Good grief, thank you for pointing this out. I would never have ever imagined this. I've always thought a credit card account to have a "running balance" - ie how much money you owe at any time. Any payment reduces this running balance, whilst spending or charges adds to it. If I had a £500 credit limit, I would presume that would allow me to be in debt to the bank up to £500 at any time. If I spend £300, and then repay £300 the following week, I would certainly expect to be able to spend £300 again the week after. My current credit card works like this, and as far as I know, every card I've ever had. This redefines my understanding of "credit limit".

System

mrmajika wrote: »

Often the limit remains even when early payments are made. That is, a £500 credit limit is the monthly statement limit, irrespective of 'early' payments.

AMEX and a few others definitely enforce this. Not sure about Aqua...

This is not my experience, and I have had AMEX cards.
A credit limit is essentially a debt limit. If you pay off the balance then you will be able to spend up to the limit again.

Gromitt

I've never heard of this "statement limit", only a credit limit which, If I pay back a sum, a few days later, this sum is added back to my limit for the remainder of the statement period.

Stuart_W

Thank you, gromitt and teepee.

Having browsed through the small print, I don't understand how any kind of "statement limit" as descibed by lisyloo could be enforced. You can't possibly be charged for going over your credit limit if you never actually do.

I completely get that when your statement is printed you may be within your credit limit, but could still be charged for having been over your credit limit earlier in the month - but that is a different scenario.

N-Tranced

Seriously considering applying for the Aqua Reward Card, this would be my first Credit Card but I do have a Credit History via Contract Mobile Phone and Phone & Broadband and have never had an overdraft or been in debt. With these plus my employment I think I stand a good chance of being accepted.

I have a problem with regards to the Credit Limit, I understand there is a fee involved for going over your agreed Maximum Limit but my question is what would happen if you came under your Minimum Credit Limit? say it's £250 and that month spend was £230.

Any help would be appreciated

Thanks

[Deleted User]

mrmajika wrote: »

Often the limit remains even when early payments are made. That is, a £500 credit limit is the monthly statement limit, irrespective of 'early' payments.

AMEX and a few others definitely enforce this. Not sure about Aqua...

I've never had that experience with Amex - I've happily spent my entire credit limit, paid it off the next day, then spent it all again, all in one statement period.