Aqua credit cards - avoid!!

Anthorn

Why on earth would you want to apply for an Aqua card when you have a perfect credit report. The Santander 123 card, for example, offers a much better deal with a broader range of cashback options. I'd say that in rejecting your application they did you a favour!

aleph_0

Anthorn wrote: »

Why on earth would you want to apply for an Aqua card when you have a perfect credit report. The Santander 123 card, for example, offers a much better deal with a broader range of cashback options. I'd say that in rejecting your application they did you a favour!

Because the aqua reward offers 3% cashback on everything £3,333 spending/year. This is always at least as good as Santander 123's offering. So one can spend the required amount of the aqua reward, then put other spending on a different card. If one owns other cashback cards, one can pick the spending appropriately (so use the Amex during the bonus month, or put items qualifying for the 3% cashback with Santander on the Santander card).

callum9999

Anthorn wrote: »

Why on earth would you want to apply for an Aqua card when you have a perfect credit report. The Santander 123 card, for example, offers a much better deal with a broader range of cashback options. I'd say that in rejecting your application they did you a favour!

My credit rating isn't perfect, but it's certainly far higher than sub-prime. Santander have actually offered me guaranteed acceptance on the 123 card as well, but there is no way that could possibly work out for me in comparison to the Aqua card. Even my 0.5% Nationwide select would give me more than Santander...

And you are insane if you think it offers a "broader range of cashback offers". Aqua pay 3% on everything, Santander will only pay it on petrol. How on earth is that possibly "broader"? Not to mention the £24 annual fee... While if you drive and spend tens of thousands of pounds on your credit card Santander may be better, it certainly isn't better for everyone.

welshmike_2

I applied for an Aqua Reward Credit Card and had an acceptance letter on 27/06/2012.
I read in the Pre-contract Credit Information, Page 1 of 4 the following:

"Each month in which you have a balance outstanding on your account you must repay an amount equal to the total of any interest, default sums plus 1.0 % of the balance shown on your statement..."

Does this imply that even if I pay the balance in full each month I must repay an additional 1% of it?

Also I do not seem to have any documentation from Aqua to show that I want to pay each month the full balance by direct debit from my bank account.
Where would such documentation be found please?

welshmike_2

Anthorn wrote: »

Why on earth would you want to apply for an Aqua card when you have a perfect credit report. The Santander 123 card, for example, offers a much better deal with a broader range of cashback options. I'd say that in rejecting your application they did you a favour!

I think that you will find that the Santander 123 credit card does NOT offer a better deal as far as cashback % is concerned.
From http://products.santander.co.uk/creditcards/the123creditcard.html
1% cashback on your supermarket shopping
2% cashback at your favourite department stores
3% cashback when you fill up at major petrol stations

I have the Santander card and the upfront charge is £24 per year.

blitzboy

welshmike wrote: »

I applied for an Aqua Reward Credit Card and had an acceptance letter on 27/06/2012.
I read in the Pre-contract Credit Information, Page 1 of 4 the following:

"Each month in which you have a balance outstanding on your account you must repay an amount equal to the total of any interest, default sums plus 1.0 % of the balance shown on your statement..."

Does this imply that even if I pay the balance in full each month I must repay an additional 1% of it?

Also I do not seem to have any documentation from Aqua to show that I want to pay each month the full balance by direct debit from my bank account.
Where would such documentation be found please?

No, it is saying that if you choose to pay the minimum payment then that amount will be the interest added on that month, default fees + 1% of the balance. For example if you have £100 outstanding, have £3 interest added on that month and have no defaults then the minimum payment will be £3 + 1%(£1) = £4


As for the direct debit, it should say on your statement somewhere that payment will be taken by direct debit

welshmike_2

BugsyBrowne wrote: »

Excellent credit history and applying for an aqua card Doesnt make sense what's wrong with the Amex or capital one 5% cashback or even the Santander 123 card.

I have the AMEX and Capital One credit cards. Their best cashback rates are applicable for limited periods.

AMEX Platinum:

• 5% cashback during your first three months on up to £2,000 in purchases
• 1.25% cashback on virtually everything you buy – not just for a limited period
• 2.5% cashback in the first month of every year

Capital One World:

• 5% cashback for the first three months (max £100)
• Up to 1.25% cashback thereafter

welshmike_2

blitzboy wrote: »

As for the direct debit, it should say on your statement somewhere that payment will be taken by direct debit

Ah! Thanks. So I need to sign up the Credit Card agreement, return it, receive credit card, use it then wait to see the first statement.

m0ns00n

welshmike wrote: »

Ah! Thanks. So I need to sign up the Credit Card agreement, return it, receive credit card, use it then wait to see the first statement.

When you phone up to activate the credit card you will be able to set up a DD at that point.

blitzboy

welshmike wrote: »

Ah! Thanks. So I need to sign up the Credit Card agreement, return it, receive credit card, use it then wait to see the first statement.

Sorry, I read your original post as if you had already set up the direct debit.

When you receive your card you will need to phone up to activate it, you can then ask for a direct debit for the full amount to be set up. Or you can do it online on your account (assuming aqua have online account management) once you have signed up.

Then you need to make sure when you receive your first statement that it says the payment will be taken by direct debit, which is what i was referring to before. If it doesnt mention direct debit then you will need to pay manually until you have confirmation that it is set up.