Aqua credit cards - avoid!!

dtaylor84

Anthorn wrote: »

And the Aqua Rewards card is also sub-prime unless I'm missing something.

My point is, if you're paying interest on borrowed money at all, then I'm not sure why you think £100 of 'free money' is beneath you?

But if you're not paying interest, it doesn't matter what the rate is -- if the cashback is good, it's a good deal.

luci

dtaylor84 wrote: »

EDIT: just noticed your signature says you have a Vanquis card @39.94% "mostly fully paid off every statement"?

If mostly means that some of the balance is left, then you can add "and therefore paying interest on the full amount and not just what is left".

Anthorn

luci wrote: »

If mostly means that some of the balance is left, then you can add "and therefore paying interest on the full amount and not just what is left".

That's relative to how much the full amount is. It could be just £1! I'll also do the same with the Aqua Advance card when I get, that is, run a small balance.

In answer to the previous post, I didn't say it was beneath me: I said I don't see the point in busting my butt to gain £100 a year.

Gromitt

I don't see how using a different credit card to the one you would be using anyway is "busting your butt". I'm not poor by any means, but if someone wants to give me £100 for no extra effort whatsoever, then I'll gradly take it.

Anthorn

Gromitt wrote: »

I don't see how using a different credit card to the one you would be using anyway is "busting your butt". I'm not poor by any means, but if someone wants to give me £100 for no extra effort whatsoever, then I'll gradly take it.

Because the cashback prevents the card from being used as it is intended to be - a credit card. I'm not advocating anyone not paying off the full balance every month due to the hefty interest rate. But it's good to have a backup in an emergency but in that case interest on a balance could wipe out the cashback.

To my mind the Aqua Advance which promises a CC close to Prime after 3 years is a lot more valuable. But that depends on what credit cards someone qualifies for. We have to remember that Aqua cards are intended for people with bad credit, no credit history, etc. Within those parameters the Aqua Reward card is a bad deal and the Aqua Advance the better deal.

aleph_0

Anthorn wrote: »

Because the cashback prevents the card from being used as it is intended to be - a credit card. I'm not advocating anyone not paying off the full balance every month due to the hefty interest rate. But it's good to have a backup in an emergency but in that case interest on a balance could wipe out the cashback.

To my mind the Aqua Advance which promises a CC close to Prime after 3 years is a lot more valuable. But that depends on what credit cards someone qualifies for. We have to remember that Aqua cards are intended for people with bad credit, no credit history, etc. Within those parameters the Aqua Reward card is a bad deal and the Aqua Advance the better deal.

It's a bad deal only if they don't pay off the card in full each month. Otherwise, it's a very good deal. Someone with no credit history is on paper, more of a risk to the bank. However, they may have sufficient means, and savings to cover higher spending months. The Aqua Reward is perfect for them

Although aqua might have the sub-prime market in mind, that doesn't mean prime consumers (who are likely to already have a low APR, high limit card available in case of emergencies - I know I have) using it isn't a bad idea for them.

Treadmill

I would never be dismissive of £100, consider it a free night out with meal and drinks for nothing. Who would turn that down ?

Anthorn looking at the APR on your Vanquis card you are a long way off prime, my Aquis card from Vanquis had a 19.99% APR, maybe you should see if they would let you have one of those. In your position I would say you are right to go for the Advance over the cash back card because you'd probably save more than £100 a year on interest.

simax

I've got a select card with Nationwide at 15.9% and a Marriot card with £4,000 limit, but even so just applied for an Aqua card for the 3% cashback. Currently use a Creation cashback card so yes, I'll have one for an increased cashback rate thank you!

Anthorn

Treadmill wrote: »

I would never be dismissive of £100, consider it a free night out with meal and drinks for nothing. Who would turn that down ?

Anthorn looking at the APR on your Vanquis card you are a long way off prime, my Aquis card from Vanquis had a 19.99% APR, maybe you should see if they would let you have one of those. In your position I would say you are right to go for the Advance over the cash back card because you'd probably save more than £100 a year on interest.

Oh yes I know about the Vanquis card. I've had it for a while now and reached the limit of limits. The only way now is down which wouldn't actually be bad. No can't get an Aquis card while having a Vanquis card and they don't transfer either. The only way is to close Vanquis and take my chances on an Aquis card 6 months later which I'm not willing to do because I need the Vanquis account for credit rebuilding. Plans are in June next year when I reach the end of a very long tunnel to possibly go with a Creation card, dump Vanquis and keep the Aqua Advance - if the starting APR is actually 34.9% and I don't know that until I get the details through the post.

Doubtful that I would save more than £100 in interest since my balance on Vanquis is never more than £100. It's just that achieving a prime card in 3 years is better than the £300 I would make over that 3 year period.

Gromitt

Anthorn wrote: »

Because the cashback prevents the card from being used as it is intended to be - a credit card

But I do use it as a credit card, obtaining credit for upto 50 odd days until they process the DD and pay off the balance.

Of course, the card is of little to people who wish to carry a balance - there are far better cards out there.

I have an AA and Tesco CC as backup should the Aqua get declined for any reason. The rewards on the AA card have dropped to about 0.5% now, so I use the Tesco one as secondary now. The AA one did get me free cover for a year though thanks to £50 of cashback last year (and £25 from TCB).