Aqua credit cards - avoid!!

luci

I think most of the people on here who have an Aqua Reward cards have plenty other prime cards they can use in an emergency. The Aqua card is the last one they would use, if at all, so no chance of wiping out the cashback.

As has been said, it is no effort whatsoever to use Aqua instead of another card. The only effort is keeping within the low credit limit.

Perhaps the Aqua Advance is more suitable for those with a poor credit history, but it is also possible that after using the Aqua Reward card responsibly for 3 years that you may get a prime card elsewhere.

Anthorn

luci wrote: »

I think most of the people on here who have an Aqua Reward cards have plenty other prime cards they can use in an emergency.

There are also those who have umpteen cards with limits totalling umpteen thousands of pounds. Hey call me cynical if you must.

Anthorn

Gromitt wrote: »

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

That's related to the reason for carrying that balance. I don't know whether you've seen the newer parameters for credit card accounts in the CRAs, particularly Equifax: There is a distinct possibility that carrying a reducing balance has a more positive impact on a credit file than paying it off completely every statement.

That is in fact the reason why a lot of people have sub-prime cards, to rebuild credit because only credit can rebuild credit. No-one in their right mind will get a sub-prime card specifically to use as a credit card due to the high cost involved.

Gromitt

Anthorn wrote: »

There is a distinct possibility that carrying a reducing balance has a more positive impact on a credit file than paying it off completely every statement.

I don't know if its the same thing, but over the last 6 years, I used to use long term 0% purchase cards so I could keep my cash in a savings account. Once the term ended I paid off the card in full, which was typically in excess of 3K. It was more profitable than using a cash back card.

tsimehC

A couple of questions I have to ask. I applied online for this card and got a measly £250 credit limit. If I was to add money to the card to purchase an item which exceeds this limit, will I avoid the credit limit excess charge and if so, will cashback apply on the full purchase amount or just the £250 off the credit?

grumbler

tsimehC wrote: »

A couple of questions I have to ask. I applied online for this card and got a measly £250 credit limit. If I was to add money to the card to purchase an item which exceeds this limit, will I avoid the credit limit excess charge and if so, will cashback apply on the full purchase amount or just the £250 off the credit?

Cashback would obviously be on the full amount, but see the clause 12.7 of the T&C.
You might get away with this, but they are known to stop transactions taking you over the limit. I wouldn't be surprised if they stop any transactions higher than the limit, but I am just guessing.

Having said that, if you pay the balance in full by a DD, any extra payments after the statement is produced don't affect the amount taken by DD. As a result, pretty often the card gets in credit naturally. You can try using this to your advantage, but, even if not stopped, the maximum amount you can spend in one transaction would be no more than £500.

StevieJ

Anthorn wrote: »

There are also those who have umpteen cards with limits totalling umpteen thousands of pounds. Hey call me cynical if you must.

I can only speak for myself but I have three cards all paid down to zero each month.
Barclaycard Cashback - 2% on Petrol and Supermarket.
Halifax Clarity - For getting cash out when abroad. 12.9% interest rate.
Aqua Reward 3% cash back up to £100 - And why not

guesswho2000

Anthorn wrote: »

There are also those who have umpteen cards with limits totalling umpteen thousands of pounds. Hey call me cynical if you must.

Indeed, me being one, however I was accepted for the Aqua today and considering I'll be spending the cash anyway (due to the need to eat, buy petrol and other necessities of human life) why not get the cashback?

I've already exhausted the Capital One 5% card and Amex wont give me one, so the 3% seems great for practically no effort, and I certainly wouldn't carry a balance on it in any event.

I also have the Santander 123 current account, I only get about £5 per month back from it, but it's something back on bills I have to pay anyway.

Put it this way, if it were the choice between paying the asking price or paying the asking price plus 3%, would you choose the latter? I don't think anyone would, hence why the Aqua is a good deal

westlife911

Hi all does any one know how I can withdraw money from my aqua credit card? I need to take around £600 from my card soon but every ATM i go to won't accept it.

grumbler

Any ATM with Mastercard logo has to accept it. Have you ever changed the PIN and/or used it for purchases?

That said, are you sure that you really want to pay £18 plus at least 40% APR for the privilege?