Your view on Aqua Credit Card

adindas

I just saw that Aqua credit Card here

http://www.aquacard.co.uk/MSMreward8

is offering 3% cash back. Sofar I am relying on my select CC cash back 0,5% and Halifax Clarity Card £5 reward for spending over £300. So this is by far much more superior IMHO.

HHarry

Cashback is limited to £100 a year, not a month. Credit limits seem to be around £250-500, so you'll need to run it for a few months to get the maximum cashback.

Personally if you're that close to getting your mortgage I wouldn't risk another credit search until it's all done and dusted. Thats just me playing safe.

Gromitt

Your mortgage offer can be withdrawn right upto exhange of contract, regardless of whether you have it in writing or not. So I'd wait until your actually in the property before applying for any credit.

RichL74

Who owns Aqua?

Basically had issues with credit companies in the past and sorted my stuff out with a clean credit report now by fair means or fowl, but credit companines are like elephants, they never forget so if I apply to them for a card and they are affiliated with someone I had trouble with in the past - well its a waste of time for both me and them really in applying.

[Deleted User]

Aqua, Opus and marbles are all in the same stable, so if you didn't pay any of them back, you may want to leave it.

RichL74

No I meant parent company, like are they owned by Provident or Capital One for example?:

ffacoffipawb

RichL74 wrote: »

No I meant parent company, like are they owned by Provident or Capital One for example?:

Halifax / BOS

Gromitt

adindas wrote: »

I also would have though it is better to wait until the mortgage is secured 100%. But after I think it over, after I exchange the contract, there will be another problem applying this CC as I will need to move to a new address.

Think about it again, you've just purchase another property, but its not yet your address until completion date. So you have until the completion date to apply for any credit, which you can do at your current address. Assuming your completion date is approx 4 weeks after exchange of contracts, that should be sufficient time to receive your card and PIN.

Once you've moved, you can inform them of the new address.

Typically however, you have more important things to do in this time than apply for credit cards for the sole purpose of £100/year, but if you really wanted to, you could.

[Deleted User]

RichL74 wrote: »

No I meant parent company, like are they owned by Provident or Capital One for example?:

ffacoffipawb wrote: »

Halifax / BOS

No. They're under the licence of Progressive Credit, managed by SAV Credit.

lisyloo

I understand if it is got rejected for whatever reason, it will severely damage my credit score/rating.

In general a single search will not devastate your credit rating.
The only circumstance where is would is if you have had loads of searches.
Note only the search is recorded not the decline.

but some of them are hardly used as they do not offer incentive

Have you considered closing some?
There is a trade-off between losing access to lines of credit and have too much availbale credit, but you could at least consider closing some.

decision made by a novice underwriter

Most decisions are made by computer.

will it jeopardize my mortgage deal which is already confirmed in writing ?

Only if you already have loads of searches e.g. more than 12 in the past 12 months.

Is there any other drawbacks

Credit limits may be small so you have to keep a beady eye on not exceeding it or possibly making multiple payments.
A small hassle for an organised person, but if you aren't organised then you could face forfeiting the cashback.

I don't really see what the issue is especially if you close another card.
For example if you close one card and open another that wouldn't make you more risky, so I don't understand your concerns.

Have you checked your credit report?
How many searches have you got in the last 6 months? last 12 months?
If it's a low number I don't understand the concern.

You could take the view that your house is more important than £100.
Why not apply afterwards?
Sure you will have moved and the offer might be gone, but you need to prioritise.

I'm afraid no-one can give you definite answer where credit scroing is concerned as comapanies keep their rules secret, but I don't understand where your concern stems from, perhaps you can enlighten me?

inmypocketnottheirs

Deleted_User wrote: »

No. They're under the licence of Progressive Credit, managed by SAV Credit.

Which is part of Halifax BOS.