Aqua Card credit limit

ucms

Hey,
I have aqua card with very low credit limit (250 GBP).
I noticed that I can transfer for example 500 GBP and then "money to spend" is 750.
Is it OK to buy something for 500 GBP when limit is 250GBP? Ofcourse I would transfer 500 GBP before transaction so my credit card acount would have enough money.

aleph_0

Yes and No. Credit card's generally don't like you putting the card into credit (I can't remember if it's explicitly against Aqua's T&Cs or not, we've had tedious debates on this issue on here before). However, I think others have reported successfully doing such a thing with the Aqua card.

So IMO, it might work, but I personally wouldn't try it.

Gromitt

According to Aqua, this would have several problems:

The largest purchase you could make would be £250 (as this is your credit limit), but you could do this upto your "money to spend" (so 3 times in your example).
You wouldn't have S75 protection as you are not using credit (since you pre-paid in effect)
If you had fraud on your account, it might be difficult to get it refunded.

It MIGHT work however, but personally, I wouldn't try it. They have a right to decline the transaction.

_Andy_

ucms wrote: »

Hey,
I have aqua card with very low credit limit (250 GBP).
I noticed that I can transfer for example 500 GBP and then "money to spend" is 750.
Is it OK to buy something for 500 GBP when limit is 250GBP? Ofcourse I would transfer 500 GBP before transaction so my credit card acount would have enough money.

What did Aqua say when you asked them?

ucms

So you think that they can just deny transaction? What I worry about is that they can accept it but then they will charge me 12 GBP for over-limit and it could affect my credit rating...

250 GBP limit is really useless... I applied only for aqua because I need card to use abroad and I was not even on electoral roll so getting Halifax Calirity would be impossible...

ucms

adindas wrote: »

This is a good point to try ....

I understand people could always clear your balance as soon as you have made purchase. By doing this people will get their limit refreshed. So they will be able to do purchase again up to their limit to earn cash back. I have done this in many occasions successfully.

Could people provide a link which testify that some people have managed to do this ?? Also how much above the limit that have been done successfully, is 2, 3 ,4 etc time the limit is successful ?

If many people have testified it then I think this is a break through so the limit is now become irrelevant.

So if say people want to buy a car which cost £10,000 they will just need to put £10,00 in their Credit Card and use it to earn Cash Back of 3% ?

Thanks

Aqua returns max 100 GBP per year.

_Andy_

ucms wrote: »

So you think that they can just deny transaction? What I worry about is that they can accept it but then they will charge me 12 GBP for over-limit and it could affect my credit rating...

250 GBP limit is really useless... I applied only for aqua because I need card to use abroad and I was not even on electoral roll so getting Halifax Calirity would be impossible...

Ring them and ask

ucms

_Andy_ wrote: »

Ring them and ask

Yeap I will do it but I am disappointed with Aqua customer service. Staff seems to be not very good trained....

ucms

I called and:
- single transcation can not be bigger than credit limit
- I should not really "prepay" card.

izools

Exactly. Spending £250, and repaying £250, several times in a billing cycle are absolutely fine, as confirmed by Aqua when I spoke to them, as at no point are you either going in to credit, or going over your credit limit, but any transaction that would your balance below -£250 or above £0 are not permitted.

ucms

Actually I have already prepaid with 200 GBP my card. Should I worry about it?