Aqua credit card - beware

dog901

I took out an Aqua card (as recommended by MSE) a year ago. The attraction was the cashback, and the low cost foreign currency transactions. Last month, I exceeded the (low) credit limit by £22 and was charged a £12 "limit" fee. (54% interest a month). I have always paid the full balance by direct debit.
I phoned the 0800 number and was heard sympathetically, but after a long and fruitless conversation about what I felt was the outrageous injustice of this (letting me exceed the limit, and then charging me for it!) I was transferred somewhere else ("collections", I think) and had to start all over again. This time, I was talking to a robot, who merely repeated that "it's in the terms & conditions" with no understanding of my position. If this is in the Ts&Cs, I still haven't found it.
Over nearly 12 months, I saved about £8 in cashback at the cost of this £12 charge. I have cut up the card.

lisyloo

with no understanding of my position

What's your position?
You exceeded the credit limit - what's the injustice you mention?

Everyone knows about this charge, so why can't you find it?
Here's an example that took me about 2 minutes to find.
See "over limit fee"
http://www.aquacard.co.uk/product-detail-page/product-classic-359-dds

inmypocketnottheirs

I've had a £100 cash back, saved on many foreign transactions, not paid any interest or incurred any charges. It's quite easy really.

jonesMUFCforever

Welcome to MSE.

The fact is that you exceeded your limit however small, all cards charge a fee for this.
You initiated the transaction its not up to Aqua to check your spending.
You have tried to persuade them to refund they have refused.
If you have another credit card then by all means cut up the card - if not why cut up what could be a godsend one day?

dealer_wins

jonesMUFCforever wrote: »

Welcome to MSE.

And that will be his/her 1st and only post!!

Hominu

dog901 wrote: »

If this is in the Ts&Cs, I still haven't found it.

Then may I suggest a trip to Specsavers?

This charge is on every statement you have received since you opened the account.

Let me guess, you don't have time to read your monthly statements, check your balance, or read the terms that you legally agreed to.

grumbler

dog901 wrote: »

I have cut up the card.

Cutting off the nose to spite the face?

All cards charge for going over the limit, but only Aqua still pays 3% cashback on all purchases.

skivenov

inmypocketnottheirs wrote: »

I've had a £100 cash back, saved on many foreign transactions, not paid any interest or incurred any charges. It's quite easy really.

Same here. Play the game win the prize. Just keep a tally of what you spend on it, and if in doubt, phone up (for free) and check your balance.

carousels

Aqua aren't really the bad guys here. If you go over the limit on any credit card, you'd be hit with over-limit fees. I'm sure you've had fair warning when you set up the account, in your T&Cs and on your monthly statement. Kicking up a fuss when you broke your end of the agreement and claiming that Aqua let you go over your limit isn't going to do you any favours. I know credit cards aren't for everybody and they are quiet confusing at times, however it isn't all that difficult to remember to stay within your credit limit.

Even I and my circle of fellow student dossers know that.

Ie1wss

I had vanquis and each month they charged me something around £40 only for interest! I paid it off and CUT it into small pieces!!! Now i am hoping to do the same soon with my husband Aqua!!!

sharpy2010

Ie1wss wrote: »

I had vanquis and each month they charged me something around £40 only for interest! I paid it off and CUT it into small pieces!!! Now i am hoping to do the same soon with my husband Aqua!!!

What, because they charged you some interest?

Good god, whatever will they think of next.

I can't believe they didn't just lend you that money for free!!!!!!!!