MSE News: Aqua axes 3% cashback credit card – should you ditch and switch?

Former_MSE_Helen

"Aqua is slashing the amount you can earn in cashback on its credit card from 3% to 0.5% in January..."

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Aqua axes 3% cashback credit card – should you ditch and switch?




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StevieJ

should you ditch and switch?

I think I will let them ditch me, still 3% cashback through Christmas.

Milarky

Aqua says you'll be able to earn 3% cashback until 22 January when your account will close

Well they don't quite - but a lawyer would probably agree they do:

Exhibit 1 for the people:

This letter is to give you notice that we will close your account on [22 January 2014] and you will not be able to make any new purchases using you card from that point

Notice that it says 'use' - from which my learned friend would construe 'and earn cashback' - but nowhere does the letter make plain a date when the current rate of cashback formally ceases.

Exhibit 2:

If you would like to continue earning cashback on purchases after 22 January 2014...

So MyLF will say: 'The defendant all but admits it! Cashback could be still be earned by the plaintiffs on any date between now and 22 January 2014'


So we have two more months to make purchases to get (any) remaining cashback.

It also seems that signing the agreement for 0.5% means cashback will only be payable from the account anniversary (12 months after the previous pay out)

Herbalus

A simple article. Suggests the Amex Platinum, but Aqua is marketed at those with poorer credit scores, so their customers are completely different. Plus, the 5% is only for three months so very short-term, and afterwards reverts to a much lower level of interest, only going to 1.25% if you spend over £10,000 a year.

The article also neglects to mention, as some people have said on the threads, that a credit check is carried out if you want the new 0.5% card.

edinburgher

StevieJ wrote: »

I think I will let them ditch me, still 3% cashback through Christmas.

Agreed, it has been nice while it lasted.

inmypocketnottheirs

I'll still keep the card as I'm a frequent traveller and it saves on overseas transactions. Not had a letter though.

Halifax81

I'm in the process of paying off and closing my cards down so will let this one close when Aqua shut it down and then just pay it back on a monthly basis

Atidi

Halifax81 wrote: »

I'm in the process of paying off and closing my cards down so will let this one close when Aqua shut it down and then just pay it back on a monthly basis

If you have a number of cards you need to pay off, I suggest you concentrate on paying Aqua off first (whilst still paying the minimum on all other cards) as Aqua interest rate is huge compared to most other cards.

Do check the applicable interest rates, and concentrate on paying the highest ones off first

Jules2012

Why can't they just transfer you onto the new rate? Rather than process another application/credit check.

Atidi

Herbalus wrote: »

A simple article. Suggests the Amex Platinum, but Aqua is marketed at those with poorer credit scores, so their customers are completely different. Plus, the 5% is only for three months so very short-term, and afterwards reverts to a much lower level of interest, only going to 1.25% if you spend over £10,000 a year.

The article also neglects to mention, as some people have said on the threads, that a credit check is carried out if you want the new 0.5% card.

Yeah, but Amex can earn this site money!

And with a possible further £30million still to be paid to multi-millionaire, Dr Martin Lewis for the recent sale of this site (subject to meeting targets), I guess every sale counts.

marks7389

The new card can clearly be beaten for UK spend, but what about overseas spend?

I have a Clarity Rewards card which will pay £5 cash back on a £300 spend in one statement period (max 1.67% if you spend exactly £300), but that doesn't appear to still be available (and was only ever an option for Halifax account holders).

0.5% plus no rate loading is otherwise about as attractive as it gets unless anyone else has spotted better.