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

anon_ymous

rsachoc wrote: »

Received mine today, I might just keep it for the overseas spending, I have a reasonable limit and it doesn't cost me anything to keep it. Can someone confirm definitively that cashback does accumulate on overseas spend - I read somewhere that it didn't?

Phone them? Capital one do on their classic xtra. That card is becoming increasingly appealing, aside from the whole low limit. I mean that card does exactly what my nationwide account does, and now it matches Nationwide, AND gives cashback overseas...

I hope that Cap1 can give me a "new customer" deal, because that would be a better deal than Nationwide, and then I'd be able to just have the one credit card (aside from the low limit) ....

So it might mean keeping my Nationwide account, because I'd be damaging my utilisation rate

Atidi

Scrounger wrote: »

I'm going to let the old Aqua card lapse on 22nd Jan. Once the cashback is received then post off the application for the new 0.5% card.
This way I won't have to wait for the anniversary to get my 'free' £100. :beer:
Scrounger

Doesn't the application form say it has to be received by Aqua by 31st December 2013 latest?

The replacement card is not a generally available card - you can't find it on their website.

Atidi

rsachoc wrote: »

Received mine today, I might just keep it for the overseas spending, I have a reasonable limit and it doesn't cost me anything to keep it. Can someone confirm definitively that cashback does accumulate on overseas spend - I read somewhere that it didn't?

Cashback is paid on all purchases (See term 11.1)

Cashback is not paid if you use the card to withdraw cash. (See term 11.2) A 3%/£3 fee also applies to cash withdrawals.

As regards the limit, I guess that is really is subjective, but the existing Aqua rewards card doesn't give anyone a reasonable limit in my opinion - it's extremely low in comparison to most credit cards and not really useful for taking onan overseas trip of more than a day or so. It can also be used to buy in foreign currency online of course.

I don't think there is any guarantee either that the new card will come with the same credit limit as the old one had. Hopefully they will be increasing the limits to at least match that of say Cap1 who already have a 0.5% cashback card on offer. (but the Cap1 card has a foreign transaction fee). Cap 1 also specialises in thsoe with poor credit history.

If you have a good credit file, probably the Halifax Clarity card is best current offering for foreign expenditure (although it has no cashback ... but neither will Aqua if you go and bust their low credit limit)

philraybone

The account closes on Jan 22nd.

They credit the Cashback two weeks later.

If the account is truly 'closed', how are you gong to spend the Cashback that has been credited to your account ?

lisyloo

how are you gong to spend the Cashback that has been credited to your account ?

How about deducting it from your final payment so final balance is zero?

I suspect many of us will still have debit balances even after deducting the cashback.

Atidi

philraybone wrote: »

The account closes on Jan 22nd.

They credit the Cashback two weeks later.

If the account is truly 'closed', how are you gong to spend the Cashback that has been credited to your account ?

Welcome.

First ever post despite joining up over 5 years ago?

... and you go and pop your cherry on a question that has already been answered both in this thread as well as in the letter sent to those affected.

:cool:

Atidi

inmypocketnottheirs wrote: »

My limit is £1600 on Aqua, so it's not a problem to me. ....

This closure only affects the Aqua Rewards card that gave 3% cashback on purchases, and not any other Aqua credit card.

That probably also explains why you've not received the letter.

So agreed, it won't be a problem for you

lisyloo

This closure only affects the Aqua Rewards card that gave 3% cashback on purchases, and not any other Aqua credit card.

How do you not what card he/she has?

I had £1600 limit on the reward card initially but it was increased to £1850, so there are some rewards cards with high limits.

I haven't had the letter yet, but I deffo have the rewards card and I've already had one years £100 cashback.

Or do you have knowledge from other threads on which card he/she has?

geoff_ss

I was a little queezy about gaining from Aqua because how can you offer 3% cashback when Halifax could only earn a small fraction (say 0.4%?) from any transaction? The only profit possible for Halifax was to cynically lure people into borrowing more than they could afford & then charging an appalling rate of interested. It could be argued that my 3% came from Halifax's abuse of others & if so its probably just as well it shut.

lisyloo

when Halifax could only earn a small fraction (say 0.4%?) from any transaction?

I believe merchants pay a lot more than this to visa/mastercard for offering credit cards.

You seem to have not considered the fact that visa/mastercard charge merchants and not just customers.