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

thesaver79

bubieyehyeh wrote: »

Mine arrived today.

Same here.

pineneedles

Mine arrived today. Very disappointing. This is my only credit card, got it specifically to improve credit score (in the hope of being able to find a flat to buy and get a mortgage) but enjoyed the cashback, too, had it for a year now.

Applying for a new card now would be counterproductive re: credit score, wouldn't it? But would quite like to have a credit card for payment protection reasons so don't know what to do.

(edit - my question had already been answered, sorry)

adindas

guesswho2000 wrote: »

Yeah you should do, I got mine last week, quite a few received it before me, I was wondering the same thing as you until it arrived.

bubieyehyeh wrote: »

Mine arrived today.

Thanks
Mine arrive today. But I am expecting it so no surprise ....
I will just let them close it early next year as I do not need another CC with 0.5% cash back ...

Herbalus

Mine still hasn't arrived. An interesting point, considering that two months notice is required in the T+Cs for them to change things: if my letter arrives after the 22nd (I'm assuming it is coming...), would that give grounds to say that it isn't valid?

(this is just a theoretical point - I won't raise this with them as I have better things to do than talk to their customer service!)

blinko

What is everyone switching too, LUMA looks good.

Gotta say though something is fishy with Aqua card. I had £350 limit, most of my other cards have £5k limit....

inmypocketnottheirs

Letter arrived today. Shame!!

Heigh ho! Still good for fee free foreign transactions though.

[Deleted User]

blinko wrote: »

Gotta say though something is fishy with Aqua card. I had £350 limit, most of my other cards have £5k limit....

Fishy? It's a sub prime credit card. Low limits are part of the deal. What were you expecting?

blinko

Deleted_User wrote: »

Fishy? It's a sub prime credit card. Low limits are part of the deal. What were you expecting?

sub prime credit card yet they encourage people to spend....?

or was that the business model, offer 3% cashback and provide a low limit and make money on the breaches of limit

[Deleted User]

If customers don't spend , then aqua wouldn't make any money.

Fees are part of the business model, yes. I doubt they encourage them, but they will expect them, given their customer base. But avoiding huge write offs through uncontrolled spending is a bigger part. Hence the low limits.

lisyloo

sub prime credit card yet they encourage people to spend....?

or was that the business model, offer 3% cashback and provide a low limit and make money on the breaches of limit

I'm sure making profits is part of their business model.
I've found Aqua to be one of the most ethical e.g. refusing transactions that took me over my limit and advising me by text when I got close.

At the end of the day people have to accept some personal responsibility and not claim that their spending is the result of a leaflet from Aqua !!