Closing Aqua Credit Card - Cash back question, please.

[Deleted User]

I telephoned Aqua and the person I spoke to didn't seem too interested so if anyone has an answer I'll be most appreciative.

My next Aqua statement is due around 12 January and I should have accrued nearly £100 cash back. I don't intend to move to their new card offer and plan to close the account. (Thankfully I have another card which will meet my needs.) I'll pay the balance in full soon after the statement arrives as the direct debit date would be after the closure date of 24 January.

I was trying to find out if I should pay the balance minus the current cash back amount or if Aqua send the cash back to me after the account is closed? I'll be glad that hear if anyone knows or if I should try another telephone enquiry, please? Many thanks in advance.

Crimson

Hominu

They have stated that cash back will appear as a credit to your account, but this could be before and after your statement is printed.

I'd always pay the amount requested on the statement to ensure they report the correct information to the credit agencies.

Any credit balance once the card is closed will be refunded to you via cheque.

Aquamania

Deleted_User wrote: »

I telephoned Aqua and the person I spoke to didn't seem too interested so if anyone has an answer I'll be most appreciative.

My next Aqua statement is due around 12 January and I should have accrued nearly £100 cash back. I don't intend to move to their new card offer and plan to close the account. (Thankfully I have another card which will meet my needs.) I'll pay the balance in full soon after the statement arrives as the direct debit date would be after the closure date of 24 January.

I was trying to find out if I should pay the balance minus the current cash back amount or if Aqua send the cash back to me after the account is closed? I'll be glad that hear if anyone knows or if I should try another telephone enquiry, please? Many thanks in advance.

Crimson

As Hominu says, your bill will state the amount you owe.

You can pay that in full or any lesser amount (as long as at least the minimum stated is paid).

Note if you don't pay the bill in full & on time, then interest will accrue ... and that is huge even allowing for any cashback you may have accrued.

The Aqua cashback card really wasn't suited to those who didn't plan to repay in full every month ... and the fact people like Martin said so is probably why the company is now stopping the deal. Without customers paying the huge interest charges, and retailers typically paying less than 3% in charges for accepting payment by credit card, then 3% cashback was never going to be viable on an ongoing basis.
Ther low credit limit typically offered also made it unlikley for most to exceed an annual spend of £3333+ either, so the £100 annual cap on cashback didn't really help them either.

michaels

Aquamania wrote: »

.... so the £100 annual cap on cashback didn't really help them either.

Agree with what you say but the annual cashback cap of £100 definitely did save them many hundreds of pounds just from me

gt94sss2

Deleted_User wrote: »

My next Aqua statement is due around 12 January and I should have accrued nearly £100 cash back. I don't intend to move to their new card offer and plan to close the account. (Thankfully I have another card which will meet my needs.) I'll pay the balance in full soon after the statement arrives as the direct debit date would be after the closure date of 24 January.

There is no need to pay off the balance in full yourself. Aqua will collect the payment by direct debit as per normal - its just you can't make any new purchases after the closure date if you haven't agreed to the new terms.

I recall Aqua saying they would then automatically send out cheques for any outstanding cash back..

Regards
Sunil

inmypocketnottheirs

Why not wait for the cash back to show and then close the account?

lisyloo

Why not wait for the cash back to show

Because the cashback is being credited 2 weeks after AQUA close the account.

and then close the account?

See order above = closure then cashback, plus AQUA are doing the closing.

All in the info sent out.

Gromitt

inmypocketnottheirs wrote: »

Why not wait for the cash back to show and then close the account?

Why bother to close the account, if you don't take up the offer Aqua will close the account for you. Process any cash back and then post you a cheque for whatever they owe you.

henrihighgate

Deleted_User wrote: »

I telephoned Aqua and the person I spoke to didn't seem too interested so if anyone has an answer I'll be most appreciative.

My next Aqua statement is due around 12 January and I should have accrued nearly £100 cash back. I don't intend to move to their new card offer and plan to close the account. (Thankfully I have another card which will meet my needs.) I'll pay the balance in full soon after the statement arrives as the direct debit date would be after the closure date of 24 January.

I was trying to find out if I should pay the balance minus the current cash back amount or if Aqua send the cash back to me after the account is closed? I'll be glad that hear if anyone knows or if I should try another telephone enquiry, please? Many thanks in advance.

Crimson

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Morning Deleted_User and anyone else who is/was an Aqua card Member.

I had the Aqua Rewards credit card account until 22/1/14. Always paid my balance off in full monthly.

Aquacard wrote to all its Reward card holders in November 2013 to say that they were withdrawing the 3% cashback Rewards card to all customers as of 22/1/14 but you could reapply for the new 0.5% Aqua Rewards card.

Like most, I suspect, I declined the new 0.5% cashback card as I already have an alternative company card paying 1% cashback across the board.

I knew from first application to Aquacard that the rate of 3% cashback was unsustainable for them over the long term.

What I did not expect from Aquacard (who are owned by Halifax) was a string of lies, backpeddling and utter contempt for their customers.

As above, I knew that they would close my account on 22/1/14 (as they had warned me via letter to my home address 2 months in advance).

In that letter, it explained that you would receive your cashback via cheque payment to your home address 2 weeks after your account balance was fully paid.

I fully paid off my card balance via electronic credit and it showed on my Aquacard online statement as a credit to my account on 23/1/14 with a zero balance.

I then telephoned Aquacard UK customer services team to be assured that the cashback cheque for my now closed and fully paid up account would be sent AUTOMATICALLY in 2 weeks.

Yesterday, Monday 10th February, with no sign of any cashback cheque at my home address, I sent an Email to Aquacard customer services via their own "contact us" box within the online account page. I explained the situation. An automated message came back to say that they were dealing with my message and I should receive a reply within 4 hours. - guess what? no reply !!! surprise, surprise.

Today, Tuesday 11th February, telephoned Aquacard customer services again. (explained to them all the above).

Unbelievable!!!!! :mad:, even though it states in writing in their letter to me plus I was assured by phone that the cashback cheque would be sent to my home address within 2 weeks of account closure and a balance of zero (23/1/14) - They now tell me that the cashback cheques will be sent to customers, 2 weeks after 14/2/14 ?

Asked why, customer services say that there is a backlog in the system - OH, THAT'S OK THEN !!!! :mad:

More like, so many Aquacard customers did not take the option to be cut from 3% to 0.5% cashback and paid their accounts off on the Aquacard specified date for withdrawing the account, they are paying millions back in cashback and are staggering the issuing of cashback cheques.

Just a word of warning to anyone waiting on their Aquacard cashback cheque - DON'T HOLD YOUR BREATH !!!:mad:

COWBOY'S :eek::eek::eek::eek::eek:

JKSandy

My letter did not say "receive your cashback via cheque payment to your home address 2 weeks after your account balance was fully paid"

My letter mentioned the the payment would be expected 2 weeks from the account closed.

From this wording it was clear to me it would not be exactly 2 weeks.

sivs

I think the issue is that Aqua haven't had great response to switching to the new card so they have extending the closing date to the 20/02/14.

If you do not opt for this card then they will send you the cash back 2 weeks after the 20/02.

I don't know why everyone is getting stressed about getting the cash back it will come but just might take sometime.