Aqua Application - No credit limit?

AJXX

Hello,

I recently applied for an Aqua credit card (I'll not go too much into the reasons behind this as I'm fully aware it's by no means an ideal credit card).

I applied online and was accepted with an APR of 27% - however as it said my credit limit would be determined at a later date I was somewhat put off and decided not to carry on with the application.

I have today received the credit application in the post, and again it says "we will decide your credit limit" basically after you've signed our credit agreement, which I'm not too keen on and again I'm sort of put off. I really don't want to sign and take out a new credit agreement when the actual amount of credit has yet to be determined - seems like a very odd way of doing things.

I've also heard of people getting initial credit of £250 and while I don't want to come across as rude this (in the grand scheme of things) is a fairly insignificant amount given I'd like to keep this card for emergencies.

I'd just like to know if there's still a way to determine credit limit from the letters they send (I'd read on a previous thread that it's something to do with the ref number below the credit agreement - but this does not appear to be there anymore)?

Stevie_Palimo

One would presume that due to dealing with the less credit worthy individuals the amount offered would be low and built up over a period of using the service.

Choice A:- Accept you will get a small limit and utilise it to build more.
Choice B:- Do not accept it.

Tragen

FWIW, Aqua bumped my credit limit up from 250 to 900 within 3 months. I did use the card and paid it off in full. They have since upped it several times to not an inconsiderate amount.

No_6

Been the same with a few up-market cards, that I have applied for,
with NOT giving a credit limit.
Just had to give it a go and if the limit was not enough, I just use it up,
pay it off quick and go for another better deal.
Does ANNOY me, that they want me to agree for a new card, when the credit limit is unknown.

AJXX

No_6 wrote: »

Been the same with a few up-market cards, that I have applied for,
with NOT giving a credit limit.
Just had to give it a go and if the limit was not enough, I just use it up,
pay it off quick and go for another better deal.
Does ANNOY me, that they want me to agree for a new card, when the credit limit is unknown.

Personally, this is the first I've seen of this not giving you the credit limit upfront malarkey. I've had both Barclays and AMEX cards in the past - both of which told me the amount of credit up front and both of which continued to increase my credit limit significantly from the amount initially given (circa £1k) until I closed the accounts.

I still haven't decided what to do but I'm swaying towards just binning the application, I don't particularly need this card and I'm very hesitant to take out a new line of credit with a company who have given me 4 pages of T's and C's yet fail to mention probably the most important thing - how much credit they're actually giving me!

Tyrosine

Just applied for an Aqua Rewards card myself a couple of weeks back. I got a confirmation email by no mention of the limit. It was only stated in the letter that came with my card.

Richard019

They will offer a pretty low initial limit, but use it for a few things and it builds pretty quickly.

I've got a very good credit history (partly because I've got a history of stoozing), but I went for an Aqua Reward card this time last year because it was a cashback card that I could use abroad without any fees or load being applied. With my finances as they were at the time (earning £14k, about £50k mortgage, and about £30k available on credit cards but only £10k of it used), when I applied for cards I usually got offered about £5k on a new card. With Aqua I only got offered £1,200. Within a few months though they increased it to £2,400, then to £3,600, and then just after my anniversary they put it up to £5,000, all automatically. At the moment I'm only spending £400-500 a month on it so it's not that they think the limit is holding me back.

lizzielonglegs

I believe the maximum credit limit Aqua offer for new card applications is £1200 so you know your limit isn't going to be higher than this initially

Richard019

Well that explains why it was so low to start with then. I'd not really looked at what the max initial limit was as I was just really getting it to use on holiday and I only planned to spend a few hundred. Still, it means a low initial limit isn't anything to be wary of as they soon increase it.

chuckley

sounds to me like some sort of referal/extra info/double checking they need to do on you?

Also that apr is a weird figure. but that's just me. which aqua was it?