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Aquacard credit limit reduced for no good reason

edited 30 November -1 at 12:00AM in Credit Cards
68 replies 8.9K views
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  • GD366GD366 Forumite
    1 posts
    I'm adding my experience too. Like everyone else here in this post, I too have just had my credit limit reduced from £3,500 to £1,700. But unlike you getting advised they would do so, I wasn't given that courtesy.

    Also like everyone else I pay off religious my balances on my other cards (2 I use for daily use). So, no debt and plenty of reserves.

    Shocking behaviour. Only every used Aquacard for odd large one off purchases and paid off straight away. Plus retained in case of emergency.

    Lousy interest rate, 35.9% also, yet my main one with my bank 6.4%

    Bad show AquaCard
  • zx81zx81 Forumite
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    GD366 wrote: »
    Shocking behaviour. Only every used Aquacard for odd large one off purchases and paid off straight away. Plus retained in case of emergency.

    It sounds more like sensible behaviour, based on what you've said.
  • 2ilent8cho2ilent8cho Forumite
    84 posts
    Third Anniversary 10 Posts Combo Breaker
    Just had a text from Aqua, limit dropping from 4000 to 2100. Was annoyingly going to take there offer of 6 months interest free next month then they slash the limit so i cannot use it for what i intended.
  • vonsworldvonsworld Forumite
    72 posts
    Part of the Furniture 10 Posts Combo Breaker
    Since my original post I have closed the account.

    I have several other cards with much higher credit limits, one of which is £9k. However I rarely have a balance over £500 and always pay them off in full after a statement. None of these providers has ever reduced my credit limit.

    I don't need Aqua and so they can stick it 😀
  • CRISPIANNE3CRISPIANNE3 Forumite
    812 posts
    Eighth Anniversary 500 Posts Name Dropper Car Insurance Carver!
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    !!! wrote: »
    I think you're over-thinking things.

    You've admitted to only using it for a few hundred pounds - what was the original limit and the new limit?

    It's likely they are just cutting back on their lending requirements, and probably 100 other people got the same letter as you.


    Surprised Gary has received a ppr but no doubt MSE had good reason and no doubt was duly deserved.
  • JonVarnasJonVarnas Forumite
    84 posts
    Second Anniversary 10 Posts Name Dropper
    Been seeing quite a few posts about this. Maybe Aqua have seen an increase in defaults and are starting to get jittery about their position
  • MalkytheheedMalkytheheed Forumite
    519 posts
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    If they were getting jittery they would be targeting those who miss payments and such. Not those who have a track record of paying in full every month.

    I've got a feeling that between tandem, this, and other credit card behaviour I am seeing. For reward cards people who repay in full are not profitable and therefor not "good" customers. This only applies to the EU where hand holding rules means credit cards have such strict limits on what they can charge merchants.
  • SnowTigerSnowTiger Forumite
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    I've got a feeling that between tandem, this, and other credit card behaviour I am seeing. For reward cards people who repay in full are not profitable and therefor not "good" customers.

    Most credit card users pay their balance in full every month.

    It seems to me that Aqua have reduced limits on accounts that have a proportionally low spend going through them.

    All card provides go through this sort of culling from time to time. Use it or lose it.

    Quotes from the messages posted to this thread so far. My emphasis added in red.
    vonsworld wrote: »
    I have been using the card regularly, but only have a balance of a few hundred pounds and always pay this off entirely after receiving a statement, so I pay no interest.
    john1002 wrote: »
    Yep me too, totally understand it as I had a £5700 limit reduced to £4400 but only ever maxed out card to £2000 maybe once in 5 years, most other times £400 average a month...
    They did exactly the same to me when I cleared the balance in a lump sum. I didn't use the card, and a couple of months later they did it again so I cancelled it. I think they don't want people to clear their balances, there's nothing in it for them if they do.
    stehouk wrote: »
    Iv'e had my limit reduced it is now £2000, i only use it for overseas spending and always pay off in full, my highest spend was £1100 when they had an offer of £50 cashback which i took advantage of, that's ok with me as i have other 0% cards available.
    GD366 wrote: »
    Only every used Aquacard for odd large one off purchases and paid off straight away. Plus retained in case of emergency.
  • MalkytheheedMalkytheheed Forumite
    519 posts
    100 Posts First Anniversary Name Dropper
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    SnowTiger wrote: »
    Most credit card users pay their balance in full every month.

    Even on sub-prime "bad" credit cards...?

    I would be very suprised.
  • SnowTigerSnowTiger Forumite
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    Even on sub-prime "bad" credit cards...?

    I would be very suprised.

    Aqua punters who have posted to this thread claim to pay their statement balance in full every month.

    Like other credit card companies, Aqua offers a range of cards.

    Is their Reward card bad?: fee-free spending abroad using Mastercard rates and 0.5% cashback up to £100 a year.
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