Aqua reward

where_are_we

My new Aqua Reward credit card has a low credit limit. I have set up a direct debit to pay off the balance in full. I intend to use this card for all my spending to benefit from the .5% cashback reward. However my monthly spending is roughly twice my credit limit. It seems common sense to pay off my balance during the month before I reach my credit limit (I have an alert set up for 90% of my credit limit) and thus benefit from the .5% on all my monthly spend. I will not reach the £100 cashback in a year. My spending is about £1000 a month. Are there any problems with this approach?

maxximus75

I can't see why not? Many other people have to do this with low credit limits.


I am sure in no time, Aqua will increase your credit limit to match your spending patterns.

Willing2Learn

maxximus75 wrote: »

I can't see why not? Many other people have to do this with low credit limits.


I am sure in no time, Aqua will increase your credit limit to match your spending patterns.

I agree. My Aqua card originally had a £500 credit limit. I was having to pay off my balance during the month before I reached my credit limit. I always made sure that I had a balance outstanding at the time the statement was issued. Doing things that way has increased my credit limit to £6,400. I use the card when I am out of the country as there is no foreign exchange fees on purchases.

xlnc99

how long did it take you to get a 6400 limit from 500?

Willing2Learn

Approximately 2.5 years...

[Deleted User]

maxximus75 wrote: »

I am sure in no time, Aqua will increase your credit limit to match your spending patterns.

No they will increase it based on your account behaviour and credibility.

Spending a lot doesn’t warrant a credit limit increase.

xlnc99

im a long way to go! I got my card nearly two months now. 1st week of November it was active. I am hoping for an increase soon! I hear the first one may happen not before 3 or 4 months

[Deleted User]

xlnc99 wrote: »

how long did it take you to get a 6400 limit from 500?

What happens to one won’t necessarily happen to another...

where_are_we

Thanks to all! Hopefully they will increase my credit limit within 6 months.

SnowTiger

where_are_we wrote: »

My new Aqua Reward credit card has a low credit limit. I have set up a direct debit to pay off the balance in full. I intend to use this card for all my spending to benefit from the .5% cashback reward. However my monthly spending is roughly twice my credit limit. It seems common sense to pay off my balance during the month before I reach my credit limit (I have an alert set up for 90% of my credit limit) and thus benefit from the .5% on all my monthly spend.

Aqua started me off with a puny credit limit.

I did what you suggest: spent and repaid several times during the billing period.

They increased my limit four times. Once every four months.

My final Aqua credit limit is still low compared to my other cards. But I don't spend more than half of it during a billing period now.