Persistant Debt - Opus Newday

jet01

Malkytheheed said:

jet01 said:

A little bit harsh on the OP. For sure New Day have acted within the law but at the end of the day their customers go to them in the first place because they don’t have access to mainstream cards with a lower APR. No one signs up for a card with 40% apr unless they are desperate. 

Really? I have an excellent credit file and I went to NewDay and took out a very high APR card. I'm certainly not desperate. I chose that card. 

Take the point. Lots of people signed up for Aqua reward card until they withdrew it despite the high APR because it was one of the best non Amex cards for rewards towards the end and when it first launched. Doubt many people who signed up to take advantage of the rewards keep a balance on it though. Which is why I guess they’ve withdrawn it now. Sadly since maximum transactions fees were slashed by the EU good reward cards are becoming a thing of the past because they’re not profitable in the way they were. 

 At one point eligibility  tracker on MSE was only giving me a low chance of being accepted for a Aqua Card despite the fact I was showing as pre-approved for some other mainstream cards. I think that is an indication of what their business model is - they want people who will keep a balance and be profitable by paying their high interest rates.