LOWER AQUA INTEREST RATE

BIBI67

Hey I want to reduce my aqua interest rate as I think their charging me too much as it’s at 37Apr and when the outstanding balance is at 5000 and when I’m paying every month I’m paying about 170 in interest and 60 towards the bill so is there any possible way to call Aqua to reduce it?

zzyzx1221

They're not going to reduce your interest rate if you call them so I wouldn't bother.

Ebe_Scrooge

Given that Aqua is one of the "credit builder" cards, 37% APR is about par for the course.  The whole point of a credit builder card (well, any card really, but even more so for credit-builders) is that you're supposed to pay the balance in full every month.  You're doing yourself no favours at all by carrying a balance.

You can always call them up and ask them - but I'd be very surprised if you got anywhere.  You're far better just going all-out to cut down your outgoings and pay off the balance as quickly as you can.

MalMonroe

There's nothing to stop you phoning to ask. I did that once with a Capital One Ocean credit card (another credit builder card for those with bad credit) and they reduced the interest rate from 35% to 26.4%. It was helpful for me at that time. Phone them and see what they say. If they say no, what have you lost? Maybe the price of a phone call. 

As time goes by you could also try a soft search to see if you'd be eligible for a 0% balance transfer card but at the moment the balance on the Aqua card seems too high for that. I'd try to pay off as much as I could each month. £170 interest is far too much!

cymruchris

It's fairly unlikely they'll reduce the rate - you'll have to see what you can do to get the balance down more quickly. Have you had a good, long, hard look at your outgoings to see what you can save? netflix? sky? broadband? Can you reduce the packages? Do you have 'Stuff' in the cupboard you've never used? Sell it - you won't get what you paid for it - but you'll have £'s to hit the debt. What's better? stuff in the cupboard? or a cleared credit card?

You could try an eligibility checker for another card - but if you're carrying a high balance on this one, your likelihood of getting another one will be slim (but not impossible).

MalMonroe

zzyzx1221 said:

They're not going to reduce your interest rate if you call them so I wouldn't bother.

Not helpful. And also, not necessarily true. It's always worth a try, it worked for me when I was in a bad financial state.

BIBI67

MalMonroe said:

zzyzx1221 said:

They're not going to reduce your interest rate if you call them so I wouldn't bother.

Not helpful. And also, not necessarily true. It's always worth a try, it worked for me when I was in a bad financial state.

If you don’t mind me asking what interest did they reduce it to and is it impossible that I can switch to Aqua Advance. Sorry

zzyzx1221

MalMonroe said:

zzyzx1221 said:

They're not going to reduce your interest rate if you call them so I wouldn't bother.

Not helpful. And also, not necessarily true. It's always worth a try, it worked for me when I was in a bad financial state.

Telling someone not to waste their time is perfectly helpful.

And could you please stop policing the forum?

DCFC79

I also dont think theres not a chance the rate will get reduced but no harm in asking. The rate is high as its a card for a certain market.

DCFC79

BIBI67 said:

Hey I want to reduce my aqua interest rate as I think their charging me too much as it’s at 37Apr and when the outstanding balance is at 5000 and when I’m paying every month I’m paying about 170 in interest and 60 towards the bill so is there any possible way to call Aqua to reduce it?

So why do you think they are charging too much ?

CKhalvashi

Why do you feel that they are charging too much?

You agreed the rate with them, and they are under no obligation to reduce this.