Aquacard credit limit reduced for no good reason
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Aqua punters who have posted to this thread claim to pay their statement balance in full every month.on this thread maybe, but head over to DFW boards and you'll find lots of "profitable" customers there!
Lots? I see a few.
The Debt-Free Wannabe forum's audience is a little skewed.
Just checked. 25 posts made there, and in its sub forums, containing the word Aqua during the past two months.
Many of them about aqua aerobics and plants. Others mention Aqua in replies or comments.0 -
Am I the only Aqua customer who got an email, with a 'clickable' option to reject the credit limit reduction? I chose to decline the decrease in my limit...I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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The existance of this option (which I am not doubting) really makes me wonder what Aqua are up to.Willing2Learn wrote: »Am I the only Aqua customer who got an email, with a 'clickable' option to reject the credit limit reduction? I chose to decline the decrease in my limit...
I have heard of the option to refuse credit limit increases but giving cardholders an easy option to refuse decreases sounds very odd indeed. Credit limit decreases only usually occur when the lender has valid reasons for concern about the conduct of the account or the cardholders ability to repay and therefore giving the cardholder the option to decline such a decrease comes across as plain odd.0 -
Dear [STRIKE]xxxxxx[/STRIKE],
We always want to make sure our customers’ cards work for them and their credit needs, undertaking regular reviews to make sure they do.
We’ve noticed you’re rarely using your full credit limit, which we think might mean you don’t need as much access to credit as you currently have on your Aqua card.
What happens now
With this in mind, we will reduce your credit limit from £6400 to £2850 on 28 November 2019.
This new credit limit should still allow you to continue spending on your card at a similar level to the past 6 months.
Of course, we want to make sure your Aqua card is working how you need it to.
What you can do
Please let us know as soon as possible if you want to keep your current credit limit of £6400. You can keep your current credit limit by clicking below on or before 25 November 2019.
And then there was a "Keep current credit limit" clickable button
I am glad I'm not the only one who thought it was rather odd...I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
This is coming across as credit builder/bad credit card mentality for wont of a better expression.
I always believed that established mainstream credit card users were supposed to have masses of unused credit. I certainly do and have not had any limits reduced on me as far back as I can remember. Is not the optimum utilisation % supposed to be 10%?
I did have the overdraft limit on my main current account reduced by 17.5% a few years ago back when the banks were having their problems, the reason given being non-use, but honestly can't ever remember a credit card limit being reduced, unless it happened back in the 80's or 90's and I have forgotten about it. Thing is though, I never seem to get increases either. These days, I get a card, get a decent limit and then nothing. It never increases nor decreases. The credit limit on my oldest card, which is also my highest, has remained unchanged for over 20 years.0 -
The thing is though, is that I do need the credit limit to remain the same, as I am going to be in Belize for a couple of months. So I need a card with zero foreign transaction fees...(I'll have a Starling card for ATMs too, plus a couple of spare cards, just in case I get a card blocked for being abroad!!).I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
I wonder if Aqua deciding to issue cashback cards and 0 FX fee cards, which are attractive to mainstream credit card holders is similar, to use an extreme example, to if Vanquis suddenly decided to start issuing the equivalent of Amex platinum charge cards - something outside their business model and experience.
One guess here is that Aqua are seeing an unplanned increase in applications for their products, especially the cashback card, and have found that they need to free up the credit in order to offer it to new applicants. Presumably credit card issuers have to cover themselves somehow in case everybody should suddenly decide to spend their full limit so that the credit card issuer doesn't run out of funds themselves.1 -
I was wondering that also. With Tandem making their product unattractive to most customers there seems to be a big shift to Aqua Rewards card. With a sudden influx of new applications, they may well be freeing up some of their available credit by reducing limits of customers who are not using their cards.0
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Aqua have offered the Reward card for years - the original iteration was even better than the current one.. it offered 3% cash back
I think many people are overly hooked on linking the Aqua brand with only those who have poorer credit ratings (admittedly their normal market)0
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