Today I will write a review about everything you may want to know about the Aqua Credit Card.
This review is based on my own opinions and experiences of being a customer of Aqua Card. It will be quite long so don’t worry if you don’t want to read it. Just skip to the end where a summary of my thoughts is provided.
What is an Aqua Card
An Aqua Card is a Credit Card designed for those of us with what is often referred to as ‘bad credit’. I could write a whole article about bad credit, and may do so in the future but for now in a very generalist way you could see Aqua Card as a credit card provider who is more accommodating to customers with previous issues managing credit.
Aqua Card offer four Credit Cards: –
- Classic. This is the card that when used properly can help to improve your credit rating.
- Advance. If you manage this card well you can expect the interest rate to drop over a period of three years.
- Reward. Offers 0.5% Cashback on purchases up to £100 per year assuming you use the card sensibly, this means paying on time and not going over your credit limit.
- Start. A card to help you build your credit rating. Most applicable if you don’t have any history of credit and have been getting declined elsewhere.
Not a bad selection really. In my case I opted for the Classic Card.
Aqua Card Application
In my case I made the application online. As is the case with applications for credit the usual details were required. I quickly filled these details in and awaited a decision. On the day I applied Aqua was not able to give me decision instead advising me they would write to me to let me know the outcome.
My assumption here is that maybe I was very close to the criteria they were looking for so decided to have a human review the application, rather than relying on the automatic credit scoring they have in place whenever an application is made.
Aqua Card’s Decision
After about a week a letter was posted to me advising my application had been accepted and that my card and pin would arrive in the next 14 days. The human who reviewed my application (assuming this did happen of course) must have decided I fell within their criteria and so offered me credit.
My Credit Limit was set at £250 and this was the lowest credit limit they offered at the time. Overall though it would be a good way to improve my credit rating so long as I managed the card well. We will learn more about that later on in this review!
How did it take to receive the card and pin?
About 10 days after the initial application I received my Aqua card and a couple of days after that the Pin number came through the post. In all it was 12 days which was a decent enough turn around. It would likely have been faster were it not for the fact I didn’t get an instant decision on my application.
About my Credit Rating when I applied with Aqua
In most lenders eyes I would be classed as bottom of the barrel. In other words my credit rating was very poor and I presented a big risk to anyone who would offer credit to me. This is of course reflected in the higher interest rate of the Aqua Card.
In terms of what my credit report contained, well there was recent defaults and late payments. A few good accounts (ones that were being paid on time for a period of a year or more) and several records of credit applications. I didn’t have any County Court Judgments, Bankruptcy or IVA’s against my name.
Aqua Card Customer Services
If I remember correctly I had to contact Aqua a couple of times. I don’t recall there being any particular issues and what I requested was carried out without any trouble. No problems here really.
Credit Limit Increase from Aqua
My credit limit was increased after four months to £400. This was sensible given the level of debt I was in at the time and also the state of my credit rating (it was not good). I didn’t do anything special other than to make payments to the card on time each month.
Old habits die hard unfortunately and about a year after getting the Aqua Card I fell into arrears. Six months later the account was closed and sold on to a debt collection agency. So now we can talk about that I guess.
If you are like I was and not very good at managing credit, or are in the position where you are robbing Peter to pay Paul then my advice is to steer well clear of any credit card, especially high interest credit cards like this from Aqua Card, or Vanquis or Capital One.
Why you might ask? Well the answer is simple. High interest equals larger monthly payments and even on a smaller balance this can soon mount up, especially if your finances are already stretched.
The other thing, the stress of falling into more debt and all the stuff that involves. Oh and I forgot to mention this made my credit score worse. All my fault though but just a warning to anyone like me.
One last thing, Aqua dealt with my account fairly when it fell into debt and tried many solutions to help me avoid default and further harming my credit rating. My own mismanagement and caviler attitude is how I ended up where I was.
Who is this card for then?
If you are looking to rebuild your credit rating and have control of your finances then the Aqua credit card could be suitable for you. Just make sure that you can repay it in full each month to avoid any interest charges and getting trapped in debt. All the usual stuff like only use the card for emergencies and see this as a debt card etc you probably already know but here it is again just in case.
- Managing the card well should help increase your Credit Limit.
- In some cases you may not get an instant decision.
- Avoid this card if you are struggling with debt or with managing money. No point adding any additional problems into your life.
- If you have a poor credit rating you may be accepted for this card.
- Repay the card in full each month to avoid paying interest.
- Be careful and don’t get into debt like I did and further damage your credit rating.
Thanks for reading my review of the Aqua Card, I hope it helped you answer any questions you had.