Aqua Credit Card: A Comprehensive Review for 2023
When considering an Aqua credit card, there are several factors to take into account. Late payment fees, maximum credit limits, interest rates, and foreign usage charges are just a few of the aspects that require careful evaluation.
In this article, we will provide an in-depth analysis of the Aqua Credit Card to help you make an informed decision.
Key Points
- Aqua Credit Card is specifically designed to assist individuals with less-than-perfect credit in building or repairing their credit scores.
- The card, offered by NewDay Ltd, does not have any annual fees and provides a 48-day interest-free period for purchases (conditions apply).
- Users have access to a free credit score tool, enabling them to track their progress in improving their credit score.
- The application process is quick and features a 60-second eligibility check, ensuring minimal impact on credit scores.
- Aqua accepts customers with low credit scores, but certain criteria must be met, such as no bankruptcy within the last 18 months or CCJ (County Court Judgment) in the past year.
Why People Choose the Aqua Credit Card
Many individuals are choosing the Aqua Credit Card for regular, and sometimes daily, use. The card proves useful for a variety of purchases, including dining out, shopping for new clothes, booking holidays, and covering everyday expenses.
Credit cards offer the convenience of carrying less cash and provide a quick and hassle-free payment method. They are widely accepted at most establishments, allowing users to make payments almost anywhere they desire.
Additionally, credit cards serve as a valuable tool during emergencies, such as unexpected car breakdowns or necessary property repairs. Emergencies can arise at any time, often catching individuals off guard, and having a credit card readily available can offer a sense of security.
Moreover, Aqua Credit Card provides users with a free credit score tool, allowing them to monitor their progress in building a positive credit score. This feature serves as motivation to make full payments promptly, ultimately aiding in the improvement of their creditworthiness.
Who is Aqua?
The Aqua Card is issued by NewDay Ltd, a registered company based in the UK. NewDay Ltd facilitates quick credit card applications that can be completed in less than 60 seconds. The company offers two credit cards tailored to customers in the UK.
Understanding the Aqua Credit Card
The Aqua Credit Card primarily targets individuals with less-than-perfect credit. The card issuer asserts that using their credit card can help in building one’s credit score.
By consistently and responsibly using the Aqua Credit Card, individuals can demonstrate their creditworthiness and gradually improve their credit standing.
Aqua Credit Card Overview
| Issuer | NewDay Ltd |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Min credit limit | £250 |
| Max credit limit | Subject to status: £1,200 |
| Credit limit note | Subject to status |
| Purchases | 37.95% |
| Purchases interest-free period (days) | 48 |
| Balance transfers | 37.95% |
| Additional cards available | 1 |
The Representative APR and Interest-Free Period
The representative APR for the Aqua Credit Card is 35.9%, assuming spending of £1,200 that is repaid over the course of one year. It is important to note that this APR may vary based on individual circumstances and creditworthiness.
The Aqua credit card offers an interest-free period of 48 days for purchases made with it, provided that the full balance is paid on time. This allows cardholders to make use of an extended period without incurring any interest charges.
However, it is essential to understand that this interest-free period does not apply to cash advances or balance transfers.
Building and Repairing Credit
As mentioned earlier, the Aqua Credit Card is specifically aimed at individuals who want to repair and/or build their credit rating. One of the ways to achieve this is by making credit repayments on time and in full, which this card enables you to do.
By demonstrating responsible credit behavior, such as timely payments, you can gradually improve your creditworthiness and establish a positive credit history.
Aqua Credit Card Fees and Charges
| Annual/monthly fees | £0 |
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Balance transfer fee | 3% (min. £3) |
| Money transfer fee | 3% (min. £3) |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 5% (min. £4) |
| Late payment fee | £12 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
The classic credit card offered by Aqua does not have an annual fee. However, it is important to note that a fee of £12 will be charged in the event that you exceed your credit limit or make a late payment.
Aqua Credit Card Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
| Additional Criteria | To be eligible for an Aqua credit card, there are specific criteria that must be met: You should not have held an Aqua, marbles, opus, or Fluid card within the last 12 months. You should not have received a County Court Judgment (CCJ) in the past 12 months. These conditions are in place to ensure that applicants meet the eligibility requirements for obtaining an Aqua credit card. By adhering to these guidelines, you can increase your chances of being approved for the card. |
Eligibility Criteria
Aquas do accept customers that have less-than-stellar credit scores. However, there are specific criteria that need to be met. Applicants must not have undergone bankruptcy in the last 18 months and must not have had a CCJ in the past year.
These criteria help Aqua assess the creditworthiness of potential customers and ensure responsible lending practices.
Application Process for an Aqua Credit Card
If you are interested in applying for an Aqua Credit Card, the following steps outline the application process:
1. Eligibility Check
Aqua provides a 60-second ‘eligibility check’ to determine if you would be accepted before submitting a full application. This check helps you assess your chances of approval without impacting your credit score. During the eligibility check, you will need to provide the following details:
- Title
- First name
- Last name
- Date of birth
- Marital status
- Email address
- Mobile number
- Your addresses for the last 3 years
- Your income
2. Full Application
If the eligibility check indicates that you are likely to be accepted, you can proceed with the full application. This step involves verifying your details and reviewing the legal documents. Additionally, you will have the option to choose how you receive credit limit increases, whether automatically or manually.
It is important to provide accurate information during the application process to ensure a smooth and successful application.
In conclusion,
The Aqua Credit Card offers individuals with lower credit scores an opportunity to rebuild their credit. With its no annual fees, a 48-day interest-free period for purchases, and access to a free credit score tool, Aqua aims to assist customers in their journey towards achieving a healthier credit profile.
By meeting the eligibility criteria and following the application process, individuals can take steps to improve their financial standing.
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