Customer rating
★★★★★
Satisfaction survey
71% of Aqua customers in our 2023 customer satisfaction survey would recommend the brand to a friend.
Better options for those with good credit
Aqua Advance credit card review 2023
A "credit-builder" card with an interest rate that drops every year – provided you use it responsibly.
Aqua offers a range of credit cards for those with poor or limited credit histories, who might struggle to get approved for more mainstream cards.
You say: ★★★★★We say: ★★★★★
Representative example: When you spend £1,200 at a purchase rate of 34.95% (variable) p.a., your representative rate is 34.9% APR (variable).
£250
Minimum credit limit
Up to 48 days
Interest-free each billing period
34.9%
Representative APR
0%
Foreign transaction charge
Details
| Issuer | NewDay Ltd |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Minimum credit limit | £250 |
| Maximum credit limit | Subject to status: £1,200 |
| Credit limit note | Subject to status |
| Purchases | 34.95% |
| Purchases interest-free period (days) | 48 |
| Balance transfers | 34.95% |
| Incentive | Reduce your rate over three years if you stay within your credit limit and pay on time. No extra fees on what you spend abroad. |
| Additional cards available | 3 |
Review by
Chris Lilly
chris.lilly@finder.comChris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
Expert review
The Aqua Advance Mastercard is a “credit-builder” card with slightly more favourable terms than others in Aqua’s range. It may well be designed as a next step from Aqua’s other cards, or for applicants with slightly better credit histories (although all Aqua’s cards are designed with poor or limited credit histories in mind).
Credit builders tend to have a more lenient application process than other cards, but higher interest rates. As a result they’re often treated as a “stepping stone” product to cards or loans with better rates. If you clear your balance in full each month, however, the rate doesn’t matter – you’ll be able to take advantage of the card’s “grace period” of up to 48 days of 0% interest on your purchases each billing cycle.
With the Advance card, you can work towards bringing your interest rate down over time by showing you can make your payments on time and stay within your limits. Using any credit card in this way can also help you to build or rebuild a positive credit history. Other tools to help you improve your credit include text alerts and a decent mobile app, plus free access to CreditView services.
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Pros and cons
Pros
- Responsible card-use gets rewarded with lower rates.
- Low credit score? You may be eligible.
- No currency conversion charges when you use the card overseas.
- No annual fee to worry about.
- Free access to your credit score and report with CreditView.
- Set up text alerts so payments don't take you by surprise.
How does it compare?
aqua's card
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Table: sorted by representative APR, promoted deals first
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Repayment options
You can make manual repayments through aqua's app by logging in to your online banking or over the phone (0333 220 2691). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
If you can make your monthly repayments on time and stay within your credit limit, your interest rate will drop after a year.
The verdict
Offering reducing rates for each year of responsible card use, the Aqua Advance is an admirably innovative credit card. However, you shouldn’t trust that you’ll always be receiving the best rates you’re eligible for – in other words it’s still likely to be beneficial to shop around as your credit score improves.
Don’t forget that as with most credit cards, the interest rate is variable – so if interest rates generally start to rise, the Advance’s rate might follow. In addition, your borrowing activity elsewhere can have a bearing on whether or not you’re able to enjoy those lowering interest rates. For example, if you use the Advance card responsibly but miss a repayment on another card or loan, it’ll damage your credit score and your chances of being awarded a lower rate.
How to apply
If you've compared cards and settled on the Aqua Advance credit card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Frequently asked questions
What credit limit will I get with the Aqua Advance credit card?
If aqua is able to offer you this deal, the offer will specify a personalised credit limit based on aqua's assessment of your situation. The minimum limit offered on the card is £250, while the maximum is £1,200. Once you've had the card for a while and shown aqua that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Aqua Advance credit card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Aqua Advance credit card is 5% (min. £4). For example, if you withdraw £50, you'll incur a fee of £4.00. Withdraw £250 and you'll incur a rather painful fee of £12.50.
The interest rate on this part of your balance will be 44.95%, which is 29% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 48 days interest-free" grace period won't apply).
What is the minimum payment on the Aqua Advance credit card?
Each month you must pay at least 1% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £450.00 outstanding, you'd pay £5.00, and if you had £2,000.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.
Can I transfer money from the Aqua Advance credit card to a bank account?
Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using aqua's app. This part of your card balance will incur interest of 34.95%. The fee for a money transfer is 3% (min. £3).
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Our experts score credit builder credit cards to determine their value against similar products on the market. We look at a number of important factors, like interest rates, credit limits, features to help you track your credit, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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