In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements

Aqua Classic Balance Transfer Card review 2023

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Aqua Classic Balance Transfer Card
3.5
★★★★★
Finder score
Compare
Representative example: Assumed credit limit £1,200, representative 34.9% APR (variable), purchase rate 34.95% p.a. (variable).
Representative APR
34.9% (variable)
Account fee
£0
0% interest on balance transfers
6 months
Interest-free each billing period
Up to 48 days
Our verdict

Designed for those with lower credit scores, who might be rejected for 0% balance transfer deals from other issuers.

Getting your hands on a 0% balance transfer deal when you have a lower credit score is tricky. In fact there are just a handful of cards on the market designed with these users in mind – this deal from Aqua is one.

The card buys you 6 months respite from interest, although it'll involve a fee of 3% (min. £3) of the balance to transfer. The idea is that you should use the 6 months to clear as much of the debt as possible. Ideally, you'd want to pay off all of it in this timeframe. That means dividing the debt (plus the transfer fee) by 6 and paying that much each month (assuming you don't put additional spending on the card).

Once the 6 months are up, the card's infinitely-less-exciting standard rate of kicks in and will be applied to any outstanding balance. So for those with low credit scores who might struggle to get approved for longer 0% deals, this card is a solid bet for 6 months. After that point, unless you clear your balance in full each month (in which case you can avoid paying interest altogether), the card would be relatively expensive to use.

Make at least the minimum required repayments on time and the card could also help improve your credit score, meaning you could access even better deals next time around.

Aqua's app lets you keep tabs on your spending and repayments. You can set up or change direct debits for repayments, and you can make manual overpayments too.

Please note: You can't have 2 Aqua accounts or open an Aqua account within 12 months of opening a Marbles, Fluid or Opus account, issued by New Day.

Pros

  • Applicants with low credit scores may be eligible
  • No annual fee

Cons

  • As with most credit builders, this card packs a fairly steep interest rate on purchases
  • Don't forget that balance transfers will incur a transfer fee
  • A punishing rate of 44.95% on cash withdrawals
  • You may be offered an opening credit limit as low as £250

In this guide

  • Our verdict
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements

Details

Product Overview

Issuer NewDay Ltd
Network Mastercard
Annual/monthly fees £0
Balance transfers 0% for 6 months reverting to 34.95%
Balance transfer fee 3% (min. £3)
Purchases 34.95%
Purchases interest-free period Up to 48 days
Cash advances 44.95%
Minimum credit limit £250
Maximum credit limit Subject to status: £1,200
Potential costs ★★★★★
Doing its job ★★★★★
Extras ★★★★★
Overall Finder rating ★★★★★
Overall customer rating
★★★★★

Fees and charges

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.
Annual/monthly fees £0
Balance 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

Application Requirements

Minimum Age 18
Residency UK resident
Availability Available to new customers
Additional Criteria You must not have taken out an Aqua, marbles, opus or Fluid card in the past 12 months. You must not have received a County Court Judgement (CCJ) in the past 12 months.

The Aqua Classic Balance Transfer Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.

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How does it compare?

aqua's card

1 - 1 of 1
Name Product Ratings Finder rating Customer rating Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Aqua Classic Balance Transfer Card
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
£0
Min. limit £250, max. limit £1,200.
Not specified
34.9%
Representative example: Assumed credit limit £1,200, representative 34.9% APR (variable), purchase rate 34.95% p.a. (variable).
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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 losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 6 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

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

How to apply

If you've compared cards and settled on the Aqua Classic Balance Transfer 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. You can request a balance transfer as part of your application.

Frequently asked questions

What credit limit will I get with the Aqua Classic Balance Transfer 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 Classic Balance Transfer 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 Classic Balance Transfer 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).

How much does it cost to use the Aqua Classic Balance Transfer Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£173.24), it'll cost you around £5.11 in fees.

What is the minimum payment on the Aqua Classic Balance Transfer 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.

Finder credit card ratings

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★★★★★ — Poor

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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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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