Aqua Classic Balance Transfer Card review 2022

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

You say: ★★★★★We say: ★★★★★

Representative example: Assumed credit limit £1,200, representative 34.9% APR (variable), purchase rate 34.95% p.a. (variable). Please note: you can’t have two Aqua accounts or open an Aqua account within 12 months of opening a Marbles, Fluid or Opus account, issued by New Day

34.9%

Representative APR

£0

Account fee

6 months

0% interest on balance transfers

Up to 48 days

Interest-free each billing period

Details

IssuerNewDay Ltd
NetworkMastercard
Annual/monthly fees£0
Minimum credit limit£250
Maximum credit limitSubject to status: £1,200
Credit limit noteSubject to status
Purchases34.95%
Purchases interest-free period (days)48
Balance transfers0% for 6 months reverting to 34.95%

Review by


Chris 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

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.

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Pros and cons

Pros

  • Applicants with low credit scores may be eligible
  • Customers report excellent customer service when dealing with aqua
  • 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

How does it compare?

aqua's card

1 - 1 of 1
Name Product Annual/monthly fees Initial credit limits Minimum income Representative APR Incentive Link
Aqua Classic Balance Transfer Card
£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).
Please note: you can’t have two Aqua accounts or open an Aqua account within 12 months of opening a Marbles, Fluid or Opus account, issued by New Day
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Table: sorted by representative APR, promoted deals first
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Vanquis Bank Chrome Credit Card
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Representative example: When you spend £250 at a purchase rate of 29.5% (variable) p.a., your representative rate is 29.5% APR (variable).
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thimbl. credit card
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Min. limit £150, max. limit £1,200.
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Representative example: When you spend £1,000 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).
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Vanquis Bank Classic Credit Card Visa
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Min. limit £150, max. limit £600.
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Representative example: When you spend £1,000 at a purchase rate of 39.94% (variable) p.a., your representative rate is 39.9% APR (variable).
Check eligibility
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Approval for any credit card will depend 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 (£174.66), it'll cost you around £5.15 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.

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