aqua Classic credit Card review 2020

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A “credit-builder” card aimed at people with a poor credit rating

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 37.95% (variable) p.a., your representative rate is 37.9% APR (variable).

£250

Minimum credit limit

Up to 48 days

Interest-free each billing period

37.9%

Representative APR

£0

Account fee

Details

IssuerNewDay Ltd
NetworkMastercard
Annual/monthly fees£0
Min credit limit£250
Max credit limitNot specified
Credit limit noteSubject to status
Purchases37.95%
Purchases interest-free period (days)48
Balance transfers37.95%
Additional cards available1

Expert review

Chris Lilly

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

Like other cards in aqua’s range, the Classic card is a “credit builder”. That means it’s specifically designed for those with a limited or damaged credit history, and comes with features tailored to protecting and building your credit score. They’re also generally a bit easier to get approved for.

With the Classic Card you’ll get a relatively low, personalised opening credit limit and a relatively high standard rate (which can also be tailored to the applicant). On the plus side, however, if you clear your balance in full each month you’ll be able to take advantage of up to 48 days of 0% interest on your purchases each billing cycle – potentially making that high interest rate irrelevant.

To protect credit scores, cardholders will benefit from text alerts and a decent mobile app, plus free access to CreditView services.

Ultimately, this card can be considered a fairly safe stepping stone to other cards or loans with better rates, including others in aqua’s own range.

Pros and cons

Pros

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

Cons

  • A steep interest rate on purchases
  • A punishing rate of 47.95% on cash withdrawals

How does it compare?

aqua's card

Data indicated here is updated daily
Name Product Annual/monthly fees Min credit limit Max credit limit Minimum income Rep. APR Incentive Link
aqua Classic Credit Card
£0
£250
Not specified
Not specified
37.9%
Representative example: When you spend £1,200 at a purchase rate of 37.95% (variable) p.a., your representative rate is 37.9% APR (variable).
More Info
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Other popular credit builders

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Annual/monthly fees Min credit limit Max credit limit Minimum income Rep. APR Incentive Link
TSB Classic Credit Card Mastercard
£0
£500
Not specified
Not specified
26.9%
Representative example: When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).
More Info
Tesco Bank Foundation Card
£0
£100
Subject to status
£5000
27.5%
Collect 1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction.  Must have available credit to collect Clubcard points. Clubcard points are turned into Clubcard vouchers every 3 months or sooner using Faster Vouchers. Clubcard vouchers can be used in Tesco or with Clubcard Reward Partners to get even more value on dining out, hotel stays and travel.
Representative example: When you spend £1,200 at a purchase rate of 27.542% (variable) p.a., your representative rate is 27.5% APR (variable).
More Info
Vanquis Bank Chrome Credit Card
£0
£250
Subject to status: £1,500
Not specified
29.5%
Representative example: When you spend £250 at a purchase rate of 29.5% (variable) p.a., your representative rate is 29.5% APR (variable).
More Info
Vanquis Bank Aquis Visa
£0
£250
Subject to status: £1,000
Not specified
29.8%
You could get a credit limit increase after your 5th statement and further increases every 5 months, up to £4,000.
Representative example: When you spend £1,000 at a purchase rate of 29.84% (variable) p.a., your representative rate is 29.8% APR (variable).
More Info
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Approval for any credit card will depend on your status. The APR shown represents 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.

The verdict

The aqua Classic credit card is a fairly standard “credit-builder” card aimed at those with limited or poor credit history. As is standard with these types of card, this means you’re likely to get a low credit limit and high interest rate. It also means you won’t get any fancy bells and whistles in the form of rewards or cashback schemes.

But by paying off your balance in full each month, you can slowly build your credit score and qualify for more premium cards.

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

How to apply

If you’ve compared cards and want to apply, 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 Classic 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 this card is £250 and aqua does not specify a maximum. 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 Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.

The cash advance fee on the aqua Classic Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 47.95%, which is 27% more than the standard purchases 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 Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£181.06), it'll cost you around £5.34.

What is the minimum payment on the aqua Classic Credit Card?

Each month you must pay at least 1% of your balance at that point or £5.00 – whichever of the two 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 Classic 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 37.95%. The fee for a money transfer is 3% (min. £3).

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