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.
aqua Reward Mastercard review January 2020
We analyse the credit-building card that lets you earn cashback while you build or rebuild a positive credit history.
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.
Finder rating: ★★★★★
Doing its job: 5/5
In a nutshell:
Foreign transaction charge
per £2 spent
|Min. credit limit||£250|
|Max credit limit||Not specified|
|Credit limit note||Subject to status|
|Purchases interest-free period (days)||48|
|Cashback details||0.5% on £1 to £20000 of yearly spend. Maximum of £100 cashback paid per year. Cashback paid Anniversary into Card Account. Maximum spend for cashback purposes is £20000|
|Additional cards available||1|
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.
Most “credit-builders” tend to be no-frills cards with high interest rates and low credit limits, but this card is a little different – rewarding responsible card use (like staying within your limit and making payments on time) with the opportunity to earn cashback and increase your credit limit.
Despite that high interest rate, 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. That means that, used correctly, this card can make you a little money and not cost you a penny… and all while helping you build your credit.
Provided you don’t carry a balance from month to month, this card could be a smart (and rewarding) interim solution for those with a bad credit history. Just be wary of features which encourage you to spend more on the card – if you end up carrying a balance from month to month, you’ll almost certainly pay a lot more in interest than you’ll earn in cashback.
How does this card compare with other credit-builders?
When it comes to repayments, you can make manual repayments online or over the phone (0333 220 2691), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates 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 for the aqua Reward Mastercard
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.