With an initial credit limit of between £250 and £1,200, Aqua’s Classic card could be an ideal solution if you’re seeking to rebuild a bad credit score.
Representative Example
At an assumed credit limit of £1,200, at a purchase rate of 37.9% p.a. (variable), the representative APR is 37.9% (variable). Credit available subject to status.
Pros
- Chance to build your way out of bad credit
- Apply through eligibility checker without affecting your credit score
- App to support card management
- Text alerts when a payment is due
- Potential to increase your allocated credit limit
Cons
- Representative APR of 37.9% (variable)
- Could be offered APR as high as 49.9% (variable)
- No perks or 0% promotional offers
Table of Contents
Key features
- Initial credit limits start from £250
- Potential to increase credit limit if you manage your account responsibly
- Can arrange to make ‘Boosted Payments’ – additional payments to pay off your balance quicker
- Text alerts to remind you of when a payment is due
Charges
There is no annual fee attached to Aqua’s Classic card.
The representative annual interest rate (APR) is 37.9% (variable). However, you could be offered an APR as high as 49.9% (variable) depending on your credit score and personal circumstances.
Regardless of your personal APR, this card comes with 48 days’ interest-free on new purchases. This means if you clear your balance in full and on time each month, you won’t have to pay a penny in interest.
As well as further potentially damaging your credit score, any late monthly repayments will incur an automatic £12 fee. The card also carries a £12 fee if you breach your credit limit, or if a direct debit payment or cheque is returned unpaid. A £20 ‘tracing’ fee applies, if you change your contact details without notifying Aqua and it has to trace you.
You can expect to pay 2.95% of the transaction amount if you use your card abroad in foriegn exchange fees.
While you are able to withdraw cash from an ATM with the Aqua card, it’s not a good idea. You will be charged interest from the date the withdrawal appears on your account, as well as a fee of 5% (or £4, whichever is higher).
Rewards
There are no perks attached to this card. However, by sticking to your monthly repayments, it can help you climb back out of a situation of bad credit. This will, in turn, increase your eligibility for credit cards that offer rewards.
Protection
As with any credit card, Classic from Aqua offers protection on goods and services you purchase costing more than £100 and up to £30,000.
This safety net is offered via Section 75 of the Consumer Credit Act. This protection applies for the entire cost even if you only use your plastic to pay for part of the purchase – such as the deposit – as long as the amount is still within these two values. To find out more, read our guide.
Will I be eligible?
This credit card is not available to applicants who have been registered bankrupt in the past 18 months, or have received a County Court Judgement (CCJ) in the past 12 months.
You won’t be able to apply if you already have an Aqua card or you have taken out an Aqua, marbles, Fluid or Bip card in the past 12 months.
Is it the right card for me?
With a high representative APR of almost 40%, it’s critical that you pay off your monthly balance in full with this card. Especially in the case with credit builder cards, racking up debt could cost a considerable sum in interest and deteriorate your credit score further.
On the flipside, with careful management of your account, this card could provide the means to rebuild your credit score.
What are my alternatives?
This card’s stand-out features are its broad eligibility criteria and initial credit limit potential. Nevertheless, always compare the whole market to find out what other credit builder card offers are available.
Note, you can find out if you could qualify for a more attractive mainstream credit card without leaving evidence on your credit report by using an eligibility checker.
