The Mastercard Aqua credit card is marketed as a credit product for those who suffer from low incomes, self employed status, do not appear on the electoral roll or have a poor credit history, including county court judgements (CCJs). So if you suffer from any of these conditions then it may be worth having a looking into the Aqua card.
Key Features and Benefits of the Aqua Card
Application and Acceptance – The Aqua Card is designed for those who may have been denied credit for a whole range of reasons with other credit card issuers. As such, while the issuer makes decisions an individual basis, applications are not instantly rejected for the usual reasons including poor credit history or a lack of credit history.
Borrowing Limit – While credit limits are often low on credit repair card, the Aqua Card offers its users a realistic limit of up to £1,600 which should be more than enough for the average borrower to get started.
Rates – While rates are tailored to individual circumstances, Mastercard has three declared rates at 35.9% APR, 37.9% APR and 39.9% APR. The company claims to issue the 35.9% APR rate to around two thirds of its customers.
Pay No Interest – If you pay off your balance in full each month, you will not be charged any interest or product fees.
Problems with the Mastercard Aqua Credit Card
The main issue with the Aqua Card may be seen as the cost of borrowing in comparison to other more established credit products. Even at the lowest rate of 35.9% APR this compares poorly with other credit cards such as the RBS Your Points card also bearing the Mastercard label but with an APR of just 17.9%.
In addition, while holding the Aqua Card and repaying on time will lead to in improved credit rating over a number of months. Unlike other poor credit products such as the Visa Granite Card, the issuer does not promise to allow an increase in the credit limit after a fixed number of months. Additionally, the overall limit of £1,600 is much lower than for example the £3,000 limit which is eventually achievable on Visa’s rival offering.
So if looking for a credit card and you suffer from any of the classical problems preventing you from taking out mainstream credit options, the Aqua Card is certainly a strong competitor. However, before jumping in with both feet, be sure to check out the competition and get the best deal in the market.
Frank Smith - Frank Smith currently works as an full time industry analyst for a well known construction company in Lincolnshire. In his spare time, ...
