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What is an Aqua Credit card?
Aqua was founded in 2002 with the goal of assisting those who had previously been denied credit or ignored by other credit card issuers. NewDay Ltd underwrites and markets Aqua credit cards. Aqua is known for its credit-builder cards, which are intended to help you enhance your credit score. The Aqua Classic Card is intended to help you manage your credit card responsibly, with fixed credit limits, text notifications, and the possibility of a credit limit increase if you demonstrate good borrowing habits. However, it does not include any additional benefits such as 0% interest on transactions or cash rewards. This blog is to provide information about how often do Aqua increase credit limit.
There are currently two deals available: Aqua Classic and Aqua Advance
The average annual percentage rate (APR) is 37.9%. The Aqua Classic card is a good choice for people who have a bad credit history and are trying to restore their credit. The Classic credit card has no annual fee, but you will be charged if you make a late payment or go over your credit limit. With proper account management, Aqua Advance gives you the opportunity to lower your rate of interest each year. This plan also includes fee-free international spending and CreditView access to your credit report. The average annual percentage rate (APR) is 34.9 percent.
How does it work?
The Aqua card functions similarly to other credit cards, but its rates of interest are greater than the market average, representing the lender’s increased risk. Your Annual Percentage Rate (APR) will be determined by your specific situations. Based on your specific situation and what the firm believes you can safely repay, an initial credit card limit will be determined. If you’d like to avoid having to pay high interest rates, pay your amount in whole and on time each month. This will save you money on interest while also helping to improve your credit score.
Features of Aqua cards
Image Source – https://www.aquacard.co.uk/credit-cards
Manageable credit limits: If you handle your account effectively, you may be able to increase your credit limit
- Your credit score is available for free: Aqua credit checker provides you with free unrestricted access to your credit history, customized credit score improvement recommendations, weekly notifications, and access to money-saving discounts and offers.
- Tools and tips that will come in handy: Aqua also provides a helpful app, SMS notifications, and helpful guidelines to assist customers in their quest for better prices and services.
- Change the date of your monthly payment: You could have more cash available to pay off as much of the credit card amount as feasible if you schedule the bill due date to match with your pay date.
- Rates in other countries: Aqua Advance offers no additional fees for purchases made outside of the United States, making it an excellent choice for vacations.
- Annual Interest Rates are lower: With an Aqua Advance card, you may lower your rate across three years if you remain under your credit limit and make the payments on time.
Who is eligible for an Aqua credit card?
Image Source – https://www.aquacard.co.uk/credit-cards
Aqua provides credit cards that are particularly created for those who have previously struggled with debt and are looking to improve their credit score. Although there are no assurances that you will be given a card, Aqua promises to look at your specific circumstances and financial position.
To be considered for an Aqua credit card, you must meet the following requirements
- Must be at least 18 years old.
- You must be a legal citizen of the United Kingdom.
- Pass the background checks of the lenders
- If you don’t have a card of the same kind.
What is a credit limit?
The maximum amount you may spend on a credit card is known as a credit limit. When you get your credit card, your credit limit is established, but it might alter based on how you use it. After you apply for a credit card, your credit card issuer will utilize the information you supplied on your application, as well as your credit report, to determine your credit limit.
Aqua uses the following info to determine your credit limit
- The limit on any other credit cards you have is known as available credit.
- Credit history
How often do Aqua increase Credit Limit?
If you maintain on-time repayments and keep to your current credit limit, your credit card company may increase your overall limit from time to time. You can also request a credit limit increase from your provider. It’s important to consider why you want to raise your credit limit, how you’ll use it, and if you’ll be able to pay it back.
In order to increase your limit, it is recommended you do the following things
- Make regular use of your card.
- Don’t exceed your limit.
- Wait patiently.
- Never be late with a payment.
When does Aqua increase credit limits?
Aqua does not have a defined period of time in which it will consider raising your credit limit. Aqua monitors your account on a regular basis to check how you’re doing and may boost your credit limit if you’re making your monthly payments and staying within your existing credit limit.
How long does it take to increase your credit limit?
Image Source – https://www.aquacard.co.uk/building-credit
It is typically simple and easy to request a credit limit change. You can even do it online with some issuers. Even if you may request a credit limit extension online, if you’ve any questions, contact the reference number of your card. One could receive a reply in as little as thirty seconds or as long as 30 days, depending on whether you seek a credit limit increase online or by phone. Some requests will be granted swiftly by the lender’s algorithms, while others may require further assistance or human approval, similar to a credit application.
The Aqua Classic card is a good choice for anyone with bad credit who is trying to restore their credit. Make careful to keep track of your payments and pay off your debt each month. If you don’t, you’ll be charged interest on any outstanding debt, plus penalties for surpassing your credit card limit or making missed payments. Thus the blog about how often do Aqua increases the credit limit has ended. Please leave your comment below if the blog is useful.