Credit Building > What is the Aqua credit card?

What is the Aqua credit card?

Wollit Team3 minute read · Updated 2nd July 2024

Aqua is a "credit-builder" credit card aimed at people with poor or limited credit who may struggle to get approved for more mainstream credit cards. It allows them to improve their credit profile over time by showing they can use debt responsibly.

In fact, the whole purpose of the Aqua card is to help build or rebuild your credit history. Using the card responsibly and not missing any credit card bills can improve your credit scores over time.

What are the Aqua Credit Card features?

The key points about the Aqua Credit Card are:

Aqua offers two credit cards, although they're pretty similar – the Aqua Classic and Aqua Advance. The main difference between the two kinds of Aqua cards is that the Aqua Advance has a slightly lower representative APR of 34.9% compared to 37.9% for the Classic.
The cards have relatively low initial credit limits, ranging from £250 to £1,200, and high-interest rates (up to 49.9% variable APR) compared to regular credit cards.
There are no rewards or perks offered with the card. The focus is on providing credit access to those with poor or limited credit, not on rewards.
Aqua offers features like text alerts, a mobile app, and access to credit monitoring tools to help customers manage their accounts and credit.
Protection from fraud – your Aqua card is protected by MasterCard Security Check, making it harder for criminals to make fraudulent purchases.
Consumer protection - Aqua is fully regulated by the Financial Conduct Authority (FCA), and your purchases on the card are protected under Section 75 of the Consumer Credit Act. So if something goes wrong with a purchase between £100 and £30,000 (the goods might be faulty or never arrive, or the company might go bust, for example), you can apply to the card issuer for a full refund.

How can I be eligible for an Aqua credit card?

To qualify for a new Aqua card, you need to meet specific criteria:

You must be 18 or older and have a permanent UK address and a UK bank account.
You can't be an existing Aqua cardholder.
You can't have opened any other credit cards from NewDay (the company that owns Aqua), like Marbles, Opus, Fluid, or Bip, in the last 12 months.
No bankruptcy in the last 18 months.
No County Court Judgement (CCJ) within the past 12 months.

One thing that doesn't significantly affect your chances of getting an Aqua card is your credit score. Since Aqua serves customers with bad credit scores, you have a better chance of being approved for an Aqua credit card than a regular one.

How long does it take to get an Aqua card?

When you apply for an Aqua credit card, you'll usually get approved within seconds. Sometimes, they need to check things manually, which could take a day or two extra. After that, your new card should show up in the mail within seven to ten working days. They'll send your PIN separately for safety.

How does Aqua compare with other providers?

Aqua's card APRs, of 34.9% and 37.9%, are slightly higher than some competitors like Capital One and Vanquis Bank.
Aqua has interesting tools like the "Aqua Coach" feature.
It also gives you access to your TransUnion credit report through CreditView.
Aqua's Aqua Advance card offers a unique feature where the interest rate drops every year over three years for customers who stay within their credit limit and make payments on time.
Aqua has a Trustpilot rating of 4.3 out of 5 from over 11,000 reviews, slightly higher than competitors like Capital One and Vanquis.
Aqua doesn’t offer rewards like some competitors but it does have a few benefits, such as no foreign exchange charges when using the Aqua Advance card abroad. If you travel often, this might come in handy.

Does Aqua offer an eligibility check?

Yes. Aqua's eligibility check, called "Safecheck," can give you an idea of your credit card approval chances by running a soft check on your credit report. This means that it won't hurt your credit score and is not visible to other credit card providers.

What are some alternative ways to build my credit history?

The main challenge with Aqua (and all credit-building cards, really) is their high APRs and low credit limit. They can improve your credit score over time, but they do so at quite a high price point. You may also risk falling even more into debt or even hurting your credit score by getting too close to your credit card limit.

Instead, consider downloading a credit-building app like Wollit.

Wollit is a credit-building app that does something cool—it reports your monthly subscriptions as loan repayments to all three credit reference agencies. This has the potential to boost your credit score across the board.

Plus, unlike a credit card such as Aqua, Wollit shields you from high interest rates and the danger of exceeding your credit limit.