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Aqua Rewards Credit Card: Rewards and no FX Fees for Poor Credit

The Aqua Rewards Credit Card is a cashback rewards card that considers those with a weak credit rating. The card gives 0.5% cashback on all purchases. As a credit-builder card, interest rates are higher than average. Carrying any balance from month to month would quickly wipe out any cashback rewards, and then some.

Aqua Rewards Card Features

  • 0.5% cashback on purchases
  • Cashback rewards capped at £100 a year
  • No non-sterling transaction fees for purchases made abroad
  • 3% cash withdrawal fee at home and abroad (£3 minimum)
  • No annual fee
  • Higher-than-average purchase APR of 34.95% (or 44.93%, 49.91%, 54.95% or 59.95%, variable)
  • Higher-than-average cash APR of 44.95% (or 54.95%, 59.95%, 64.95% or 69.95%, variable)
  • May accept those with Poor Credit Ratings


  • Rewards for poor credit
  • No non-sterling fees when used abroad


  • No pre-authorization eligibility check
  • Higher-than-average interest rates (try not to carry a balance)
  • Rewards only paid out once a year
  • Annual rewards capped at £100
  • Missed or late payment means forfeiture of rewards for the whole year
  • 3% cash withdrawal fee, at home and abroad

Aqua Rewards Credit Card Review

The Aqua Rewards Credit Card can provide cashback rewards and will consider applicants with weak credit histories. The card rewards users with 0.5% cashback on their purchases.

Aqua cards carry a higher-than-average interest rate. Like all rewards cards, the balance on this card should be paid off in full and on time, every month. If not, the high interest rate will quickly devour the 0.5% cashback rewards. For example, carrying a balance on £1,000 of new purchases for just one month at an interest rate of 34.9% p.a. will cost you roughly £29. The 0.5% cashback on that £1,000 of purchases is only £5, leaving you with a net loss of £24 for the month if you don’t pay off your balance right away. The table below shows the cost to you in the first month (in subsequent months you'd pay an interest charge but not receive any more cashback on that original purchase to offset this cost—cashback is only paid once per purchase):

One-Month Cost of Not Paying Your Full Balance

BalanceInterest RateMonthly Interest Cost1st Month CashbackCost to You, 1st Month

By carrying a balance from month to month, you would continue to lose money through interest payments.

The Aqua Rewards card can be used abroad. Purchases made overseas on the card don’t incur a non-sterling fee and if you pay off in full and on time you won’t incur any interest charges either. Cash withdrawals, on the other hand, will cost 3% (£3 min) and start accruing interest immediately, even if you pay off your balance on time and in full. That means if you have to withdraw cash on the Aqua Rewards card, you should go online and pay off the balance as soon as humanly possible to keep interest charges from building up.

When you are paying for a charge in another country, they'll ask you if you want to pay in sterling or the local currency. It is generally best to pay in the local currency, and have MasterCard handle the currency conversion.

After four months of card ownership, Aqua will consider increasing a user’s credit limit. This decision is dependent upon recent debt repayment history, including with other creditors such as mobile phone accounts. Credit limit increases are reported to the credit agencies and may have a positive impact on your credit rating.

There are some important details to note about the cashback program. Cardholders must wait to receive their rewards, as cashback is paid into cardholders’ accounts once a year. Beware that if you are late on any payments you will lose all of your cashback rewards for the entire year.

Bottom Line: The Aqua Rewards card will consider applicants with weaker credit histories and offers features like 0.5% cashback and no foreign transaction fees.

Aqua Rewards Credit Card Cashback

The Aqua Rewards Credit Card offers 0.5% cashback on all purchases. These rewards are capped at £100 a year. You will only hit this rewards cap if you spend £20,000 a year on your card. Given the card’s initial credit limit of £250 - £1,200, most users are unlikely to hit this level of spend and max out their rewards.

Cashback is paid into your account once a year, provided you have always paid at least the minimum monthly payment, on time. Missing a minimum payment means forfeiture of your accumulated cashback rewards for the year.

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