What Is the Aqua Credit Card?
If you’ve been refused credit cards in the past, whether it is because of a bad credit rating, low income, or some other reason, there is still hope for you yet. You can apply for a “Credit Building” credit card from a company such as Aqua Credit Card.
A credit building card does exactly what you might expect, build your credit to a level that is respectable and will help you to get other credit cards, loans, and other credit related services.
They work by putting you on a tiered credit plan. The first few months you will be on a high-interest plan, with a low credit limit, probably around £500, or something relevant to your earnings.
If you have just started earning after a long period away, you will definitely start off on £500, but that is great considering other credit cards won’t accept you at all.
As long as you practice good habits, don’t go over your limit, and pay your bills on time, after a few months you APR rate will be slowly reduced, and your credit limit will be reviewed for a possible raise.
Continue to demonstrate responsible financial management and this trend will keep happening.
Every few months you will be “up for review” and your credit limit may be approved for a raise, and your interest rate will gradually be reduced.
If all goes well, your “credit building” credit card will actually be quite similar to a more well known credit card in terms of its limit and interest rates, only without the benefits of loyalty points and other reward programs offered by the major credit card companies.
Aqua Credit Card is a good example of a credit building card. The company sets itself on the side of the card holder. It wants to help you to grow your credit rating and earn some financial respect.
where most credit card companies these days are incredibly thorough and cynical in their credit checks, looking for any excuse to decline somebody, Aqua take the other direction and look for an excuse to approve them. It seems that “Yes” is their buzz-word.
It makes sense, it is in both of your interests to develop good spending habits and money management skills.
Aqua Credit Card has several “bad credit credit cards” that are designed especially for people with bad credit. They even have a rewards program for those who look after their accounts.
One great bonus feature they offer that many other credit companies charge you for, is a free credit checker. This will allow you to actual track the progress of your credit history and watch your rating improve.
This type of credit card is going to be increasingly important in the future, not only for those with damage credit ratings, but also for young people who are struggling to get approved for the major players.
By taking a “work together” attitude, and allowing their customers a chance to learn and develop financially, companies like Aqua are going to be almost literal life savers for many people in the upcoming years.