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Interest, fees & charges
Rates & charges
Yes. The Bank of England controls how much the Base Rate goes up or down, which will be based on a number of factors such as the economy. Interest rates on your account are directly linked to the Base Rate, so will increase or decrease accordingly. We will always communicate any change to this rate. The one exception to this is that if the Bank of England Base Rate falls below 0%, the rate will be floored at 0%. Remember, if you pay the full outstanding amount each and every month, there will be no change to the amount you pay.
We are experts in offering credit to customers who may have been declined for a credit card elsewhere, so you should have a better chance of being accepted. We responsibly look for reasons to accept many people who may have a bad credit history or limited access to credit in the past. We have been able to help customers in a variety of financial circumstances, not only those people with a poor credit rating. Representative 39.9% APR variable on the Aqua classic card.
You'll find this on your statement. There's a section called 'Your interest rates' which lists the rates that apply to your Aqua Mastercard.
Yes. However, if you do use your card to withdraw cash or to make other cash-related payments, you’ll be charged an extra 5% of the transaction amount (minimum of £4). So, for example, if you withdrew £200, the fee would be £10 (0.05 x £200 = £10).
You’ll also start to be charged interest immediately.
You’ll also start to be charged interest immediately.
Cash transactions are limited to £300 per day.
As well as withdrawing cash, transactions treated as cash-related payments include wire transfers, buying foreign currency, investing or trading, charitable donations and payments to other financial services (such as Klarna, Creation Finance, Samsung Finance etc).
If you go over your agreed credit limit, you’ll need to make a repayment as soon as you can to bring your balance back under your limit.
If your balance stays over your credit limit:
• You may be charged a £12 fee for every month you’re over your limit, plus extra interest
• You won’t be able to use your card until your balance is under your credit limit again
• You’ll lose any promotional rates you had
• We may need to let the credit reference agencies know you’re over your limit, which could affect your credit score
We’re here to support you
If you’re struggling to make your payments, please chat with our friendly team in the Aqua Mastercard app. We can look at options for you.
We know that managing money isn’t always easy and sometimes extra help is needed. There are a range of organisations that offer free, independent money guidance and debt advice:
StepChange 0800 138 1111 Debt advice and fee-free debt management
Money Helper 0800 011 3797 Information and tools to help manage your money
Citizens Advice 0808 223 1133 Advice on finances, consumer rights, benefits and more
National Debt Line 0808 808 4000 Debt advice, including specialist advice for self employed
If your balance stays over your credit limit:
• You may be charged a £12 fee for every month you’re over your limit, plus extra interest
• You won’t be able to use your card until your balance is under your credit limit again
• You’ll lose any promotional rates you had
• We may need to let the credit reference agencies know you’re over your limit, which could affect your credit score
We’re here to support you
If you’re struggling to make your payments, please chat with our friendly team in the Aqua Mastercard app. We can look at options for you.
We know that managing money isn’t always easy and sometimes extra help is needed. There are a range of organisations that offer free, independent money guidance and debt advice:
StepChange 0800 138 1111 Debt advice and fee-free debt management
Money Helper 0800 011 3797 Information and tools to help manage your money
Citizens Advice 0808 223 1133 Advice on finances, consumer rights, benefits and more
National Debt Line 0808 808 4000 Debt advice, including specialist advice for self employed
Cash withdrawal fees & limits
You may be able to take out up to £300 a day, depending on your credit limit. Please make sure you stay within your credit limit. Remember that a fee of £4 or 5% of the amount you withdraw (whichever is higher) will be applied to each cash transaction. And, even if you pay your balance off in full, interest will be charged from the date of the withdrawal. Both the fee and the interest could take you over your credit limit.
Yes. You'll be charged interest from the date you withdraw the cash, as well as an extra withdrawal fee (5% or £4, whichever is higher).
We may need to notify credit reference agencies (CRAs) if you withdraw cash.
You can withdraw a maximum of £300 per day. To find out more, have a look at your card’s terms and conditions.
We may need to notify credit reference agencies (CRAs) if you withdraw cash.
You can withdraw a maximum of £300 per day. To find out more, have a look at your card’s terms and conditions.
Using your card abroad
Yes, you can use your Aqua Mastercard everywhere you see the Mastercard logo. Each time you use your card abroad, you'll be charged a foreign exchange fee as your transaction will be in a different currency. This fee will be recorded on your statement as a separate charge. For further details, check your card's terms and conditions.
Bank of England base rate linking
The Bank of England Base Rate (also known as Bank Rate) is the interest rate set by the Bank of England.The Monetary Policy Committee of the Bank of England meets around eight times a year to set Bank Rate; their decision is based on a number of factors, including economic conditions.The Bank Rate has a direct impact on interest rates generally, so we want to make sure you can clearly see how changes to it affect the interest rates you are charged.If you'd like to know more about the Bank Rate, go to the Bank of England website.
We will let you know on the next statement you get from us after the rate has changed. You will get a statement from us (either by post or online) each month that there is any movement on your account. If you would like to view past statements and details of your interest rates, simply log in or register for Online Account Manager.You can also update all your personal contact details online, too. This helps to keep your account safe and we'll be able to let you know quickly of any changes that may affect your account.
The Bank of England controls how much the Base Rate goes up or down. Interest rates on your account are directly linked to the Base Rate, so will increase or decrease accordingly. We will always communicate any change to this rate, and you will have the option to close your account. The one exception to this is that if the Bank of England Base Rate falls below 0%, the rate will be floored at 0%.
Any promotional rates you have (including instalments or purchase plans) will not be affected by any Bank of England Base Rate changes. Only balances at the standard purchase rate will move in line with the Bank of England Base Rate. Your promotional rates will remain the same for the amount of time you agreed with us, as long as you continue to pay your balance on time.
We can still make changes to your interest rates for other reasons as we do already. Changes in your interest rates (which can increase or decrease) can be, for example, because there has been a change in your circumstances. Other reasons are set out in your agreement.
Your interest rates are directly linked to the Bank of England base rate and will move in line with it. If you have a PayDown Plan, the rate for this is linked in the same way. However, your rates for any promotional offers or payment arrangements aren’t linked to the base rate and won’t be affected by it.The base rate can go up or down or stay the same. How it moves will depend on the decision of the Monetary Policy Committee of the Bank of England and their view of a number of factors, including economic conditions.If the base rate changes, we’ll normally adjust your rates by the same amount within seven working days. Or, if you’re a new customer, we’ll apply the change the day after your second statement date.If you pay your outstanding balance in full and on time every month, you won’t be charged any interest and there won’t be any change in the amount you pay.
Your interest rates and any rate you are charged while on a PaydownPlan are directly linked to the Bank of England base rate and will move in line with it. The Bank of England controls how much the base rate goes up or down. The one exception to this is that if the Bank of England base rate falls below 0%, the rate will be floored at 0%.
If you have any promotional rates or payment arrangements, they won’t be affected by any changes to the Bank of England base rate. These rates will stay the same as long as the promotion or payment arrangement continues to apply to your account. We will cancel your promotional rate if you do not make your payments on time or you go over your credit limit.