Aqua launches innovative rate reduction and cashback cards
Aqua, the credit card business that helps people who are new to credit or customers looking to restore their credit ratings, are introducing two innovative and rewarding new products with the launch of guaranteed interest rate reduction and cashback cards.
Its Aqua Advance card will cut rates by 5% a year over three years for customers who manage their accounts responsibly offering them the opportunity to move from the initial representative rate of 34.9% APR to 19.9%.
And its Aqua Reward, which has an initial representative rate of 34.9% APR, will pay 3% cashback a year on all retail spending. The cashback reward is capped at £100 a year. Customers can apply for all Aqua cards at aquacard.co.uk.
Importantly customers will be helped to stay on track with a free SMS text alert service including monthly payment reminders and alerts telling them when they are close to their credit limit. As long as customers pay on time and remain within their credit limit they will qualify for rate reductions and cashback.
The two cards are the first launches by the UK’s leading specialist credit card company SAV Credit in its 10-year history. As part of the launch programme it has also lowered the initial representative rate on its traditional Aqua card to 32.9% APR from 35.9% APR.
SAV’s Chief Executive Officer James Corcoran said: “Access to credit is a major issue for millions of creditworthy people who are often ignored by the High Street banks. We are committed to making credit work for more people by rewarding customers and building long-term relationships.
“Both cards were designed in response to consumer research which demonstrated strong demand for transparent and straightforward products which help people establish and improve their credit record while rewarding responsible customers.
“Aqua Advance offers a clear route to a strong credit record and competitive rates while Reward ensures they can earn a market-leading cashback rate on everyday spending.”
Aqua’s owner SAV Credit, which also runs the Opus and marbles brands, plans further launches and product innovation in the next 12 months.