Aqua Credit Cards
A relatively new arrival on the scene, the Aqua credit card was launched in 2002.
It is aimed at people who may previously have been refused credit in the past. This may include those with county court judgements against them, bad credit ratings, those who don’t own their home, are unemployed, on a low income or are not on the electoral roll.
The Aqua credit card doesn’t have an annual fee, and allows for up to 51 days of interest-free borrowing if it is paid off, in full, at the end of each billing cycle.
It is a Mastercard credit card -- therefore widely accepted -- and is issued by Bank of Scotland plc.
The downside: Aqua points out that using their card responsibly may improve customers’ credit ratings and make them better able to apply for other credit cards (with lower APRs) in the future.
However, in the meantime users have to deal with the high interest rates usually applied to people with poor credit ratings. At the time of writing, the typical APR of an Aqua credit card is 33.9 per cent.
