Aqua balance transfer: fees and how long it takes

Thinking of making a balance transfer between credit cards? This could be a good way to take advantage of a low interest rate, or even a 0% interest introductory period, on a new card. It could potentially save you money.

UK credit card provider Aqua, which specialises in credit cards for people with low credit scores, has a balance transfer card that offers a 0% interest period on balance transfers for up to 5 months (correct as of 13.12.24).¹

But how do you make a balance transfer to this Aqua card, from your existing credit card? And crucially, how much does it cost?

We’ll run through everything you need to know here in this helpful guide, including how long balance transfers take, what info/documents you’ll need and how to get started. And if you’re looking for non-credit card alternatives for low cost, international spending, we’ll also cover the Wise card.

Let’s start with the important stuff - how much it costs to make a balance transfer with Aqua.

What are the fees for a balance transfer with Aqua in the UK?

To transfer a balance from another UK credit card to the Aqua balance transfer credit card, you’ll pay a fee of 3%. This is a non-refundable fee for each transfer, and it’ll be a minimum of £3.²

How do balance transfers work with Aqua?

If you’d like to transfer a balance from another UK credit card to an Aqua card, all you need to do is request the transfer from Aqua. Aqua will communicate with your previous credit card provider to facilitate the transfer on your behalf.

The amount of balance you select will then be moved over to the new credit card.

Other important things you need to know:²

• To take advantage of the 0% interest period, you must make your balance transfers within the first 60 days of opening your Aqua credit card account
• You can make multiple transfers, but only one per day. And remember that the 3% (min. £3) fee applies to each individual transfer.
• The interest rate on the Aqua balance transfer card is 34.9% APR p.a. (variable) - this applies for purchases, and will be the interest rate on the balance once your 0% interest free period has expired.
• You need to be the primary cardholder in order to request a transfer.
• You can usually transfer a balance over from most UK credit cards, unless you already have an Aqua card or one issued by its parent company NewDay. Also, you won’t be able to transfer a balance over from store cards, American Express cards, Cashplus cards or business credit cards.

Aqua balance transfer limits - how much can I transfer?

You can transfer up to 90% of your credit limit to your new Aqua balance transfer, in multiple transfers if you want to.²

The minimum you can transfer in any transaction though is £100.²

How to make a balance transfer with Aqua

Ready to get started? Now that you’re all clued up on how balance transfers work and the fees involved with transferring a balance to an Aqua card, you can go ahead and initiate your first balance transfer.

Here’s what you need to do:

1. Apply for the Aqua balance transfer card

Make sure to check your eligibility first - Aqua has a tool you can use to check your eligibility without impacting your credit score. It’s also a good idea to check all the terms and conditions in the small print, to make sure you understand what fees and interest rates are involved with having the card.

Once your account is open and you’ve received your card, you can request a balance transfer.

2. Request a balance transfer

You can do this in one of three ways:¹

• Call Aqua on 0333 220 2667. Be ready to provide your 16-digit card number along with the amount you want to transfer. You might also have to pass some security and ID verification checks.
• Log into your Aqua account online to make a balance transfer - simply follow the on-screen instructions.
• Download and sign into the Aqua mobile app to request your transfer - simply follow the on-screen instructions.

3. Wait for your transfer to complete

Aqua should provide you with some confirmation that your balance transfer has been requested, and they’ll also let you know when it is complete. You’ll be able to see when it has completed by checking your Aqua credit card balance online or in the Aqua mobile app.

What you will need

To initiate a balance transfer, you’ll need:

• The details (including 16-digit number) of the UK credit card you want to transfer the balance from
• The details (including 16-digit number) of your new Aqua credit card - this is the card you’ll be transferring the balance to
• The amount you want to transfer
• Your Aqua account login details, including password.

Remember though that you’re likely to need valid photo ID, proof of address and other documents when you’re applying for the credit card in the first place.

Aqua balance transfer times - how long does it take?

Aqua says that on average, its balance transfers tend to take three working days to complete.²

However, you need to make sure you get your request in before the cut-off time of 3pm on a working day. If you put in your request at the weekend, it might take slightly longer.²

Aqua also says that if your balance transfer request can be processed and completed more quickly than this, it’ll get in touch to let you know.

How to contact Aqua

Prefer to make your balance transfer request over the phone, or have a question about Aqua credit card balance transfers?

If you need help putting in a request, you can contact the Aqua customer services team by message, phone or even post if it suits you better. Here are the details you’ll need:³

• Send a message via the Aqua Credit Card mobile app
• Call 0333 220 2691 - this line is available six days a week, at the following times: Monday to Friday - 9am to 6pm, Saturday - 9am to 4pm.
• Write to Aqua at the following address: Aqua Customer Services, PO Box 173, Sheffield, S98 1JW.

Get the Wise card for international spending and cash withdrawals

While you’re thinking about cards, possibly for spending abroad, you might want to know about the Wise card.

The Wise card isn’t a credit card, but is a fantastic option for low-cost spending and cash withdrawals worldwide.

This contactless international debit card can be used in countries - pretty much everywhere Visa and Mastercard are accepted. This includes online, so it’s great for shopping on overseas websites. You can even add it to your mobile wallet, for easy contactless payments using just your phone.

The Wise card automatically converts your pounds to the local currency whenever you spend, using the margin-free mid-market exchange rate. There’s just a small conversion fee*, or there’s no charge if you already have the currency in your Wise account.

Need cash? You can withdraw up to £200 twice a month with no Wise fee(although ATM operators may charge their own fee).

Other benefits of joining Wise include:

• Manage your money in 40+ currencies all in one place
• Send money worldwide for low, transparent fees*
• Receive money for free in a number of major currencies
• Send, convert and check exchange rates on the go with the handy Wise app
• Send large sums with a dedicated large transfer service
• Earn returns on GBP, EUR and USD balances with Wise Interest (capital at risk).

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

And that’s about it - everything you need to know about Aqua balance transfers, including fees and how long it takes.

We’ve also shown you the steps involved in transferring a balance from another UK credit card to the Aqua balance transfer credit card, along with what details you’ll need. And if you get stuck or have a question, you can always contact Aqua’s customer services for assistance.

Want to know more about using your Aqua card? Read our guide to using it abroad.

Sources used:

1. Aqua - Information on Aqua balance transfer credit card
2. Aqua - Aqua balance transfer terms
3. Aqua - how to contact Aqua

Sources last checked on date: 13-Dec-2024