Cashback Credit Card Discussion Area

isasmurf

I suggested to a colleague they apply for a More Th>n card after they asked what the best cashback card was (they didn't want an Amex). After I had told her they pay 0.8% cashback she came back and said no they didn't. I checked this out myself and notice the 'create-a-card' demo only goes up to 0.5%. I had no idea they had reduced their cashback rates for new customers. When did that happen? Anyone know if they plan to reduce exisiting customers cashback rate too?

zcaprd7

Excellent - MBNA have kept my cashback in place.

Worth a pester, I know its only 0.5% but its my back up to Amex and what would be an alternative?

chrispw

Watch out Morgan Stanley appear to have calculated my first lot of cashback incorrectly (i.e. they are not honouring the double amount until 31st May) - they are also not exactly being helpful in sorting it out.

If you have signed up I suggest you check your statements.

payless

isasmurf wrote:

I suggested to a colleague they apply for a More Th>n card after they asked what the best cashback card was (they didn't want an Amex). After I had told her they pay 0.8% cashback she came back and said no they didn't. I checked this out myself and notice the 'create-a-card' demo only goes up to 0.5%. I had no idea they had reduced their cashback rates for new customers. When did that happen? Anyone know if they plan to reduce exisiting customers cashback rate too?

mine wwnt months ago ( about Nov ?)

Barriejohn_2

Don't know if you are aware but w.e.f. 1st March Nationwide has made the following changes to the cash back credit card.

1. Maximum number of interest free days reduced form 56 to 46. They are just bring the repayment date back by 10 days.
2. Will no longer pay cash rewards on transactions made abroad, or made with retailers that are registered outside the UK.
3. Increased the interest rate by 1%.
4. Reduced the amount of the cash reward to 0.25%.

mike.magill

Martin,

Thank you for all you do. You’ve certainly saved me some money!

I have been having a long standing battle with American Express over fraudulent charges on my account and now they are trying to rip me off (and all their customers) regarding their cashback. I would like your opinion and possibly your help.

I believe you are aware that Amex originally offered 0.5% on the first £2,000 followed by 1% on the next £3,000 and 2% thereafter. They then changed their terms and conditions 7 months through my first year to 0.5% on the first £3,000 followed by 1% on the next £4,500 and 2% thereafter. The letter stated the following:

“These changes to MoneyBack will be effective from the day your October account charges are calculated. These changes will not apply to MoneyBack earned prior to this date.”

I knew at the time that this was going to cause problems at the end of the year and I was right. Amex have just calculated my annual rebate and they have used the new rates for the whole year. I have personally only lost out by £17.50 but this will affect all their customers, some by a significant amount.

In my opinion the only equitable way to calculate the rebate is to apply the old rate to the points earned and then take 7/12 of that and add that to 5/12 of the rebate using the points earned at the new rates. That’s how I got my difference of £17.50.


Please tell me I’m not wrong. To give an extreme example of what Amex could have done – Amex could have changed their T&Cs on the last day of the year to offer say 0.1% on all spend in the year and then, using the approach they’ve used with me, I would have lost out by c.£200. Just because the amount is smaller doesn’t make it right, does it?

TheBoyEdwards_2

Are we not missing a trick here!

The cash-back cards are all very well but you can earn considerably more money by applying for a card with 0% on purchases (Sainsbury's have a offer of 0% on purchases for 12 months). Spend as you would do normally and rather than pay off in full, pay the minimum payment and transfer the remaining money to a high interest savings account (i.e. ING Direct @ c.5% gross). Based upon an average £1,000 per month spending, a 1% flat rate cash back card would earn you £120 per-annum whereas the interest you would earn would be c. £250 net of tax (@20%).

Just a thought!

RussWWFC

Originally Posted by isasmurf
I suggested to a colleague they apply for a More Th>n card after they asked what the best cashback card was (they didn't want an Amex). After I had told her they pay 0.8% cashback she came back and said no they didn't. I checked this out myself and notice the 'create-a-card' demo only goes up to 0.5%. I had no idea they had reduced their cashback rates for new customers. When did that happen? Anyone know if they plan to reduce exisiting customers cashback rate too?


mine went months ago ( about Nov ?)

Yea, I am in the same boat as you. As has been said on here the Egg one went down the khazi with them only paying 0.1% so I signed up for the easymoney one at 0.8% but as you said its dropped again.

I'm considering looking for one that I can get cashback with on balance transfers at 0% as my bill is nearly £1600 this month and delaying it for another month means I earn interest in my savings acccount as well as another (at least) 0.5% cash back (£8 at worst)

Any suggestions would be welcome, if the incentive is good enough I'd cosider changing to that card for good and using my current one as a backup

zcaprd7

TheBoyEdwards wrote:

Are we not missing a trick here!

The cash-back cards are all very well but you can earn considerably more money by applying for a card with 0% on purchases (Sainsbury's have a offer of 0% on purchases for 12 months). Spend as you would do normally and rather than pay off in full, pay the minimum payment and transfer the remaining money to a high interest savings account (i.e. ING Direct @ c.5% gross). Based upon an average £1,000 per month spending, a 1% flat rate cash back card would earn you £120 per-annum whereas the interest you would earn would be c. £250 net of tax (@20%).

Just a thought!

Nope we are using 0% balance transfer cards to do that (that way we get the whole balance earning interest) - a cash back card for spending is the icing on the cake...

Martinslovechild

isasmurf wrote:

I suggested to a colleague they apply for a More Th>n card after they asked what the best cashback card was (they didn't want an Amex). After I had told her they pay 0.8% cashback she came back and said no they didn't. I checked this out myself and notice the 'create-a-card' demo only goes up to 0.5%. I had no idea they had reduced their cashback rates for new customers. When did that happen? Anyone know if they plan to reduce exisiting customers cashback rate too?

You could always apply for a Life Finance Card. They are part of the Accucard group and offer 0.8% cashback.

Details available here

Oh - they also offer 0% for 6 months making it a perfect card for stoozers. You could stooz for the first 6 months and then it becomes your cashback card.