Top Cashback Cards Discussion Area

lisyloo

I think there is a cap on the 5% cashback of about £100 in the first 3 months or something like that as well

Yes, that relates to £2K and is included in the tiers above.
Note you have to spend £3K to qualify for cashback.

SO effective rate is 3.5% on £3K (which is 5% on £2K and 0.5% on £1K).
Not that AMEX only apply cashback to whole pounds.
So my lunch is £2.90, but I only get cashback on £2.
As you can see for lots of small amounts this has a big effect.

lad22

Hello,

I recently had my Amex card application rejected. I've no idea why - my earnings ought to be OK (though I'm self-employed), but it says that the details I provided combined wiht the data obtained form "authorised credit reference agencies" did not match their minimim required score. They said in their letter they couldn't be more specific. My bank keeps telling me I qualify for their better account because I'm always healthily in the green, so this makes no sense to me. I'm worried that it will adversely affect my credit score, and now if I apply for another card I will have to say yes when asked if I've ever been turned down for a card!

Is there any way to find out what they're alluding to?

Is there any way to challenge the decision?

Many thanks in advance.

lisyloo

One search will not adversely afffect your credit report.
Lots in a short period would, but this is only one.
There will only be a record of the search and not of the refusal.
As far as I know you don't get asked about refusals on applications.

You could certainly get your credit reports from Equifax and Experian and see if there is anythign negative. I woudl receommend getting the £2 statutory report. There are free trials available but you might experience problems cancelling and could end up with a bigger bill or a bigger phone bill.
There are two main possibilities. One is that there is a mistake on your file. The second is that you simlpy don't fit the profile they are looking for.
No you won't get this information. Their scoring is commercailly sensitive so they won't reveal it.
There might be an appeals process where you can speak to a human rather than a computer. I don't know what AMEX are like, but I've been successful with Egg when appealing and talking to a human being. On the other hand I've had two other appeals completely ignored.

So first step is to get both credit reports.
If there is nothign wrong then try the appeal.

But ultimately you have no right to credit from any firm and you have no right of access to their scoring criteria either.

Doc_N

The Capital One World MasterCard, with its 1% cashback looks better for me than my existing Tesco Visa card, with its 0.5% in deals (because the deals are in reality only worth about twice the value of the Clubcard points).

Anyone discovered a way of getting cashback on taking out the card? Quidco and Topcashback don't look to be including this card at present.

Toreador

Anyone know anything about the Paypal mastercard?
https://www.paypal-marketing.co.uk/mastercard/mlp/index.htm?placement=FC
It says 'up to 2% cashback' but I can't find out exactly what this means...

lisyloo

It says 'up to 2% cashback'

Where does it say this?

I can see up to 2% back but without the important CASH bit.
You only get 2% at certain retailers and it's points not CASH, so that's a pretty important distinction.

Are you being deliberately misleading?

Toreador

lisyloo wrote: »

Where does it say this?

I can see up to 2% back but without the important CASH bit.
You only get 2% at certain retailers and it's points not CASH, so that's a pretty important distinction.

Are you being deliberately misleading?

It says this on the email that I got from them promoting the offer.
"With a PayPal MasterCard you can earn up to 2% cashback on all of your purchases, whether online or on the high street."

Are you being deliberately confrontational?

lisyloo

Are you being deliberately confrontational?

Well, yes but that's because several people seem to be providing mieleading info on this and some of them are probably spammers. Apologies if you're not deliberately misleading people.

The issues with it are:
1) You only get 2% at certain retailers adnd 1% at other, so the headline rate of 2% is somewhat misleading.
2) You will only get "vouchers" (not cash) for whole £5, so anything below £5 is lost. Remeber this could be up to £500 worth of expenditure to earn that, thus reducing the effective rate.
3) It certainly is not CASH (for the link I read). It's a voucher which requires durther spend and you can only spend at certain retailers and I believe you have a limited time to do so before they expire.

CASH is something you can spend anywhere on anything you like OR KEEP.
Vouchers that are limited in time, or where you can spend them and only produced in chuncks are much less valuable IMO than getting real cash which do not require any further spend.

I hope you understand my concerns now, and why I object to people being misled.
The paypal link I saw did not mention cashback at all it said "up to 2% back" and had no mention of the word cash, so the website is not being misleading but it sounds like the email you were sent was misleading.

Toreador

I wasn't providing any information, I was asking for information. Which you've duly provided - thanks

I agree with your interpretation of the word 'cashback' and I've emailed them to ask for clarification.

lisyloo

Here is one link
https://www.paypal-marketing.co.uk/mastercard/mlp/index.htm?
(that doesn't include the word cash)

with more info here
https://www.paypal-marketing.co.uk/mastercard/mlp/popup.htm

Personally I find cash rewards that have no expiry or spending requirements to be much more worthwhile and much less likely to go unsued.