Changes afoot at Capital One

LongTermLurker

Anyone else had a letter similar to that below? Capital One are making some changes to their Mastercard (Platinum cashback, anyway). The main changes highlighted are

• Becoming World Mastercard
• Interest free period reducing to 45 days (beware, payment now required nearly 2 weeks earlier)
• Free Travel Assistance & Travel Insurance (not read the Ts & Cs yet)
• Purchase Protection Claims (Section 75) will be made under the Travel Insurance policy
• Interest rate & cashback doesn't look to be changing
• Changes due to take place from Feb

Anyone know what's special about World Mastercard? I saw some posts about them a while back.

YorkshireBoy

http://www.mastercard.com/uk/personal/en/world/index.html (and links within).

Gimmick?

LongTermLurker

God you're quick!

Happy New Year

ps - looks nice

LongTermLurker

Whether you are a frequent traveller or prefer the luxuries available at home, World is for you.
Developed to reward and protect cardholders at home and abroad, every World card comes with its own unique rewards programme, whilst protection is provided by one of the most comprehensive travel assistance and insurance packages available.
Of course, when you combine these outstanding benefits with high spending power and unsurpassed worldwide acceptance, World becomes more than just a card. World is your assurance that you have chosen a World class card.
If you expect the best, it's time for a card that gives you more than just status.
Just a few of the Peace of Mind services include:
Travel Assurance

• Travel Accident
• Medical Expenses
• Delayed Flight / Luggage
• Trip Cancellation
• Missed Departure

Security

• Zero Liability
• Purchase Protection
• Emergency card and cash replacement
• Key Replacement

Need to read the policy to see if it's a gimmick. The loss of 11 days interest free credit doesn't affect me really. Purchase protection isn't a new benefit. Not sure what "Zero Liability" means unless it's an anti-fraud thing.

moneypooh

My CapOne cashback card has always been a world mastercard since Feb last year (2008)

so not a new thing..

PROLIANT

This does not apply to the classic card Visa account then?

LongTermLurker

moneypooh wrote: »

My CapOne cashback card has always been a world mastercard since Feb last year (2008)

so not a new thing..

Maybe they started them then and are now upgrading/replacing the previous Platinum cards? Do you have any thoughts on the benefits? Does it look like the one above, or a silver/platinum one? I'm only part way through the Ts & Cs. The requirement to spend 75% of transport and/or accommodation on the card seems a bit hard to police - what happens if you fly to the other side of the world (ticket bought on MC) and then travel for 3 months on local transport/book accommodation on the fly? You could end up having your cover invalidated if they wanted to see receipts for how you got from Hong Kong to Shanghai etc

Pro - dunno, just had a letter about it but I wouldn't have thought so. The one I'm talking about is the 3%/4%/1% cashback Platinum card. Would expect they'll keep the visa as an alternative to MC. Isn't the visa more of an entry level card? If so, I very much doubt they'll be giving anything away.

moneypooh

I have never relied on the travel insurance as my insurance of choice.
I do tend to pay for all my trips with my MC just to get the reassurance of a CC payment - oh and of course the cashback.
I'll check my T&C's as they do look very similar at a glance. I have the 4% cashback WMC, sadly now less

OH has a visa CapOne card and it doesn't have these benefits, just the usual fraud protection.

shinydoc

I would be interested to know anybody's thoughts are on the travel benefits. The document isn't exactly plain English and a table of benefits wouldn't go a miss.

If it is 'ok' then you could save over £100 per family of 4 trip to the US.

They also include a CDW policy and would be interested on the views of that, because again, could be worth a tidy sum.

Anybody made a claim on theirs yet? I had a letter to say mine is in the post next month!

flyaway

Anyone noticed that some cc by stealth are increasing the frequency of payments per year i.e. when it used to be 12 times a year, it now works out at 13 times a year.

What with the increased interest rates, I do not think it will be too long before they engineer 14 payments. Does your employer/pension pay you 13/14 times a year?

I really think it's about time that the government strengthens the consumer laws and they definetly should be looking into this.

Does it also mean that the Consumer Credit law Section 75 law does not apply to this particular card anymore?

LongTermLurker

flyaway wrote: »

Anyone noticed that some cc by stealth are increasing the frequency of payments per year i.e. when it used to be 12 times a year, it now works out at 13 times a year.

I don't follow your way of thinking - you still have to pay what you borrow, so 12 or 52 times still equates to the same unless you pay interest. Admitted, if you get paid less frequently than you get your bills it means you have to budget all the more carefully to make sure you reserve what you owe each payday.

Does your employer/pension pay you 13/14 times a year?

No, but they do pay more than my credit card company asks me to pay back over the period of the year.

I really think it's about time that the government strengthens the consumer laws and they definetly should be looking into this.

What law or right do you think is being infringed? You're borrowing money - how often they want you to pay it back is up to them.

Does it also mean that the Consumer Credit law Section 75 law does not apply to this particular card anymore?

Isn't Section75 to do with protection in the event that your supplier doesn't deliver what you've paid for? You've still paid on a credit card - how does frequency of repayments affect your statutory rights?