Capital One World Mastercard Cashback

ChopperST

Hi All,

Just thought I'd post a warning to all existing cardholders.

Browsing the comparison sites today I noticed that the Capital One World Mastercard now comes with no annual fee and cashback of 1.25% also new customers get a bonus rate of cashback of 5%

So I rang capital one today to ask that I have those terms applied to my account (I pay an £18 a year annual fee and get 1% cashback). Unsuprisingly they wont add those terms to my account and I will have to close the account and apply for the new card.

Just thought I'd post a heads up to anyone else with the same card.

Eonel

Thanks for the heads-up, but that is as I would have expected. I too have the 1% unlimited cashback card.

sillygoose

Hang on, just saw the small print.. up to 1.25%.. but tiered starting from just 0.5%!!.. each person would need to work out if you would be better of under the new terms depending on your annual spend.

Quote
*5% cashback is earned on all purchases for 99 days from account opening up to a maximum total cashback of £100. After this period you will earn 0.5% cashback for all subsequent purchases up to an aggregate of £5,999.99, increasing to 1% for aggregate purchases from £6,000 to £9,999.99 and increasing again to 1.25% for aggregate purchases from £10,000. There is no limit to the cashback you can earn after the first 99 days of account opening. These rates are applicable until you reach the anniversary of your account opening. From each anniversary you will begin earning cashback at 0.5% and your cashback rate will increase as your aggregate purchases pass each threshold (see above). Cashback is paid every January as a credit to your account.

Got to factor in the fee for people on current terms, but on a £10,000 PA spend - original would cashback £100-£18=£82.

Under new terms you would get (forgetting initial short term 5% offer)
(6K 0.5%) £30 + (4K 1%) £40 + No fee = £70 so worse off!