Conran Share Value reduced to 80p

micb

We were disappointed that Conran was stopping it's cashback feature. But are now really annoyed, after finding out following a phone call to MBNA today, that each Conran share will now only be worth 80p, compared to a £1 as previously. We think this is a bit suspicious, as their shares have been valued at a £1 for ages, only now to drop in value by 20%, right before their cashback offer is stopped! :mad:

Don't know if there's anything we can do about this?

johnmoney05

I guess that is on the basis that the more you buy, the more profit they can get. So if this scheme stops in the middle of year, then the profit will be dropped. Just my guess...sorry to hear that tho. Maybe you can write to Conran to complain?

Froggitt

Now thats really, really bad. Sly b@stards.

tom188

You took this risk when you took out a card based on this mode of cashback calculation. I presume that the scheme has been pulled because it is no longer sufficiently profitable.

You are still getting some cashback.

Be grateful.

JohalaReewi

The share value has always been 'at least 80p'. It is just that they have paid out £1 in the past but were under no obligation to do so.

pjaj

So to clarify, My new Conran card, that arrived today, still pays a rebate, even if it's now only 0.8% on all transactions instead of 1%. It also pays 5% on transactions in Conran shops.

This was said to me on the phone a few minutes ago by an MBNA customer service agent when I challenged him on the report on this site that the rebate had been completely withdrawn.

tom188

Yes until the 31st March, then no.

roserouge

what is a conran shop to get the 5% anyway? i got another letter fopping us off saying we can get on to a discount there too but ive not even ever heard of it. only got card a month ago, so very disappointed as was expecting to get the full 1% cashback. !!!!!!.

:mad:

Froggitt

tom188 wrote: »

You took this risk when you took out a card based on this mode of cashback calculation. I presume that the scheme has been pulled because it is no longer sufficiently profitable.

You are still getting some cashback.

Be grateful.

But reducing it by 20% in the month before paying out is really rank.

micb

tom188 wrote: »

You took this risk when you took out a card based on this mode of cashback calculation. I presume that the scheme has been pulled because it is no longer sufficiently profitable.

You are still getting some cashback.

Be grateful.

I know I'm still getting something for nothing. But it is a bit annoying to be expecting 1% cashback all through the year, only to have it reduced to 0.8% at the very last minute. Understand Conran are in their rights to do this though.

pjaj

tom188 wrote: »

Yes until the 31st March, then no.

The MBNA guy denied this, he said there was no note about the cashback ending. Mind you he had to put me on hold for several minutes whilst he looked it up / asked someone else. There are about 200 cards under the MBNA umbrella.

Looks as if the left hand doesn't know what the right hand is doing.

Can't both be right.