Cashback Barclaycards!!!

ic

Mine was a transfer of an old existing card, and I was constrained to to its existing billing cycle. I'm certainly surprised if they're opening new accounts with such a cycle too. When my Egg card was originally transferred to them I had some real arguments when they changed the payment date - their billing system is a dark art that very few BC employees seem to understand. At the time I was told that they couldn't tell me when a statement or payment date would be... :eek:

specialistgps

When i first saw this card on MSE I thought it was perfect for me, I already have Barclaycard with a good limit on it, I spend well over 15 transactions a month and I always make some big transactions around £5000 every month.
There was no mention of the £120 cap on the MSE site, And I expected a cap so did look for it in the terms and conditions, Obviously I missed it. So I would have been better spending on my Amex account at 1.25% cashback.
I presume that once the 3 months has passed I will get the 2% on the top 5 purchases without a cap, Thats what I have read on this forum.
Not really complaining as I can't use my amex everywhere so 0.5% is better than nothing.

Arbie

Just in case this may be any use to anyone in a similar situation....

I am a legacy Egg customer who has a Barclaycard by default, with a £13k limit and which I have never used. Barclaycard sent me a mailshot offering the transfer to the Cashback card, which I accepted as I knew I would be making some large purchases; however, the card took so long to arrive (almost a month - it wasn't made clear to me that it would be on my next statement date - I had no idea when that was, having not used it for 8 years!) that I had to make the large purchases with another card. Quick call to customer services, and three transfers later I ended up at the Teesside callcentre, where a young chap called Joe kindly helped me out.

I had an existing BT offer on the card of 0% for 24 months, 4.9% fee; by way of apology, they offered me a 2.9% fee which I then bartered down to 1.9% (or 0.95% APR effectively, which isn't too shabby). I was then read the Ts&Cs over the phone, which state that if you use a BT facility there is NO interest-free facility on purchases at all; they start accruing at your standard rate (in my case 16.9%) as soon as the purchase is made, and until paid off in full.

As a result of this I pointed out that the cashback card is pretty useless to me given that interest will be charged, and my fee for this year AND next was immediately refunded on to my account. Happy!

However...I still get to take advantage of the cashback for the first 3 months, as 16.9% APR works out at 1.41%/month...so as long as I ensure that my top 5 purchases are suitably large and the other ten suitably small as I still, in effect, get 4.59% cashback on the top 5, but pay 0.91% interest on the others.


Quick idiot check on my maths is welcome!
Best case scenario:

Top 5 total £2000/month = £120 cashback
Other 10 total £50/month = no cashback (as £120 limit reached?)

1.41% interest on £2050 = £28.91, giving £91.09 'profit'

(Paid off in full each month to avoid further interest and protect my BT of £7k)

I am assuming that (a) the £120 limit is per month for the first 3 months; and that (b) £120 is the maximum amount of cashback you can earn no matter if it comes from a 6% or 0.5% transaction. Anyone care to clarify this?

DailyClicker

For anyone interested or in similar situation, I just spoke to Barclaycard on the phone and explained that I did not find it clear that after reaching the 6% £120 limit during the first 3 months, that all further cashback would be at 0.5% rather than 2%.

As I hit the £120 limit in my first month, they kindly credited my account with the cashback I was expecting to receive. So they worked out top 5 transactions in month 2 and 3 and gave me 2% on them as well as 0.5% on everything else, plus a credit for the time spent on the phone

planteria

DailyClicker wrote: »

For anyone interested or in similar situation, I just spoke to Barclaycard on the phone and explained that I did not find it clear that after reaching the 6% £120 limit during the first 3 months, that all further cashback would be at 0.5% rather than 2%.

As I hit the £120 limit in my first month, they kindly credited my account with the cashback I was expecting to receive. So they worked out top 5 transactions in month 2 and 3 and gave me 2% on them as well as 0.5% on everything else, plus a credit for the time spent on the phone

well done...i wish i had pushed them re. that..........i had checked in advance, and so used CapitalOne during most of that 3 month period.

i use this card as a back up to Amex Cashback. at the end of the month, if haven't reached 15 purchases, just do some £1 lottery purchases.

biggest problem is the £75k limit to cashback generation

cipnt

It seems this type of card is no longer available.
Glad I switched to it when I had the chance. I earned over £40 cashback in my first month alone (payable on my anniversary) which covers the £25 annual fee.
I can't understand those of you who complain about not being aware of the T&C. I personally received batch of brochures by post with detailed information when I requested the switch and another a few weeks later when I received the card. The booklets were very clear on how the casheback is earned and paid, the maximum limit of £120 for the first 3 months and the required 15 transactions/month
I'm a happy customer :j

ic

Well its now a year since I applied for the card, so my 4% anniversary rate is on its way. My statements run 11th to 11th generally. My first statement month that gained 6% last year ended 11th Dec. I've just called and checked, 4% will apply on my top five transactions in the month 11th Dec to 11th Jan. Nicely timed for Christmas and New Year sales, and my annual train season ticket renewal. :j

planteria

InsideInsurance wrote: »

2% on your biggest 5 purchases every month (as long as over 15 transactions)
0.5% on everything else
6% on your biggest 5 purchases in first 3 months (max £120)
4% on your biggest 5 purchases on your anniversary month
£24 annual fee

Sounds like my old pay packet, overly complex so that you never know if you've been paid right or not.

Depending on your spending patterns it may or may not work out better than the Amex 1.25% or the Capital One 0.5% but tiered up to 1.25%

i use one of these each month, alongside Amex Cashback. no problem with tracking what is paid...it's all about pushing 5 decent transactions through each month, and buying a few lottery tickets to ensure 15 transactions in the month.

planteria

Herbalus wrote: »

Ah, I understand now. You mean that you've had the card less than 3 months, and that in these months the cashback is 6% up to £120 and 0.5% on everything else, so because you've had £120 on 6% you're on 0.5% until 3 months have passed from opening?

I'm afraid in that case that they're probably right, and I guess they weren't expecting someone to max that in a month. I always thought that promotional T+Cs took precedence of standard T+Cs anyway. Reduced balance transfer fees for example always have the standard rate in the T+Cs and the reduced fee in the promotional terms.

exactly. i knew that this initial deal was going to catch me out when i first applied for the card. so i spend in the first two weeks, then just put it in the draw until the fourth month. now consistently bag 5 2% transactions/month. currently in my 4% month:T

planteria

cipnt wrote: »

It seems this type of card is no longer available...

i hope it will remain available to existing customers:think: