Terrible Cap1 offer

Cliecost

Hi,

I've been with Capital one for about 10 years. I used to be crap with keeping payments but in the last few years I've been really good. Following site rules like paying off balance at end of month.

I just got a letter from them saying the are giving me a 'Thank you' they will (if I opt in) give me 0.5% cash-back on all purchases.

Now, to me this seems like a pointless effort, as their offer equates to 50p on every £100...

I know most will say 'free money!' but, 50p...lol

Herbalus

I think you'll find that this is the standard offer from most credit cards that give cashback. The Capital One Classic Extra gives just 0.5%.

And though it might not seem much, how much do you spend? If you spend £50 each week at the supermarket, that is £14.50 for doing absolutely nothing.

But if you really don't want it, your choice.

opinions4u

I've banked several thousand pounds in cash back over the years. Pay for everything on the card. Clear the balance in full. Be better off.

Hominu

Cliecost wrote: »

Now, to me this seems like a pointless effort, as their offer equates to 50p on every £100...

I know most will say 'free money!' but, 50p...lol

Indeed, but I spent £5000 on such a card over a year (mainly for business spend which I then reclaimed) and got £25. Since the alternative was £0 (I had to buy the stuff anyway), it's a nice bonus.

[Deleted User]

"If you want some free money, sign this and stick it in a postbox".

And that's terrible? :S

planteria

opinions4u wrote: »

I've banked several thousand pounds in cash back over the years. Pay for everything on the card. Clear the balance in full. Be better off.

agreed. & me too. a better rate than 0.5% would help though

izools

I 'only' earned 0.5% cashback on my Nationwide Select card, too, but if I hadn't I'd be £62 worse off. Granted it's a minuscule proportion of what I put through the card but £62 is still £62 I wouldn't have otherwise had...

rabbit_burrow

I wish I could get a cashback card. 0.5% would be lovely. I would rack up £18 per year on my food and fuel alone. Then there's birthdays, Christmas etc, another £15 per year at least.

And if it's one of my holiday years...I would rack up about another £30.

I certainly wouldn't be sneering at an extra £66 in a year:beer:

fozmcfc

Pretty standard sort of cash back offer really.

I think the days of receiving high interest/cash back on anything are really gone. I'm talking getting at least £5 back for every £100 with no limit over a year etc...

I've spent thousands on my M&S card for instance and got back about £20 in vouchers over the past couple of years.

While it does seem very tight, if you're spending the money anyway, it is something for nothing, just not enough to make you go wow!!!!!!!

giblet10

If 0.5% doesn't float your boat, why not consider a card that gives points of some sort - I primarily use Diners Club and Amex - both of which give points which I can use for flights - these flights are worth more to me than 0.5% but it's horses for courses..just a suggestion..

Nick_C

As the commission that Mastercard and Visa take from retailers is typically around 1.8%, 0.5% cashback is quite generous!