New Luma 4% cashback card (supermarkets and petrol)

theforumking

really dont like luma

simax

Have applied for this bad boy..

Got plenty of prime cards but having this card sat next to the Aqua cashback card will allow me to stock up some extra free cash each year.

Every little helps as they say....

Mr_K

Tempting, but £225 limit for the 4% ? That's just one visit to the Supermarket plus petrol a month. Already getting 2% unlimited spend on fuel/groceries spend on a Halifax card, plus the 3% Aqua Card. Could use this in conjunction but it would only give a few quid extra a month. I'll probably succumb but too many cards. If it had a nice picture of a happy badger on it, that would probably swing it for me.

carousels

"One of our team will now perform additional checks. This typically takes 7 working days. In a small number of cases, we may need more information to complete your application. If so, we'll write and let you know."

Haha, don't like my chances. Simply because I've recently applied and been accepted for the Aqua Advance card. Thought it'd be a nifty little thing to have (no fees for foreign use!) seeing as I'm going abroad soon.

Zorz_2

The terms looks reasonable, except for the following part:

Purchases at concessions within Supermarkets, Metro and Local Supermarkets, Supermarket branded outlets in service stations and railway stations, and Supermarket branded stores and websites for whom grocery shopping is not the main activity (for example Tesco Direct) may not be eligible for Cashback.

I've highlighted the part in question. So, according to this, Sainsbury's Locak, Tesco Express and even Tesco Metro (why these?) don't count for the cashback. What for?

molerat

The cashback will be based on the MCC of the outlet so as long as they come up as 5411,5541 and 5542 then cashback should be applied to all purchases. Sub shops and concessions within a main shop will likely have their own MCC applicable to what they are selling. You will not get cashback in Aldi as they are not "grocery stores, supermarkets" but use 5399 "Misc. General Merchandise". There are many threads on here where posters tell of their cashback being applied to the whole spend in a petrol station including the wine, cigs, sweeties and newspaper because of the 5541 MCC "Service Stations ( with or without ancillary services)". Do metros etc use a different MCC, 5499 maybe, "Misc. Food Stores – Convenience Stores and Specialty Markets" ? Tesco Direct, as mentioned for no cashback in their text, use 5999 "Miscellaneous and Specialty Retail Stores".

Herbalus

molerat wrote: »

Do metros etc use a different MCC, 5499 maybe, "Misc. Food Stores – Convenience Stores and Specialty Markets"?

Got to be worth a try just to find out though.

I'm seriously baffled by this card. Why do they offer 4%? I thought it was meant to be getting worse for consumers. With this and the Aqua Reward I seem to be doing better by spending my savings....:rotfl:

molerat

If anyone has used a Cap1 card in a metro or such lately the on line statement it will show the MCC in the pending transactions or the MCC description in the view transactions tabs.

aleph_0

Herbalus wrote: »

I'm seriously baffled by this card. Why do they offer 4%? I thought it was meant to be getting worse for consumers. With this and the Aqua Reward I seem to be doing better by spending my savings....:rotfl:

I expect the aqua card was designed with the aim of pulling people in with attractive cashback, but then making profit from cardholders who do not repay in full every month.

This card seems similar, but with the added bonus that non-savvy cardholders will put non-cashback earning spending on it, too. Profitability all depends on the proportion of customers who just spend £225 on Petrol/Supermarket per month, paying in full.

zerog

aleph_0 wrote: »

This card seems similar, but with the added bonus that non-savvy cardholders will put non-cashback earning spending on it, too. Profitability all depends on the proportion of customers who just spend £225 on Petrol/Supermarket per month, paying in full.

This is true, they are definitely going to lose money with 4% if people don't pay any interest