Best Cashback Cards Article Discussion Area

YorkshireBoy

thegoodman wrote: »

As long as you can spend over £15000 a year the fee will pay for itslef plus you will alo get many other benifits with the card. Plus first year is free.

Great! I think I'll get one...just as soon as I've secured a job that pays the requisite minimum income of £100,000 per annum.

http://www.fool.co.uk/credit-cards/MoreInfo.aspx?MoneyfactsId=CARDS000883

Mark_J.

Chaddee wrote: »

I got a letter today turning me down for the Capital One 4% card and I have no idea why. I have a mastercard with HSBC, have never been over the limit, use it regularly and pay it off in full. The only other credit I've had in the last year is a loan that I paid off early. I once had a store card but never missed a payment (and that's been cut up for well over a year). Keen to know why I was turned down - and also worried, does the fact that I've applied for a card and been turned down upset my credit rating? (Further, I suppose, as it's obviously bad though I have no idea why.)

I have had a similar experience with Captial One. It worried me thinking I had been the victim of identity fraud.....!! I then checked the credit histories of my and the wife and found no problems. I also spoke with one of the credit check agencies and they said that a lot of people are having the same problem with Capital One. I have now gone back to Capital One to complain and asked them to explain their decision................. (Also, read Matin's article on credit checks, it should put your mind at rest).

alexburt1

Nick_C wrote: »

Alex, this sounds too good to be true! I could well be wrong, but I thought credit card companies now treated purchase of gift vouchers as a cash advance? Have you bought any vouchers using the MBNA lifestyle website? Did any charges apply (cash advance fee or immediate interest)?

Nick

Nope, no charges so far, have been buying Sainsbury's vouchers, saves a fortune on petrol.

ZUBAIR_3

i applied for 4p cashback card.they sent me card interst free till may 2008. i ring them and they said i am not eligible for 4p card that is why they sent me this card. so there is nothing wrong with my credit ratings. any comments or any one had same reply.

RoCas

There's little mention of the Barclaycard 2% (supermarket & petrol) cashback card here and nothing about it in Martin's article. Am I missing something?

lisyloo

I got a letter today turning me down for the Capital One 4% card and I have no idea why.

Have you checked all 3 credit reports?
It's possible it could be an error that is the problem.
Alternatievly it could be just that you don't fit their profile rather than anything being wrong.

I have a mastercard with HSBC, have never been over the limit, use it regularly and pay it off in full. The only other credit I've had in the last year is a loan that I paid off early. I once had a store card but never missed a payment (and that's been cut up for well over a year).

If there is nothing wrong then most likely you simply don't fit the profile of customers they want to appeal to.
Possibly they have seen they won't amke much money out of you.

BTW - Did you cancel your store card? as well as cut it up.
You should cancel it if you haven't already.

Keen to know why I was turned down - and also worried, does the fact that I've applied for a card and been turned down upset my credit rating?

A single search will not damage your credit rating.
Many searches will so don't do too many at the same time.

I would get all 3 reports (eother £2 each or for free) and check them.
Make sure that store card is closed.

Also be aware that there is a "credit crunch" going on.
You might be just unlucky with your timing and have applied afer a tightening of policy.

lisyloo

Does anyone know if there is a limit to amount of cashback that can be earned on capital 1 card during 4% promo period?

I don't think there is any limit.
I have earned £226 in the first 2 months.

1491625

The post office credit card allowing free conversion rates for foreign purchases seems to be unclear. In their general terms (clause 4.2) they state that "all conversions will be at OUR RATE OF EXCHANGE". Most people are aware that their rate of exchange is poor. Are they using the official rate of the day or their own rate. I have had conflicting answers.

oscarhugo

lisyloo wrote: »

I had one of these (and the other poster is right the reduction was not applied across the board).
When they applied the reduction to me. I found a better card (Egg Money) and closed Capital one.
Recently I was able to apply for the 4%.

So the moral of the story is
1) review every now and again to see if you can get a better deal
2) Don't be afraid to walk away as you can often get a better deal as a "new" customer. The only caveat is that some companies have rules e.g. 12 months to be a "new" customer.
3) Make sure you close the card down otherwise you won't be able to get new deals (and there are several other reasons why it's a good idea too).

...and here is my story along similar lines:- I have had a 1% Cap1 card for many years & am one of the lucky ones who has continued on 1%. Obviously, because I have this card I am not eligible to apply for 4% card. Idea! Why not apply in wife's name (even though she is 2nd cardholder on my existing Cap1 card) and have myself as 2nd cardholder on 4% card?? Success!! With a decent credit limit too. So, the various large expenses we have in the next 3 months can now be paid for with the 4% card - and it's even worthwhile to do it with those retailers that charge 1.75%-2-50% to pay by CC because the 4% will still leave us quids in.

roddydogs

Sorry if this has been asked before, but if i buy gift vouchers when the 4% Cap 1. cashback is in operation, is that OK? how would they know anyway?