Best Cashback Cards Article Discussion Area

lisyloo

My only conclusion from this is that despite what they say Capital One are not actually interested in the financially prudent because they won't make money out of them.

I don't think your conclusion is correct.
I pay my cards off on time.
They still make money as they charge retailers.

Sorry you've been dissapointed but credit is not a right.
They can choose to turn you down for any reason they like, same as I don't have to let you in my house and I am not obliged to give a reason.

Sorry, you've not got it on this occassion but it's really is very difficult to draw conclusions about their exact reasons.

You can get your statutory report for £2 and in each case there are ways of getting your credit report for free.
There is no reason to pay high fees.

BTW - Did you check with all 3 Credit reference agencies?

michaels

My 3 months is coming to an end - may be if I order something very expensive and then cancel the order once it is back to being 1% cash back?

michaels

I have over 300 cash back total from my first 2 statments and no sign of an upper limit yet.

lisyloo

My 3 months is coming to an end - may be if I order something very expensive and then cancel the order once it is back to being 1% cash back?

You could try it but they still might reduce the cashback 4%.

If they don't then they could calim the money back from you up to 6 years from now.
Personally I don't think it's worth it.

Another lophole is to buy vouchers
e.g. if you shop at waitrose, buy some vouchers at 4% cashback then spend them on your groceries.
It's means paying in advance but still a good return.

I'm not sure what other supermarkets do vouchers, but waitrose is definitely one.

hansi

I was turned down for a Capital one 4% card because I already have a Capital One Card! For new customers only :mad: I.m not too worried as the card have already gives me 1% cashback :beer:

summernights_2

My husband has just had the "wait 7 days to be turned down by Capital One". We have no idea why as we meet all the criteria that we know of. We don't want to run up huge bills, we pay off our balance every month, just want to take advantage of the 4% cashback. It's been suggested to me that having unused credit cards (we have 3 unused and 3 we use regularly), and not cancelling them, can restrict your chances. Could this be it do you think?

Grabber_3

I am just about to complete 3 months with my wife having the additional card, so we have just applied for the same deal in her name with me as additional card holder.
So far so good as we now have online approval and are awaiting the paperwork!

ChuckleVision wrote: »

I did not get an instant decision, but after a few weeks I have received my 4% cashback card approval.

If I get a 2nd card (one for my wife) will this effect the chances of getting this card again in four months time? (in my wife's name this time).

I want to make the most of it and try and get 4% cashback for 6 months using two cards.

Cliff_Wright

JohnG wrote: »

The limit would be set by the actual Credit Limit you are given - ie £5,000 credit limit = £200 maximum cash back - at least that would be my understanding.
I've just received my acceptance letter for this Cap 1's 4% cashback card :T so I'm just checking through everything before signing agreement.

Exactly right apart from the fact that you can spend your £5k credit limit 3 times over during your 3 month intro period (assuming you can pay it off each month) and therefore receive a £600 rebate in January ..

Cliff_Wright

lisyloo wrote: »

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

Nope - No limits other than those implied through your allocated credit limit ..

Cliff_Wright

georgyfras wrote: »

If you wish to avoid gettin 'stung' pay off your balance as quickly as possible. I thought I should alert you to Capital One's crafty scam with their 4% cashback offer.
I applied for the card in July and was accepted with a £7.5K limit. Purchased a holiday etc and spent nearly £7.5K. Received statement 4th Aug, min payment to be cleared by 30th Aug so I made bank transfer 17th Aug. (Statement recommends latest payment date 22/08/07). Checked at bank on 20th Aug and transfer had been made.
However, I tried to make a restaurant purchase on 26th using card and was refused, causing much embarrassment. I rang Capital One from restaurant only to be told that all 'large' amounts take 7 to 10 days to clear ! No argument would get them to clear my immediate card payment request.
In my view this is tantamount to fraud, as if I had been unwary and had waited until their own recommended last payment date of 22nd Aug I would have ended up paying them interest. I think your readers should be warned.

Would you rather your account lay unmonitored and was subject to fraud?

Through the same scenario (Tried to use my card on holiday and was declined ... I was mildly !!!!ed off but had another card to use) I was saved masses of inconvenience when Yorkhsire Building society spotted that someone had cloned my credit card card and was attempting to use it to launder money ...