amazon credit card closing down

Froggitt

IftiBashir wrote: »

I was looking to pay off my mortgage via my Amazon credit card £5k at a time, and pay the card off in full straight away, rinse and repeat until the mortgage was complete.

This would have net me around £530 in Amazon vouchers!!!

Wow. Have you thought of getting your own financial advice TV show? Wonder why no-ones thought of that before.

GadgetGuru

SuperHan wrote: »

Incorrect.

Have you actually spoke to MBNA?

Two people on the thread have from what I've seen, myself included, who have both been told the amazon card will be replaced by a reward points card, just not the MoreRewards branded cards.

Im going by what the letter states - no I have not spoken to MBNA.
The letter states that loyalty points will cease and from 30th September any remaining point will be pro-ratered and emailed to account holders.

I assumed that since the letter did not state I would be entered into another loyalty points agreement, no other such agreement would exist.

skybluesaver

Just spoke to a very helpful lady on the phone at MBNA and she said the Amazon card i have is being replaced by an MBNA Mastercard with reward points, so it does look like there is still some form of rewards scheme.

dj1471

Has anyone asked or been told what rate we'll earn points at?

I think we're assuming 0.5% return as per MoreRewards, but as this is apparently a different deal maybe they'll maintain the 1% rate.... wishful thinking!

Doc_N

IftiBashir wrote: »

My current fixed rate mortgage term ends on 1st Nov this year, when I will be paying off and completing my mortgage.

I was looking to pay off my mortgage via my Amazon credit card £5k at a time, and pay the card off in full straight away, rinse and repeat until the mortgage was complete.

This would have net me around £530 in Amazon vouchers!!!

Perfect timing Amazon/MBNA!! Completely messed my plans up!!! Now I need to look for another card - Tesco seems to be the next best choice with its 'Boost' rewards etc - just used £17.50 in points to get £70 in 'Fun Day Out' vouchers, which will gain the family free entry into Paradise Park (if the weather improves!!). So looks like thats what I will end up doing now - would have preferred Amazon vouchers though

I wouldn't worry about it - I'd be amazed if any mortgage provider were prepared to accept credit card payments. And it it did, there'd be a hefty surcharge to cover the card charges.

You haven't lost anything.

GadgetGuru

Doc_N wrote: »

I wouldn't worry about it - I'd be amazed if any mortgage provider were prepared to accept credit card payments. And it it did, there'd be a hefty surcharge to cover the card charges.

You haven't lost anything.

I had already confirmed with my mortgage provider that they would accept credit card payments.

Froggitt

IftiBashir wrote: »

I had already confirmed with my mortgage provider that they would accept credit card payments.

Of course you did. :shocked: :shocked: Let me guess......you've now forgotten which mortgage provider it was.

vns

IftiBashir wrote: »

I had already confirmed with my mortgage provider that they would accept credit card payments.

Try getting that in writing, it sounds too good to be true! Unless they mean a Cash Advance, then you'd be paying interest through the nose.

leeroy2009

I have a AA (the aa) mbna backed card.


4000 points would get you a £20 cash back credit to your account, or you could collect the points to spend on items in the rewards "shop" on various items, a 4 way 10 meter extension lead is 4188 points. (yes over £20! if you look at it compared to the cashback credit)


come September you will now need 8000 points to collect a £20 cashback credit, or 8376 for the power lead)


so I hope you guys are aware that these points cards you will be transferred too are no longer what I consider worth it or any good (and im guessing that you will collect rewards points in the same way I used to do on this card) that's why ive stopped using this card now and have had to start putting everything that wont go on my 4% luma back to a 0.5 capitalone cashback card

murphydavid

Don't you know we cashback card owners are die hards. If you try getting our credit card buisness by taking our cards over all you are going to get is the work required for the takeover; the cost of postage and the work when we cancel them. You also get some potential customers making a mental note of the inconveiniance you caused them. So good will value to your company also negative.
Mind you being bankers I don't suppose you give a stamp about good will any more.