Capital One axing cashback for some, cuts cashback rates for others

pen1

I think mine was originally a World Mastercard.

In any event, I currently receive a flat 1% cashback (no annual fee).

My letter-received today- advises that it will be reduced to 0.5% on 1st June and cashback will continue to be credited in January.

SuiDreams

dbuk44 wrote: »

Martins news story says accrued c/back will be paid in June.

That seams to conflict with my World card letter which says CB reduces in May, the annual fee is refunded in June, and the accrued CB is paid as normal in January.

This mean I have to keep the card until Jan to cashout what I've already accrued? Grrrrr.

Your Message seems to suggest that your cashback is reducing rather than ending is that correct. If so do you mind posting what your chages are?

SuiDreams

pen1 wrote: »

I think mine was originally a World Mastercard.

In any event, I currently receive a flat 1% cashback (no annual fee).

My letter-received today- advises that it will be reduced to 0.5% on 1st June and cashback will continue to be credited in January.

Thank you for the Info, I think thats the card I have, I hope I get the same letter a cut in cashback is better than no cashback at all, will still see if I can get a better deal though. Does it mention anything about the £10 a year credit? Do we still get that?

1961templar

Well done EU, you have just cost me money!

Some retailers and the majority of holiday companies charge credit card users a surcharge, typically 2.5%. When paying for my holiday I usually use a credit card for security and the cashback I used to get helped mitigate the surcharge. I seriously doubt that the surcharges will be reduced despite the reduction in interchange fees.

The EU are so financially inept its unbelievable!

planteria

yes, the confusion will be dependent upon whether Cashback is ending or reducing. if it is ending the accrued cashback is being paid in June, apparently. i would assume that for those who are seeing it reduce the cashback will be paid in January, as was originally planned.

r2015

Are some still getting 1% cashback?


I've never had a letter yet.

pen1

SuiDreams wrote: »

Thank you for the Info, I think thats the card I have, I hope I get the same letter a cut in cashback is better than no cashback at all, will still see if I can get a better deal though. Does it mention anything about the £10 a year credit? Do we still get that?

Mine never had a £10 a year credit- just 1% flat cashback.

I'll continue to use it at 0.5%. However, Barclaycard converted my account to dual cards a few months back- 1% on the American Express & 0.5% on the Visa; so I'll inevitably shift more spending to Barclaycard if they maintain the 1% on American Express.

It's not very easy to remember the history of all these cards, given the number of changes that have occurred to them over the years!

tgon

Got my letter today. Reduced to 0.5% from June. Accrued cash back will be paid then. No annual fee. I guess they see a lot of customers leaving.... Including me.

planteria

anyone with AspireElite had a letter yet?

SuiDreams

pen1 wrote: »

Mine never had a £10 a year credit- just 1% flat cashback.

I'll continue to use it at 0.5%. However, Barclaycard converted my account to dual cards a few months back- 1% on the American Express & 0.5% on the Visa; so I'll inevitably shift more spending to Barclaycard if they maintain the 1% on American Express.

It's not very easy to remember the history of all these cards, given the number of changes that have occurred to them over the years!

Got home and still no letter, so fingers crossed cash back isn't removed completely, don't use it that much as mainly use my Halifax Clarity for £5 a month just use it for any spending above £300 a month and large purchases. With spending £300 a month on Halifax, the Amex cards won't be worth while for me.