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

planteria

i hope you aren't disappointed hollie, but i think they are going to be reducing the rate, or removing cashback altogether, for all of us. fingers crossed.

joe134

myth123 wrote: »

I have not received any notification regarding my Luma 4% yet but I am expecting it any day now. I'll just stick to my MBNA Amex paying at 1% if it ends up going, it was good while it lasted!

Hi, I have got MBNA amex 1% which I use all the time, except, where they don't accept Amex, then use Capone, which I had letter last week, stopping CB on my World, no mention of my Elite one, ( don't use);
Also have Amex Plat, ( all, no fee), and only use on Shopsmall, with MBNA, when it's out.Don't use a lot of petrol, so, 123 probably would not be cost effective, with £24 fee, but, 2% on stores may cover that?? Ain't sure which would be best now, as a back up with MBNA Amex.? MCard.?
EDIT;;Spoke too soon, Aspire world letter just come in, CB stopped.31st May, paid June

chamelion

luma 4% axed from June

Candyapple

https://twitter.com/MartinSLewis/status/586180704779825153

jakx_2

Can only guess that the reason I will no longer get any cash back whatsoever is because I had aways paid the bill on time - for many years?

Perhaps 0.5% would have been some kind of recognition of prudence - is it unfashionable to 'reward' longtime customers who are not obviously '!!!!less'!? (Edit: was actually f-e-c-k-less)

planteria

jakx wrote: »

Can only guess that the reason I will no longer get any cash back whatsoever is because I had aways paid the bill on time - for many years?

it won't be that, it will be that they are changing their approach, and looking to stop/reduce cashback payments, as the amount they can charge the merchants, via the processors, is being capped. i doubt it will be anything to do with your own spending/paying pattern.

Bravestar

hollie.weimeraner wrote: »

I have used a Capital 1 credit card that pays 1% cashback for years now. No sign of any letter so hopefully I'm safe for now.

I regularly get £250 to £300 back every January/February so will be very disappointed if they withdraw it

You regularly spend £25,000 to £30,000 per year just on your credit card?

Wowsers! That's more than many people even earn ...

Bravestar

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.

The report actually says:

However it says anyone whose cashback is being axed from 1 June will still be paid any cashback they've earned up until this date. This payment will be made in June

The letter you have received says your cashback will be reduced, not axed.

lisyloo

i doubt it will be anything to do with your own spending/paying pattern.

There must be some raionale for reducing/axing altogether.
I don't think you can say it's not personal habits as we don't know at the moment.

davidsuffolk

Bravestar wrote: »

You regularly spend £25,000 to £30,000 per year just on your credit card?

Wowsers! That's more than many people even earn ...

Many people do. I used to put all business expenses through mine so with flight, hotels car hire etc it was easy enough to spend quite large amounts (and which, being an expense, was reclaimed)