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

Herbalus

Fingerbobs wrote: »

Can anyone remind me of the date when Luma are stopping the 4% cashback? It was quoted in the original (now-deleted) thread, and I can't find it in the new one. (I haven't had the official letter yet. )
Thanks.

It's the same date for everyone I believe. I have the Luma card, and letter arrived yesterday with last day for cashback on 31 May. Time to buy lots of Sainsburys/Tesco/Asda gift vouchers for myself

As they're stopping cashback completely on this card, any cashback accrued will be redeemed against the June statement balance, so we won't have to wait until January to cancel.

oldagetraveller

Fingerbobs wrote: »

Can anyone remind me of the date when Luma are stopping the 4% cashback? It was quoted in the original (now-deleted) thread, and I can't find it in the new one. (I haven't had the official letter yet. )
Thanks.

Post number 55 if that helps. It's a scan of the letter.

darren72

Herbalus wrote: »

Time to buy lots of Sainsburys/Tesco/Asda gift vouchers for myself

I'd forgotten about that idea!

What was the maximum cashback you can earn on the card - as I seem to remember it only being on a small spend per month ??

Thanks

Doshwaster

Bravestar wrote: »

Really?

I suspect you overestimate just how many employees actually have an annual expense account of at least £30k a year on top of their salary (MPs excepted )

Very few people have an "expense account" which is a pot of money which they can spend how they want but anyone who travels on business will need to reclaim the costs of airfares, car hire, taxis, hotels, meals etc. Yes, video conferencing and other technology has reduce somewhat the need to travel but often you do need to be there in person.

When I traveled regularly with work around Europe, the US and sometimes further it was easy to run up bills of over £1000 a week. I would put as much as possible of this on a cash back credit. My employer paid me back before the bill was due so I never paid a penny in interest but collected several hundred pounds a year in credit card rewards as well as loyalty points from hotels and airlines.

Travelling for work may sound glamorous but you lose a lot of your own time and end up in some deadly dull places with people you don't want to be with. It seems only fair that in exchange for doing that the cashback and loyalty points can add up to a free holiday once in a while.

Herbalus

darren72 wrote: »

I'd forgotten about that idea!

What was the maximum cashback you can earn on the card - as I seem to remember it only being on a small spend per month ??

Thanks

£225.

Of course with gift vouchers you need to make sure you don't lose them!

redux

Herbalus wrote: »

£225.

Of course with gift vouchers you need to make sure you don't lose them!

To clarify, that's the monthly spending to achieve the £9 a month maximum cashback.

Fingerbobs

Herbalus wrote: »

£225.

Of course with gift vouchers you need to make sure you don't lose them!

Don't forget that many supermarkets sell branded gift cards for other high-street shops as well, so you can effectively get the 4% cashback on purchases in those other shops by buying Gift Cards in the supermarket, then spending them in the target shop.
For John Lewis, you can buy Gift Cards in Waitrose to get the 4% cashback, then spend them in John Lewis.

leeroy2009

I have the 0.5% capital one card and the 4% luma.


both cards still earning cashback and no letters notifying me the cashback is to stop.

darren72

Just got my letter today saying that the Luma cashback card is being discontinued

leeroy2009

darren72 wrote: »

Just got my letter today saying that the Luma cashback card is being discontinued

postman came earlier, still no letters about cashback stopping, but if and when they do, I will have a cuppa and then proceed to cancel both the capitalone card I hold and the 4% luma.