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

planteria

the right approach to take ratechaser, and appropriate pseudonym;)

i haven't used the card much in the current cashback year, as was looking at closing already due to poor service. sounds as though you'll be having £500+ credited to your account, in all, though:T

gtrevor

planteria wrote: »

thank you for your reply. refund in full, of £120? if so, nice one:money:& me too.

Yep, full refund of the £120 annual fee and any cashback earnt YTD paid up.. Don't see why they didn't cut to 0.5% rather than zero, but no big deal as just definitely means I'll be cancelling my card ...

Looking at a Tesco credit card probably for weekly shopping there and then probably an Amex for anywhere that will take it!

planteria

gtrevor wrote: »

Yep, full refund of the £120 annual fee and any cashback earnt YTD paid up.. Don't see why they didn't cut to 0.5% rather than zero, but no big deal as just definitely means I'll be cancelling my card ...

entirely agree. fwiw i am not unhappy with their all/nothing approach. at 0.5% i wouldn't have wanted to retain the card anyway. i hadn't assumed that they would refund the full fee, but good news:). still no letter here though.

gtrevor wrote: »

Looking at a Tesco credit card probably for weekly shopping there and then probably an Amex for anywhere that will take it!

i gave up a Tesco card a few months ago. better just to use the Amex at Tesco, and as it stands i'll just retain Amex for spending.

gtrevor

Ahh ok, haven't had chance to do the sums yet - was thinking that the 5 points per £4 spent would be good as you can then double or quadruple them on their clubcard boost events... Not sure what that would equate to though in terms of comparable % cashback...

SeduLOUs

gtrevor wrote: »

Ahh ok, haven't had chance to do the sums yet - was thinking that the 5 points per £4 spent would be good as you can then double or quadruple them on their clubcard boost events... Not sure what that would equate to though in terms of comparable % cashback...

5 points is worth 5p in Tesco vouchers, or 10p if doubled up.

10p for £4 is effectively 2.5% cashback, but this level is restricted to spends in Tesco.

Edit: as pointed out by msallen you would get the bulk of the points from a normal clubcard anyway, so the only benefit from the CC is 1 point for £4 (and you get the same rate for non-Tesco spending) which equates to 0.5% when doubled up. You are then also restricted as to where you can actually spend the vouchers as opposed to getting straight cash.

If like me you'd rather have the cash, then supermarket spends will probably be rewarded better with a Santander 1-2-3. If you spend at Tesco with 1-2-3 you'll get 1% in cashback (or 3% if it's for fuel) and you'll still get standard clubcard points anyway. Combined with Tesco fuel-save it's working as a fairly good combo for us at the moment.

planteria

nor me.. but bagging cash that can be spent anywhere suits me:A

planteria

good work SeduLOUs.. it's a no-brainer gtrevor;)

SeduLOUs

planteria wrote: »

good work SeduLOUs.. it's a no-brainer gtrevor;)

It is a no brainer for a lot of people yes, but if you have kids and go on lots of days out it might be better to go Tesco card and use the Clubcard boost to get an effective 2.5%

I have used Boost occasionally but normally end up buying something for the sake of it rather than something I would have bought otherwise, so it's more practical for me to have actual cashback even if the amounts are slightly lower.

planteria

agreed. and this..

SeduLOUs wrote: »

..You'll get 1 point per £4 for spends elsewhere, which when doubled up equates to 0.5%.

kills it for me._pale_

Cash:T

msallen

SeduLOUs wrote: »

5 points is worth 5p in Tesco vouchers, or 10p if doubled up.

10p for £4 is effectively 2.5% cashback, but this level is restricted to spends in Tesco. You'll get 1 point per £4 for spends elsewhere, which when doubled up equates to 0.5%. You are then also restricted as to where you can actually spend the vouchers as opposed to getting straight cash.

If like me you'd rather have the cash, then supermarket spends will probably be rewarded better with a Santander 1-2-3. If you spend at Tesco with 1-2-3 you'll get 1% in cashback (or 3% if it's for fuel) and you'll still get standard clubcard points anyway. Combined with Tesco fuel-save it's working as a fairly good combo for us at the moment.

You don't 5 points per £4 from your CC at Tesco because 4 of those points are got with your normal clubcard anyway. You basically get 1 point per £4 anywhere (and only on complete £4, so a spend of £7.99 gets you one point)