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

Jeems

noelphobic wrote: »

Apologies if this has already been answered but not got time to read through all 11 pages!

I got my letter today and it states 'your card will still earn cash back on purchases POSTED to your account until 31st May.'

It explains on the back that 'when you use your card it takes a number of days for the transaction to be approved and to show on your balance. When it appears, it has been 'posted''.

I will therefore stop spending on mine a couple of days beforehand.

Posted transactions are always backdated to date when the purchase was actually made so surely you can spend up until 31st May?

Its a moot point for me anyway as I've usually spent the £225 eligible for cashback before the end of the month anyway!

lisyloo

Posted transactions are always backdated to date when the purchase was actually made

Yes they are, but they are not "posted" on the transaction date.
So my interpretation is that transaction made on May31st but not posted until Junes WON'T be included for cashback.

Its a moot point for me anyway as I've usually spent the £225 eligible for cashback before the end of the month anyway!

I think you are referring to the Luma card, which won't be the same card everyone is using. My Luma "month" starts on 10th but my Aspire world starts on 22nd, so people's cards will start at different times. AFAIK Luma is the only one with a monthly cashback limit.

noelphobic

Jeems wrote: »

Posted transactions are always backdated to date when the purchase was actually made so surely you can spend up until 31st May?

Its a moot point for me anyway as I've usually spent the £225 eligible for cashback before the end of the month anyway!

It would depend on your statement date in this instance. I don't use mine for petrol very often, as I generally spend the £225 on supermarket purchases. I normally use my Santander 123 for petrol. However, as my statement date is around 11th/12th I will only have 3 weeks to earn cash back so may end up using it for some of my petrol purchases.

Assuming the cash back is paid in my June statement it will then reduce the final balance owed.

lisyloo

Just thought it's worth mentioning that you can bring forward payments if you have the cash.
For example I have a holiday to pay for. I might consider paying it early to get the 1% cashback. Only works if you've got savings though.

hollie.weimeraner

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

Just received the letter today and am very disappointed. The cashback was a very nice annual bonus.

I do have a Santander 123 card but will earn nothing like the money I did with my capital 1 card.

leeroy2009

postman been, still no letters about my 2 cap one cards

wiseman3175

Mine arrived today, it's been a decent card for the past couple of years. Time to find a new one to complement the Santander one I have.

molerat

I suppose I should ask for my limit to be decreased, currently £7.5K, (+ £9K on other cards) in preparation for opening another card - probably 123. Max statement balance according to Noddle has only been £2.5K.

leeroy2009

well the suspense was killing me so I rang them, my 4% luma is been pulled, but at the moment there is no plans to pull my 1% cashback card! I always thought I was getting 0.5% but he said I get 1%, also for the very first time I spoke with a uk call center - rip luma its been a very nice relationship!

lisyloo

leeroy - which 1% card do you have? (there is a supicion that the treatment is by product type).