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

leeroy2009

lisyloo wrote: »

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

its just a no fee 1% card, the one that didn't have the £10 annual credit, had this card 14 years and really have no idea what it was actually called

lisyloo

ok thanks. The newer ones have "ASPIRE WORLD" written on the card or something similar.

derelyth

Got the letter last Sunday, I have an Aspire World (Since July '12) on tiered CB. Had ~£15-£20 a year out of it.

For those like me who don't have another CB CC to fall back to, what are you thinking of applying for?

theridders

Got my letter today, Cashback gone from 1st June.
My MasterCard has "Aspire World" written on it. I certainly have collected a lot of cashback off this card, time to look for another one.

Capital One must be loosing a large number of customers through this removal of cashback and the following voting with feet. I wonder if the result will be significantly less revenue for them overall, vs having kept some form of "loyalty" scheme.

JasX

theridders wrote: »

Capital One must be loosing a large number of customers through this removal of cashback and the following voting with feet. I wonder if the result will be significantly less revenue for them overall, vs having kept some form of "loyalty" scheme.

Aye even with no better card around if they pull my 1% I'd feel obliged to switch to a competitor as a matter of principle.... if Cap1 sees pulling their longstanding cashback offer causes pretty much every customer (or at least a high % of them) closing accounts and moving elsewhere hopefully it'll deter this kind of thing in future

(or at least cause them to consider funding some form of cashback perk purley from a customer retention perspective and swallowing narrower margins... narrower margins are persumably better for Cap1 than zero customers!)

cse

narrower margins are persumably better for Cap1 than zero customers!

The margins aren't narrow, they're negative. Can't see cashback being around on MasterCard/Visa with any company for much longer

SuiDreams

Letter today cashback completely removed, but unclear if the £10 credit back a year still stands.

skybluesaver

Do you think theres any point in applying for another cashback or reward card or is it just a case of all others will probably follow suit soon in stopping any rewards, so no point in applying for others.

leeroy2009

skybluesaver wrote: »

Do you think theres any point in applying for another cashback or reward card or is it just a case of all others will probably follow suit soon in stopping any rewards, so no point in applying for others.

a lot of us with existing barclaycards are swapping over to the amex/visa combo cashback cards, nationwide still advertising theres aswell as Santander and maybe others.

allan1954

SuiDreams wrote: »

Letter today cashback completely removed, but unclear if the £10 credit back a year still stands.

do you mean the £10 Christmas bonus if so this is going with the cashback.