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

gwapenut

keiran wrote: »

I can't see how this makes sense for Cap1

Because they won't lose 0.7% on every pound that you spend. Perfect business sense!

keiran

But they won't make anything at all as I'll have switched to using a card with better rewards!

planteria

you will keiran, and me too (if i am subject to the change--still no letter for me) but gwapenut is right. they are better off losing us, it seems.

joe134 wrote: »

When it says" up to", is it tiered, like it was when I first had it? 0.5% 1% 1.5%, OR, according to my A/c, first year 1.5% for £10001, then 1.25% thereafter, only if my first year, ( which was years ago) reaches the magic £10k +
Slightly confusing;( not hard for me.:rotfl:

and yes, tiered as you describe joe. the terms have never changed on my account. long may that continue:A

noalouis

I have had the same letter from Capital One. No more cashback from 01 June.2015. So I am thinking of applying for an ASDA c.card which offers 0.5% cash back on all purchased goods, but 1% when shopping at ASDA.
Could by useful ?

salthepal

Having used Capital One for the last couple of years or so, I thought I would switch back to using an existing MBNA card assuming they still give some cashback. I've searched through their website but cannot find anything about cashback, only "rewards".
Can someone please confirm that MBNA do not give cashback as such?
Thanks.

Wanderlustg

msallen wrote: »

Maybe CapOne are happy with that though.

We've had the occasional report on here of unaffected people, and among the rest some are having CB removed totally and some just reduced. I suspect that CapOne may be taking the opportunity of allowing unprofitable customers to walk away if they want to, whilst those that are borderline are just having a reduction, and those that are profitable are being allowed to continue as normal (for now!).

This is pure conjecture on my part of course, but I haven't heard anything from them yet, and as I spend a fair amount overseas and thus pay the FX fee (although in reality my work pays this as its all flight/hotel expenses which I reclaim) I may still be profitable for them even after the cap comes in.

For example, last week I paid 15,840 Saudi Riyal (£2852.25) for a flight. They charged me £78.44 in FX fees, but will only pay me £35.54 in cashback. The ~£43 difference there will cover a fair amount of cashback on sterling transactions before they start making a loss on me.

I agree, it does appear that CapOne may be taking the opportunity to change the rate on a person by person basis. I opened mine back in March 2008 and had been getting an unlimited 1% cashback on everything, no fee or bonus, just the two free Equifax Credit Reports a year and the free Equifax alerts on credit record changes year round. The letter just arrived that says they are cutting mine back from 1% to 0.25%.
I'll keep the card going for the Equifax benefits, making sure I make a purchase every six months to do that, but after 1 June I might as well switch to my Tesco Bank Clubcard Credit Card that gives
5 Clubcard points for every £4 you spend at Tesco stores
5 Clubcard points for every £4 you spend on Tesco fuel (excludes Esso Fuel)
1 Clubcard point for every £4 you spend everywhere else
as at least I can boost the the value of the points when I cash them in

ricz_1

Hi All,

On a somewhat related topic, if you have cashback credit card with an annual fee and the rate of cashback is reduced or scrapped altogether, would you be entitled to cancel the card and recieve a refund of the fee (due to the change in T&Cs)?

derelyth

salthepal wrote: »

Having used Capital One for the last couple of years or so, I thought I would switch back to using an existing MBNA card assuming they still give some cashback. I've searched through their website but cannot find anything about cashback, only "rewards".
Can someone please confirm that MBNA do not give cashback as such?
Thanks.

They used to offer a CB card, however I did read somewhere that whilst their MBNA More Rewards cards (Amex+Visa) are points based you can redeem 5,000 points for £20. It's a lot of spending to reach each tier though...

joe134

ricz_1 wrote: »

Hi All,

On a somewhat related topic, if you have cashback credit card with an annual fee and the rate of cashback is reduced or scrapped altogether, would you be entitled to cancel the card and recieve a refund of the fee (due to the change in T&Cs)?

Hi,they should do.

joe134

salthepal wrote: »

Having used Capital One for the last couple of years or so, I thought I would switch back to using an existing MBNA card assuming they still give some cashback. I've searched through their website but cannot find anything about cashback, only "rewards".
Can someone please confirm that MBNA do not give cashback as such?
Thanks.

I'm still using MBNA-Amex cashback, 1% on everything.Don't know if it's still available, or, how long it will continue.?