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

reclusive46

joe134 wrote: »

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

Third party Amex cards aren't going to be capped for atleast 4 years after the new rules come into place and member states have the discretion to not apply this cap at all to third party Amex/Diners cards.

joe134

reclusive46 wrote: »

Third party Amex cards aren't going to be capped for atleast 4 years after the new rules come into place and member states have the discretion to not apply this cap at all to third party Amex/Diners cards.

That's nice to know:j:beer:

ratechaser

Wanderlustg wrote: »

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

Anecdotally it does suggest that Cap1 are not treating everyone consistently here, although for the life of me I can't understand why. Noone in their right mind would be failing to clear the balance on a cashback card every month, nor would you (if you had any sense) use it abroad and incur the 2.75% transaction fees. So where they make their profit from post the 0.3% cap coming in, I have no idea!

Still no letter for me, and frankly, I'd have expected them to have sent it pretty sharpish, as from a commercial perspective, I'm a total loser to them! Maybe I'm missing something...

Question from me... are Cap1 one of those that have in the Ts&Cs that they would give 30 days notice of any changes - I know that's fairly common? Because if so, and they are trying to impose a blanket cull/cut from the 1st June, they've only got a couple more weeks to get all the letters out...

jacqhale

I had my letter from capital one today ... Totally axed my cashback - no surprise as I only use in the UK and pay off in full each month!
So I think my best options are either a Santander 123 card and half the first annual fee with quidco OR tesco credit card and use the points for treats and days out.
I think I prefer the cold hard cash ;-) but I spend average £1,000+ a month so that might be quite a lot of points.
Could try and add to my avios points but think I might end up spending more on holidays than I save !!
Does anyone have any thoughts or experience?
Thanks guys!

myth123

I also got my letter though today with the cashback due to end on June 1st. I'll be switch back to my MBNA Amex which pays 1% on all purchases, not great but better than nothing.

lisyloo

Noone in their right mind would be failing to clear the balance on a cashback card every month, nor would you (if you had any sense) use it abroad and incur the 2.75% transaction fees.

Sorry but I believe you're completely out of touch - although I understand where you are coming from.
Loads of people are not that interested in getting a 0% card for one holiday a year. Plenty of people pay theses fess in fact I'd suggest it's the majority.

Personally I shall probably keep my card and whilst I don't pay interest or fees, it's simply not worth me pursuing the small amounts of cashback now available. The rewards are now not worth it for me and I earn enough that I'd be better off putting the effort into my career instead. My decision is a logical assesment but I can assure you there are plenty of people out there that can't be bothered.

smjxm09

Its usually cheaper to use a credit card aboard than a debit card.

lisyloo

I'll be switch back to my MBNA Amex which pays 1% on all purchases

The only probm with that is that it isn't ALL purchases, it's only in places that accept AMEX.
Experience varies a lot on that one.

joe134

lisyloo wrote: »

The only probm with that is that it isn't ALL purchases, it's only in places that accept AMEX.
Experience varies a lot on that one.

Getting more daily though. Amex e- mailed me this week, first time ever , to tell me that 6 more local companies are accepting amex, all shopsmall participants in the past
I thought, it was to say it was back on. Can but dream.
1 % Better than zero %, Capone is giving now.Just need a replacement for it.If not, too bad. Good while it lasted.:)

gwapenut

lisyloo wrote: »

The only probm with that is that it isn't ALL purchases, it's only in places that accept AMEX.
Experience varies a lot on that one.

Surely the recent increase in amex merchants must now go into decline as the business cost of accepting amex over Mastercard will soar under these new charging structures?

I don't see how amex can carry on charging the earth and paying merchants slowly.