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

myth123

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.

That is true, but to replace my Luma card which I use solely for supermarket spend, my Amex will be fine. I have a Nationwide Select (Visa) for all other places that don't accept amex - although I don't know how long that will last for!

reclusive46

gwapenut wrote: »

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.

Amex doesn't charge the earth anymore anyway, my Amex rate is less than Visa/MC. Most merchants won't see a saving with the cap anyway, the cap is what the card network can charge the acquirer who processes the merchants transactions. The acquirer can still charge the merchant whatever it likes.

lisyloo

That is true, but to replace my Luma card which I use solely for supermarket spend

Make sure you meet any minimum spend requirements.

smjxm09

Well last year I spend £13,500 and the year before £15,500 on my Capital One card which paid 1%. I have been spending those sort of figures for years but today I got my letter telling me my cash back is being reduced to nothing.

My application for American Express has been accepted plus another spare credit card so it will be goodbye Capital One. It was nice knowing you.

Cisco001

derelyth wrote: »

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...

You can claim shopping voucher as well.

4000 points to 20 pound.
Useful one includes love2shop, Sainsbury's

davidsuffolk

Be interesting to know what criteria they used to decide which users to chop cash back and which to reduce. Like many I put a lot on my card for which I got 1% with no fees but had it all removed..

lisyloo

they used to decide which users

It wasn't by user, it was by product e.g. cashback was stopped on WORLD.
If you want the full details then it's in the thread.

roddydogs

Thinking of getting Amex, BUT I had one in the past, & only used it for the initial discounts, then I discontinued it......does anyone think this will stop me getting another one?

lisyloo

Roddydogs - probably not.
I've had about 3 or 4 that I've used for the promotional period only and it's not stopped me getting another

Make sure you meet annual minimum spend.

lisyloo

I am thinking of going with John Lewis/Waitrose.
No annual fee, it's not Amex and the rewards are 1% which you can easily spend on food if you are happy to shop in waitrose (wow, got declined, that was a shock - yeah I know credit is not a right, it's still a suprise though).