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

gtrevor

I like the fact it gives 1% at all supermarkets which is good with 0.5% elsewhere .. As you say there's a slight benefit with a few other retailers at 1% but won't be significant ..

Doesn't say you need a natwest current account to redeem the cashback (not that I can see anyway) as I don't have an account with them...

henrym

OnePound wrote: »

Got my letter this morning:
1st June cashback will be reduced from 1% to 0.25%.

You're lucky to get some cashback... I've been cut off.
Wonder why you and not me? Are you a customer of long standing? More than my 10 years?
Do you pay off the balance in full each month? Manually, or by direct debit?
How heavily do you use this card? Last January's cashback low (around £40), medium (around £100, like me) or high (£200 or more)?

chazzee

gtrevor wrote: »

What about this one? No-one has mentioned it but seems to give the best non Amex rate and better than the ones listed on the MSE credit card guide?

It's the cashback plus one : http://personal.natwest.com/personal/credit-cards/compare-credit-cards/cashback-plus-credit-card.html

I think the annual fee of £24 may put off a few. I'm thinking the supermarket ones are now potentially the best ones.

chazzee

henrym wrote: »

You're lucky to get some cashback... I've been cut off.
Wonder why you and not me? Are you a customer of long standing? More than my 10 years?
Do you pay off the balance in full each month? Manually, or by direct debit?
How heavily do you use this card? Last January's cashback low (around £40), medium (around £100, like me) or high (£200 or more)?

My Cap1 Aspire World (no annual fee, tiered 0.5%/1% etc, with FX fee) cashback will be removed completely. Longstanding customer, average £50 a year CB apart from the introductory year due to the bonus. I primarily use Amex and this as a second card, although Cap1 has had heavy use the last six months due to house repairs. I did get a Aspire Business then close it for the CB bonus as well.

I can't believe certain customers will remain with 0.5%? as for keeping some on 0.25% there must be some logic! Still, I'm using NWide Select going forward so makes no difference in reality.

henrym

lisyloo wrote: »

.... after a bit of research I went for WWF (world wildilfe fund) which is MBNA visa. They get £40 to start with then 0.4% plus £2 per year.
That was the highest paying one I found.....
....I'd rather a charity gets something rather than a credit card comapny like capital one.

The charity donations are likely to go the same way...
If you do the calculations, getting rid of cashback, etc is a Good Thing for us... Cashback was a sop to the punter, a small benefit for which we paid handsomely. If the bank makes 3% on a transaction, it could afford to "reward" customers with a 1% cashback - they are still making 2%. But if the bank only makes 0.3%, a reasonable amount to cover their costs, there's not a lot to give away. And hopefully, competition between retailers will lead to lower prices all round (or at least less steep increases).

lisyloo

The charity donations are likely to go the same way...

You may be right, but I'll take (donate) what I can whilst it's on offer.

JPMoneyMadd

I'm probably going to be closing my Cap1 account - after the annual fee is refunded in June (I'm assuming this will be a credit applied to your account).
Can anyone please confirm whether you lose any accumulated cashback if you close your account early. I've not got my agreement to hand!

lisyloo

What do you mean by early?
Once it's been credit on the June statement it's your money, so I would suggest closing it after you've got the June cashback and bonus.

JPMoneyMadd

lisyloo wrote: »

What do you mean by early?
Once it's been credit on the June statement it's your money, so I would suggest closing it after you've got the June cashback and bonus.

Sorry I realise there's no such thing as closing your account early! I was thinking that cashback earnt throughout the year is usually credited to your account in January, so was wondering if you would still get the cashback that you've earn't part way through the year if you close your account?

allan1954

just applied online for asda money back credit card I have over £20.000 income got accepted credit limit £300.I rang them they said I have to wait for 6 months before they will increase the £300 to £800.i have cancelled the card.