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

roddydogs

You can always buy supermarket vouchers to get max cb. Ditto Amex initial 5%.

Roger1

NoviceAngel wrote: »

There's also the Halifax Clarity, foreign spending also at 0% fee and purchases qualify towards the £300 per month min spend to get £5 back.

AIUI only if you have the right linked current account - nothing for plain Clarity cardholders.

NoviceAngel

Roger1 wrote: »

AIUI only if you have the right linked current account - nothing for plain Clarity cardholders.

Yes you need a Halifax Reward current account. I take it for granted everyone has one to get the free £5 reward. In fact, I'm greedy I've got 4 of them...(old rules, that allowed you to have more than one, they quickly changed that!)

lisyloo

Yes you need a Halifax Reward current account. I take it for granted everyone has one to get the free £5 reward.

It's more than just opening an account though isn't it?
Don't you have to put a certain amount through it each month?
i.e. you can't just open one and leave it there.

I personally don't want to move my bank account. It might not be a big deal for some, but my husband, household account and business are all with the same bank so for me switching is a real hassle.

It's a good deal for some people.

Nick_C

lisyloo wrote: »

It's more than just opening an account though isn't it?
Don't you have to put a certain amount through it each month?
i.e. you can't just open one and leave it there.

I personally don't want to move my bank account. It might not be a big deal for some, but my husband, household account and business are all with the same bank so for me switching is a real hassle.

It's a good deal for some people.

You don't have to switch. You can have more than one current account. I have five.

For Halifax Rewards, you need to have two active direct debits and pay in £750 each month. One of the DDs would be for your Rewards Mastercard, so you only need to move one existing DD. The £750 can be a standing order from your main current account. Time it to reach your account when you credit card is due for payment, and draw out the excess afterwards.

If this is too much trouble for £120 a year, then you really don't belong on this forum ;-)

NoviceAngel

lisyloo wrote: »

It's more than just opening an account though isn't it?
Don't you have to put a certain amount through it each month?
i.e. you can't just open one and leave it there.

I personally don't want to move my bank account. It might not be a big deal for some, but my husband, household account and business are all with the same bank so for me switching is a real hassle.

It's a good deal for some people.

It's not easy to set all up but once done, everything takes care of itself...

I have 4 Halifax accounts which I don't use, to get £5 you need to credit them with £750 per month and have two direct debits set up and active each month.

I run my own business and I set up an auto payment to charge 8 of my own credit cards (which I don't use) a charge of £1 a month on each, this I get back minus a small processing charge of just a few pence.

The credit card statement balance on each of the cards is £1 which is collected automatically by DD each month from one of the Halifax reward accounts. Obviously two DD's from each of the four accounts..

So that's the DD requirement sorted.

The next is easy I have a £1,000 overdraft on each and I arrange standing orders on each account to pay £1,000 around them all, they all go around in a circle on the 1st of each month,

so 1 pays to 2
2 pays 3
3 pays 4
4 pays 1

In reality, it's more complicated because 4 goes out to Nationwide, then to Lloyds, then TSB, then back to Halifax.

Hmmm, it can be done, it's watching all the banks own money go whizzing around on the first of every month that makes me smile and its earning me money.....

Do they call this extreme banking?

Cheers,

NoviceAngel

Ps just to add there is also a standing order to withdraw the £5 statement credit actually £3 from each account leave the remaining £2 in there to pay the credit card DD's - crafty but that's why I'm an MSE forum member.....

Pps the only time it went wrong is when one of the credit card companies didn't collect the £1 and started writing it off 'small balance write off' so I complained and they gave me £20 statement credit for that, now I just charge that particular card a little more than £1 so they don't write it off every month... Daft thing is they were trying to be nice in writing the balance off every month ! Lol

joe134

NoviceAngel wrote: »

Yes you need a Halifax Reward current account. I take it for granted everyone has one to get the free £5 reward. In fact, I'm greedy I've got 4 of them...(old rules, that allowed you to have more than one, they quickly changed that!)

I haven't got one, It's probably the only A/c I haven't got)
BUT, there's time:rotfl:
.Thinking of M&S ,next, as I'm getting their CC to replace Capone,and to get the 6% saving A/c, got Hsbc 6% ,one,.

lisyloo

If this is too much trouble for £120 a year, then you really don't belong on this forum ;-)

It is a bit too much trouble for me TBH.
But some deals aren't, so I'll say on the forum and pick and choose if you don't mind, but thanks for the info.

joe134

lisyloo wrote: »

It is a bit too much trouble for me TBH.
But some deals aren't, so I'll say on the forum and pick and choose if you don't mind, but thanks for the info.

If I did it, I would switch one of my 6 x TSB/LLOYDS old Vantage A/c's, which are still open. ? Don't think it has to be your main one? I have never used the Switch before, just opened all new ones, and never closed them;

skybluesaver

Still not received my letter regarding cashback on my Capital One classic extra so i messaged them. Reply was cashback staying at 0.5% but the £10 per year bonus for paying on time was being removed.