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

lisyloo

which gives 1.25% on all spending

I believe this is UP TO and it's tiered.
Easy mistake to make, done it myself.

NoviceAngel

lisyloo wrote: »

I believe this is UP TO and it's tiered.
Easy mistake to make, done it myself.

Not quite, there is the Amex Plat (not everyday) which does give 1.25% BUT an annual fee of £25

Amex wrote:

• Representative example: Representative 18.7% APR variable. Based on annual fee of £25 and assumed credit limit of £1200. Interest rate for purchases: 14.0% p.a. variable.
• Annual fee
• £25

Highlights

• Get 5% cashback on up to £2,500 of purchases in your first 3 months of Cardmembership1
• Earn 2.5% cashback on all purchases for one month every year if you spend more than £10,001 in your previous 12 months of Cardmembership2
• An ongoing 1.25% cashback on virtually every full pound you spend3
• Travel and shopping protection
• Cardmembers can enjoy access to a wide range of sought-after events, including music, theatre and film, often before tickets go on sale to the general public with American Express Invites.

keiran

There's TWO Amex cashback cards

The Platinum Cashback has a £25 charge and gives 1.25% on all spending (5% on first £2500 in 3 months)

The Everyday Cashback has tiered rates (and 5% on first £2000 in first 3 months):-

Spend £0 to £3,500 and receive 0.5% cashback on that spend
Spend between £3,500 and £7,500, receive 1% cashback on that spend
Spend over £7,501 and receive 1.25% cashback on that spend

Best option depends on one's spending habits.

I'm sure an enthusiastic MSEr could work out the spending point at which one is more profitable than the other

NoviceAngel

keiran wrote: »

Best option depends on one's spending habits.

I'm sure an enthusiastic MSEr could work out the spending point at which one is more profitable than the other

I think the break even point is about £10K

You would have to go some to make the straight 1.25% Card pay with the fee of £25.

....and if you have other cards like the Santander 123 and Halifax clarity for the £5 per month, that takes spending away from Amex.

I'm sticking with the Barclays 0.5% Visa and Amex 1% combo.

keiran

Cracked it!!

Magic figure is £3333 - if you spend more than this per year, you're better off paying the £25 and getting 1.25% on all further spending with the Platinum card

£3333 * 0.5% = £16.67 with Everyday card
£3333 * 1.25% - £25 = £16.67 with Platinum card

Bear in mind that the £25 will be covered in the first year anyway if there's been a friend referral.

Another idea is to get both, over a period of a few months, to get the 5% rate on £2500 with the Platinum card, and then 5% on a further £2000 on the Everyday card

planteria

joe134 wrote: »

Maybe they are going to let planteria off:rotfl:

it does seem like it now joe. i was expecting the letter to arrive, but it never has done. and then i was expecting to see changes to my account regardless, but everything seems to be continuing as it was, and 'Amount we owe you' is still on the site. it isn't itemised, but i think it is still accruing as it was.

is anyone else in the same boat? with AspireElite? and anyone any ideas how it seems to have been possible to avoid the cull?

joe134

planteria wrote: »

it does seem like it now joe. i was expecting the letter to arrive, but it never has done. and then i was expecting to see changes to my account regardless, but everything seems to be continuing as it was, and 'Amount we owe you' is still on the site. it isn't itemised, but i think it is still accruing as it was.

is anyone else in the same boat? with AspireElite? and anyone any ideas how it seems to have been possible to avoid the cull?

good for you:j Don't knock it.:rotfl: I've just looked at mine expecting CB to show off balance, no "we owe you" at all.Gone from list.? Wierd how they are operating? Just have to wait until 19th, payment date, no rush, then close them. stopped using them now anyway.:beer:

NoviceAngel

planteria, the only thing I can think of is that it was a special incarnation of the card, what are the basic t & c's ?

My Aspire world was a flat 1% with an £18 annual fee with £10 cashback for paying on time now gone to 0% CB and no fee.

planteria

tiered Cashback and a £120 fee. the spending i have been able to channel has reduced significantly, so i wasn't that bothered if i Did receive the letter;)

NoviceAngel

planteria wrote: »

tiered Cashback and a £120 fee. the spending i have been able to channel has reduced significantly, so i wasn't that bothered if i Did receive the letter;)

The fee is very high at £120, there's the difference between your card and others, perhaps they are banking on you not earning that much in Cashback and therefore they can still make on it.