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

Kim_13

Still on 0.5% and anticipating a letter. Like others I have never paid a penny in interest.

msallen

roddydogs wrote: »

Why did some people still get cashback, when mine stopped month ago?

My guess as to the reason I still do, is that I put the occasional decent sized overseas purchase on it (say a four figure hotel bill), which they charge an FX fee on. This doesn't cost me anything as it will be reclaimed work expenses, but it seems it may have kept my CB alive - so far at least.

I direct my expense spending to whatever card is most beneficial at that point in time, but make sure I put an overseas charge on the CO at least every 3 months or so in an attempt to maintain my CB.

N9eav

Got my new ASDA card and making cashback again. Capital One will remain open until they pay me the cashback I have earned, but their loss.

planteria

don't blame you N9eav.. i'm on with 1%+ cashback on all my spending now, and CapitalOne are long gone. it's a classic 'vote with your feet' market.

adindas

I just want to inform the forum
I have Capital one CLASSIC EXTRA CARD (not available to new customers anymore)

I just check my May statement this year. As usual
- I still get 0.5% cashback added each month on monthly basis on purchase both domestic and in foreign currency.
- MasterCard Whole seller exchange rate on foreign currency purchase still apply.

Yet to be checked early next year.
£10 bonus each year when you pay on time.

As I have not received any commutation about any change in T&C I believe any of the perks will still apply. but need to wait until early next year to be 100% sure.

Hopefully they will keep it running for indefinite like Santander do to many of their products which are not in the market anymore.

So in conclusion.
It is still an excellent credit card for those who are not missing the boat.

Steve059

My Capital One 0.5% cashback ends on 1 July.

Fortunately, since the Capital One cashback dropped from 1% to 0.5%, I also have an ASDA card, which gives me 1% on ASDA purchases and 0.5% on non-ASDA purchases. So, from 1 July I'll simply use the ASDA card for everything. I was only using the Capital One card for non-ASDA transactions to help with keeping within the very low (£300) credit limit on the ASDA card (the price of effectively guaranteed acceptance?). I'll also ask for an increase to my credit limit.

I won't cancel the Capital One card, as it has a £7,500 credit limit and use it as a back-up, in case there's ever a problem with the ASDA card. If not, then I'll make sure that I use it once a year, to keep the card and Direct Debit active.

Steve059

adindas wrote: »

Exact name of your card ?? When did you get the creditcard ??

It's called a Platinum card, despite being black. I must have had it for over 6 years, as the first statement has gone in my annual "cull".

adindas

Steve059 wrote: »

It's called a Platinum card, despite being black. I must have had it for over 6 years, as the first statement has gone in my annual "cull".

This is what I can not understand why they did it to one card and not doing it to other cards. Anyone has a good explanation on this ?

The only explanation I could think is because Capital one CLASSIC EXTRA CARD has made them a lot money. This card is actually intended for people with poor credit history. I could imagine they have made a lot of money from fee, penalty from mispayment and/or interest.

N9eav

I guess if you still have a card that pays you stick with it. The same happened with a bank account I had that they withdrew. They can eventually change the terms and conditions if they want.
I use Amex when I can as they pay 0.5% for the first 2500 and then 1% after that up to 7500 and then 1.5% beyond that, but I rarely get to 7500 as not too many places take Amex.

planteria

when did you start on those terms? they're better than any i've heard of.. my 1.5% kicks on when i spend £10,000.