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

Winrick

ratechaser wrote: »

If they do cut cashback on the Elite card (and although no one here has reported getting a letter for that card, it must only be a matter of time), then I think it will be back to Amex by default with the Santander 123 for petrol, trains, John Lewis and other dept stores, plus everything abroad. There may be a bit of a gap there with any non-Amex taking British establishments that do not earn CB with Santander,but they will be so few and far between (for me), that I can live with those 2. I may also give some thought to taking out a new Amex at the right time given the double CB in the anniversary month deal. Wouldn't be that hard to get 2.5% on 15-20k of spend if I timed it right.

The only other one that looks interesting right now is RBS with its 10% CB on restaurants, although that's only till June...

I prefer the Halifax Clarity, Amex, Nationwide Select trio that is still available and no annual fees

Spend on first 300 a month on halifax to get the £5 reward (so.1.67% and only with the halifax reward account). Also for their everyday offers which has up to 15% on selected stores.

Then rest of the spending on Amex (generally 1%) (either Amex platinum or barclaycard cashback amex)

Then where they don't accept Amex I use Nationwide select to mop up the rest on 0.5% (also need nationwide account)

That way I have no annual fees, get at least 0.5% cash back and have 2 fee free overseas cards for purchases (Halifax allows Free overseas at withdrawals too)

A substitute for nationwide if you don't travel much or don't want to have their current account would be the M and S card for the 0.5% cashback via vouchers and 19month free on purchases for stoozing (so could make an average of 3% extra if stoozing with TSB plus account).

Then Hilton card for free nights stay on £750 spend, and various other introductory bonus amex cards.

reclusive46

Winrick wrote: »

I prefer the Halifax Clarity, Amex, Nationwide Select trio that is still available and no annual fees

Spend on first 300 a month on halifax to get the £5 reward (so.1.67% and only with the halifax reward account). Also for their everyday offers which has up to 15% on selected stores.

Then rest of the spending on Amex (generally 1%)

Then where they don't accept Amex I use Nationwide select to mop up the rest on 0.5% (also need nationwide account)

I used to have this trio and it works well. I've pretty much given up on the Nationwide now though, I had to avoid spend on the Amex as it was to meet the 300 on the Clarity, the nationwide was never used. Small business acceptance of Amex seems to have massively improved (Probably down to the fact that BarclayCard, Lloyds Cardnet and Worldpay all sign up new merchants automatically unless they opt out and are slowing signing up existing merchants). Some large chains like H&M and Hobbycraft (Who I don't understand as they give allsorts of groups of customers 20% off, so must be able to afford Amex in their margins) are more of a problem.

planteria

thanks again reclusive.

and well thought out and explained Winrick. for years ive wanted at least two credit cards in my wallet.. but if AspireElite existing accounts do stop paying cashback then i'm happy to just hold Amex for spending and use Barclaycard and MBNA for BTs. the odd place that doesn't accept Amex (for me just Council Tax, Car Insurance & Hairdresser) can take a debit card if necessary... which would probably never be necessary as i tend to have one of the BT accounts available, while the other one carries a BT balance.

[Deleted User]

planteria

thanks bill
good to see that the CB is to be dished out just after they pull the deal. which avoids the necessity hang on before bailing out;)
i not that it doesn't say 'all' but 'yours'..so perhaps some CapOne accounts will still be bagging cashback:think:

Deadbeat

billbennett wrote: »

I always need an expert to translate those things.

http://wondermark.com/599/

Chrysalis

whos silly idea was it to enforce lower fees for card processing?

as the consumer doesnt gain from it.

I know if I was a shop and my processing fees were dropped I wouldnt lower prices, I would just bump up my profit margin instead.

planteria

agreed... and i take advantage of deals as a consumer, but the charges to retailers can certainly be quite high

Medstudent

Not yet been home to see if I have one of these letters. Hopefully the let me keep the overseas fee free, then it still has some uses. I wonder how many other Suppliers will follow suit. I only just got a Barclaycard cashback..hopefully that one hangs on!

frank777

Back to basics - Round 1 you have received a notification letter that cashback ends 1st June

I have not received a letter in the post, I'm not effected or has the letter got lost in the post? I contact CapitalOne and flag my account up with the management and maybe end up in Round 2

Round 1 - computer generated expendables
Round 2 - handpicked expendables
Round 3

I trust CapitalOne/Luma etc will include a message/copy letter in the May statement cashback ends 31st May.
I assume cashback will be paid on transactions dated 31st May

Don't contact Capitalone/Luma etc - wait and see - I get 4% from Luma and 1% from Capitalone with a £10 bonus for managing my account in a responsible way and have not been notified of cashback ending on any of my accounts