Capital One Platinum Cashback card

WeaponX

Hi,

I'm thinking of getting a Capital One Platinum Cashback card. Can I have your feedback/pros/cons on this card (compared to my standard Visa card).

According to Martin this is the best cashback card at the moment. Are there better cards out there?

Thanks.

PS Could I put my direct debits on this card as I have done with my Visa card?

WeaponX

Anyone got an opinion on this?

michaels

Credit card 'direct debits' and not - you do not get the direct debit promise as they are continuing authority payments and beleive it or not you can not cancel these payments, the company receiving them has to cancel them, they are not recomended

The card is OK - very good for the first 3 months and not bad thereafter, as a cashback card, not any good if you don't pay of your balance in full each month.

Karl.H_2

You'll be able to set-up a Direct Debit to pay off the card. Remember, read the T&Cs because if you miss payments your cash back will be removed and I am sure there is a limit to the amount you earn. Some cards pay the cash back monthly and others pay yearly (e.g. Capital One pays their's yearly). You will need to earn £10k or over. One more thing, cancel the account and you don't get your cash back. You need to be 21 or over.

The only thing I can think of is you'll need an excellent credit score. There is not a huge difference between Mastercard and Visa.

Hope this helps.

WeaponX

Karl.H wrote: »

You'll be able to set-up a Direct Debit to pay off the card. Remember, read the T&Cs because if you miss payments your cash back will be removed and I am sure there is a limit to the amount you earn. Some cards pay the cash back monthly and others pay yearly (e.g. Capital One pays their's yearly). You will need to earn £10k or over. One more thing, cancel the account and you don't get your cash back. You need to be 21 or over.

The only thing I can think of is you'll need an excellent credit score. There is not a huge difference between Mastercard and Visa.

Hope this helps.

Thanks for all your advice. Have applied and was successful. Though a couple of questions:

1) You say "if you miss payments your cash back will be removed", the only thing I saw in the T&Cs is "No rebate will be paid to you if at that time you are in default under the terms of this agreement. However the amount of that year's rebate will accrue and may be payable in a following year." Is this what you meant? What exactly does it mean by "default under the terms of aggreement"?

2) "I am sure there is a limit to the amount you earn" - I didn't see any reference to this in the T&Cs. Am I missing something here?

Thanks again.

Karl.H_2

First of all, congratulations for being accept! :beer:

WeaponX wrote: »

1) You say "if you miss payments your cash back will be removed", the only thing I saw in the T&Cs is "No rebate will be paid to you if at that time you are in default under the terms of this agreement. However the amount of that year's rebate will accrue and may be payable in a following year." Is this what you meant? What exactly does it mean by "default under the terms of aggreement"?

Yes, that's what I mean. Generally speaking, if you miss payments some credit card companies stop your cash back. "Default under the terms of agreement" means failure to perform an act or legally required. With Capital One, If you break any section of the terms and conditions you will not get your cash back (i.e. "No rebate will be paid to you if at that time you are in default under the terms of this agreement"). For example, if you go over the credit limit or miss a payment.

WeaponX wrote: »

2) "I am sure there is a limit to the amount you earn" - I didn't see any reference to this in the T&Cs. Am I missing something here?

I am not sure Capital One have a limit, I have check and cannot find it. Some card companies do have a limit - seems Capital One are different.

Happy spending and earning lots of money! :money:

jojo1978_3

I queried this, there is no limit on the amount of cashabck you can earn. Say if your limit is £6000 and you spend it in the 1st week, you can repay it straight away and when cleared spend another £6000 and so on and keep earning cashback, so may spend around £18000 in 1 month and would get the 4% on the £18000

WeaponX

The question now is do I need to keep my bank's VISA card if I'm getting Capital One's Mastercard?

Milarky

WeaponX wrote: »

The question now is do I need to keep my bank's VISA card if I'm getting Capital One's Mastercard?

If it were the only other credit card you have I'd say 'yes' - on the principle at that it may come in useful in an emergency. With the C1 card you are likely to do all your spending (and maybe use the current account less also) through them.

Also note that Cashback is earned up to January and paid in February - so you don't have a full year to wait for the first 'anniversary' payout.

twiglet333

I would keep the other one for 'emergencies' too

jig

I have a capital one card. When do we get the cashback?