GE Money "Food and Fuel" Credit Card to be discontinued!

karatedragon

Well the guy I spoke to at GE said he is putting my questions to their MArketing Director (apparently) I always view things like this with a pinch of salt. I do not think he was expecting questions about credit scores being affected by people having to "apply" as fresh customers to GE for their other cards and to other providers.

To be honest if they cannot transfer me to their other card without having to go through a "footprint" search I will just not bother with a credit card and let it go in November as I only had this for the 3% cashback.

Once my 0% M&S and more is paid off next month thatI used for the new kitchen appliances that is being cut up anyway so I will be debt free.

I have a debit card as an alternative and im only spending my own cash then.

[Deleted User]

Like 99% of credit and savings companies they are strictly focused on getting new custom. Theyll bring out some other deal for brand new customers only come november.

Never be loyal and then once the tipping point occurs then theyll focus on promises. Like ICEsave that guarentee a good rate for long enough for me to continue with them, but on the flipside the near top of market sainsburys/hbos saver may seem better now but will be c**p in 6months to a year.

We need a credit card thatll guarentee at least 1% for at least 3 years.

Stompa

KTF wrote: »

Barclaycard have a 2% on food and fuel cashback card:

http://www.barclaycard.co.uk/products/apply/platinum293.html

Looks OK, but unfortunately "This offer is only available to new customers." - and I already have a non-cashback Barclaycard

billion25

Amex has a 3% cashback card for the first 3 months, then up-to 1.5% cashback based on spend levels. probably the best deal if spend a lot.

[Deleted User]

amex charges companys 5% as opposed to 2.5% like mastercard and visa, and most of your spend will be at 0.5% which is tiny. You need to spend millions to get into the fractional 1.5% bracket.

mrmajika

Yant1 wrote: »

amex charges companys 5% as opposed to 2.5% like mastercard and visa, and most of your spend will be at 0.5% which is tiny. You need to spend millions to get into the fractional 1.5% bracket.

The vast majority of companies will not pass this charge onto the customer. (I am surprised to hear that it's as high as 5% though - are you sure!?)

I am just finishing up my first year with my AMEX platinum and I have made £320 in cashback. The first £3k (it could be £3.5k?) is at 0.5%, anything between £3k and £10k is at 1%, with £10k + attracting 1.5%.

It is definitely worthwhile for the bigger spenders.

Also for new customers who get the 3% for the first 3 months, bear in mind that only the first £3k is at 0.5%. So if you spend at least £3k on the card in the first 3 months then, after that, you will attract at least 1%.

That is, the 0.5% rate may not apply as the introductory 3% overides this.

Hope that makes sense!

gt94sss2

mrmajika wrote: »

The vast majority of companies will not pass this charge onto the customer. (I am surprised to hear that it's as high as 5% though - are you sure!?)

Companies may not pass it onto consumers, but its the reason many shops refuse to accept Amex cards in the first place.

Regards
Sunil

[Deleted User]

The reason its many accepted by high class joints is because there markups are so huge that they can afford to not accept it, eg id imagine a gucci handbag would cost in the order of £20 for teh silver, leather and labour where they will sell it for 500quid so can accept another 2.5% loss. Same with supermarkets they have the buying power to get things in for so cheap, they pay like 8 pence for milk and sell it at 2 quid.

A lot of other places, esp with smaller markups will definatly say no, in fact some places even surcharge for credit cards rather then debit cards.

Basically by that reckoning you need to earn more then 50K a year and spend a sizable chunk of it to start making the amex payback proper.

I dont think i spend more then 2K/year on credit cards, and i definatly never get charged interest.

PosterBoy77

I'm surprised GE did not just reduce the level of cashback, as I'm sure the T&Cs allowed them to vary it. The card probably attracted the wrong kind of customer so they don't wish to retain them anyway.

One thing I will do is ring them to reduce my credit limit right down on it, and then apply for the Barclaycard Food and Petrol card in a few months, as I only got a new credit card a month ago or so. Reducing my available credit across all cards may optimise my chances of getting another card.

W1zz

Damn, just cleared and cancelled all my unused cards to leave this as my purchase card. All my others are on 0% or 3.9%LOB rates.
Looks like it's time to look around for a new one.