Annual Oyster Refund - incorrect amount?

Oasis1

Hello MSE-ers!

So I purchased a Zone1-2 annual travel card in April 2016. I was looking into the option of refunding the remainder, so that I could purchase a new one to get cashback with my Amex Platinum Everyday credit card (it needs to be done this month for the 5% cashback in first 3 months bonus).

When I looked into refunding it today, the total amount was £246.70. This seems to be on the low side considering I have about 3.5 months left on it, and paid £1296 for it. My calculations are along the lines of (1296/12)*3.5= £378.

If my calculations are right, this would make the £64.80 cashback I get redundant, so it's a shame.

I'm just wondering if anyone knows why this is? Is my maths completely off?!

Thanks in advance. :j

p00hsticks

Oasis1 wrote: »

Hello MSE-ers!

So I purchased a Zone1-2 annual travel card in April 2016. I was looking into the option of refunding the remainder, so that I could purchase a new one to get cashback with my Amex Platinum Everyday credit card (it needs to be done this month for the 5% cashback in first 3 months bonus).

When I looked into refunding it today, the total amount was £246.70. This seems to be on the low side considering I have about 3.5 months left on it, and paid £1296 for it. My calculations are along the lines of (1296/12)*3.5= £378.

If my calculations are right, this would make the £64.80 cashback I get redundant, so it's a shame.

I'm just wondering if anyone knows why this is? Is my maths completely off?!

Thanks in advance. :j

If it works like overland train season tickets do, then you can't take a simple proportion of the annual price.

They work out the cheapest price for buying a season ticket for the period of travel you have already had (eight and a half months) and subtract that from the price you paid for the annual to give you the refund.

Mobeer

As poohsticks suggests, if this is the same as trains, then the refund is based on the difference between what you originally paid (1296) and the amount it would cost to cover the period used with the next cheapest ticket (124.50 per month).

I can't quite match the exact calculation from TfL, but you have used something like:
+ 8 months at 124.50 each = £996
+ either some number of weekly tickets, or some fraction of a month = £53.30 (not so sure how this bit is calculated
which leaves the refund of 246.70