What happens to any cashback when cancelling a credit card?

m_c

As title, what happens to any earned cashback on a credit card if you close the account before the cashback date?

I've tried searching but cashback is mentioned too many times to find a suitable result, and I have not managed to locate a copy of the T&Cs for the Capital One account.



For the full details, I've got a Capital One card that I've now not used for a couple months, as I'm back to using my Barclaycard since clearing a balance transfer offer on it, but the Capital One has got about £50 cashback on it, which isn't due to be paid until January.

However, I've also got a balance transfer offer expiring in January, so I'd like to close the Capital One account, to reduce the number of cards I currently hold (and it's got the lowest credit limit), and then get a new balance transfer offer before January.
My other option I could try, is to stop spending on the BC for a couple months, and see if they offer me any new BT offers.

[Deleted User]

You'd normally lose the cashback, though I haven't seen the Cap One t&cs.

Do you really need to close it? What debts and limits do you have and what's your income?

If the Cap One is a low limit, it's unlikely to make a difference.

m_c

That's what I thought.

I probably don't need to close it, but feel I should.

I currently have 5 cards in total, with limits of 4k, 6k x 2, 7k, and 8k (31K in total), with about 16K of 0% BT deals on three of those. First of those deals expires in January, and will be about 5.5k by then, with the next expiring in March (just over 4k by then).
I also have about 14k on vehicle finance, and 1600 on a 0% purchase loan.

I'd like to get things moved before December, so realistically total debt by then should be sub 30k, and I make about 33k a year.

It's the 5.5k expiring in January that is my main concern, as I've got a monthly saver account that matures in March which will cover most of the 4K on the second deal to expire.

My final backup plan if I can't get another 0% deal, is to go down the loan route, but I'd rather have the 0% option with some flexibility on how quickly/slowly I can repay it.

[Deleted User]

Who are those cards with?

Don’t get a loan

m_c

In order of credit limits, Capital One, Bank of Scotland, Barclaycard, Tesco, and Virgin.

[Deleted User]

I think you need to be addressing why you have these debts and not losing £50 in cash back.

T-G-C

I can't see them crediting it, as cashback is a reward incentive for using the card and being a customer of Capital One rather than a legal requirement.

However, if in the signed credit agreement there is a clause which states that cashback accumulated is paid out upon account closure, there is a legal requirement for them to honor it. Just like it is a legal requirement in the credit agreement to make payment for the whole balance and accumulated interest.

m_c

I logged into my Capital One account on the laptop earlier, and T&Cs aren't available online. I also found out it's only £37 worth of cashback. It's not a great deal of money in the grand scheme of things, but given the amount of money I've paid them in the past, I want to get back as much as possible!

I've also had a rummage for a paper copy of the T&Cs, and I think I've found a copy for every other account I have/have had, but no CO.

At the moment, I think I'll wait another month, then go back to using the capital one card for spending, and let the Barclaycard sit idle in the hope they offer me a new BT offer, but looking at other threads recently, they don't seem to be offering much to existing customers.

venison wrote: »

I think you need to be addressing why you have these debts and not losing £50 in cash back.

Nice of you to assume that I'm not.:T

[Deleted User]

m_c wrote: »

I logged into my Capital One account on the laptop earlier, and T&Cs aren't available online. I also found out it's only £37 worth of cashback. It's not a great deal of money in the grand scheme of things, but given the amount of money I've paid them in the past, I want to get back as much as possible!

I've also had a rummage for a paper copy of the T&Cs, and I think I've found a copy for every other account I have/have had, but no CO.

At the moment, I think I'll wait another month, then go back to using the capital one card for spending, and let the Barclaycard sit idle in the hope they offer me a new BT offer, but looking at other threads recently, they don't seem to be offering much to existing customers.




Nice of you to assume that I'm not.:T

I was offering advice NOT making assumptions

WillyWonga

I recently closed my Cap 1 Card and was advised that if I did before the cashback date I would lose the cashback.

m_c

WillyWonga wrote: »

I recently closed my Cap 1 Card and was advised that if I did before the cashback date I would lose the cashback.

Thanks for that. Looks like I'll be keeping hold of the card for a few more months then.