Quick question about my Cap One cashback card

smiddle3

I've had the 4% cashback card since October so I'm coming to the end of my 3-month 4% period. I was thinking of maybe cancelling this card and instead replacing it with 0% purchase card and thus beginning to "slow stooze". Few questions really:

1. Will this be more profitable?
2. If I cancel my Cap One card now would they pay me the cashback I am due to date or would I have to wait until next January for it? Or would I just not receive it at all?

Cheers

catshark88

Don't close your account quite yet!

I am pretty sure that the cashback is paid in January (when, I don't know) and I'm certain I read a T&C saying that if the account was not open at payback time, you wouldn't get anything.

Looking forward to getting ours, DH has been putting his work flights on and its quite a decent amount back.

lisyloo

Will this be more profitable?

Depends on what rate you can get on the money elsewhere.
e.g. do you have an offset or flexible mortgage you can use?
what rate of tax do you pay?

If you are a higher rate tax payer without an offset mortgage then the interest you get will probably be wiped out by any balance transfer fee (especial as interest rates are likely to drop this year).

So 1% cashback may well be better, but depends on your circumstances.

If I cancel my Cap One card now would they pay me the cashback I am due to date or would I have to wait until next January for it? Or would I just not receive it at all?

You should be getting any cashback up to an including your december/January statement any time soon (I got mine 3rd Jan).
If you have had all your cashback then you can close the card.
If you have remaining cashback to come then you will have to wait another year (or forfeit it).
You don't say when in October so it's difficult to be precise as to whether you will get it all this time round.