Top Cashback Cards Discussion Area
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I have a perfect credit score and 3 credit cards with credit limits between £1700 - £3000. Just received my Capital One 1% cashback credit card (one designed for poor credit histories) and they gave me a credit limit of £300!!0
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I think the reason may be by design?flyingflea wrote: »I have a perfect credit score and 3 credit cards with credit limits between £1700 - £3000. Just received my Capital One 1% cashback credit card (one designed for poor credit histories) and they gave me a credit limit of £300!!
Incidentally, a £1700 - £3000 limit is not indicative of a "perfect" credit rating. I'd say they were pretty low and £300 looks more like sub-prime.
If you think it's surprisingly low, you could check your credit files for anything you're not aware of.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
Quick question, I wonder if anyone can help me.
I recently got a credit card, one of the main motives being to earn cashback (1% Capital One Classic). Which transactions will contribute towards earning cashback? Obviously withdrawing cash at an ATM doesn't, and furthermore it incurs charges, but are all other purchases fair game? I'm wondering if a payment made direct to a friend/family's bank account will earn cashback and not result in charges? Can you go further and setup a DD to pay a regular sum to someone's bank account and earn cashback on it?
If this is possible, do people transfer money in and out of their credit card accounts to earn cashback? (is this stoozing?). I am aware of the potential difficulties involved in cancelling DD's setup on a credit card account, but I trust the parties involved and I could earn a nice bit of cashback if I can setup some regular payments to friends and family via my credit card account rather than my current account.
Thanks in advance for your help.0 -
bobsmith85 wrote: »Quick question, I wonder if anyone can help me.
I recently got a credit card, one of the main motives being to earn cashback (1% Capital One Classic). Which transactions will contribute towards earning cashback? Obviously withdrawing cash at an ATM doesn't, and furthermore it incurs charges, but are all other purchases fair game? I'm wondering if a payment made direct to a friend/family's bank account will earn cashback and not result in charges? Can you go further and setup a DD to pay a regular sum to someone's bank account and earn cashback on it?
If this is possible, do people transfer money in and out of their credit card accounts to earn cashback? (is this stoozing?). I am aware of the potential difficulties involved in cancelling DD's setup on a credit card account, but I trust the parties involved and I could earn a nice bit of cashback if I can setup some regular payments to friends and family via my credit card account rather than my current account.
Thanks in advance for your help.
Are you sure it isn't the Capital One World MasterCard you have? The one you mention doesn't seem to have cashback attached to it.
The scheme you have in mind won't work, though, whichever card you have, because only actual purchases count:
You will receive a rebate of 1% on all purchases you make using your card.
.......................................................
No rebate will be made in respect of cash withdrawals, balance transfers, or purchases which are refunded by the retailer.0 -
Definitive wrote: »American Express must be very happy. Martin's cash back credit card article and this forum consistently states the card give 5% cashback. It doesn't. Heres why . . .
You have to spend £3,000 in any year to receive cash back. This would consist of £2,000 at a rate of 5% (giving you the 5% cashback cap of £100 and assuming this spend is all in the first three months) and £1,000 at a lower rate of 1.25%. This is an average cashback rate of 3.75%.
Perhaps Martin should change his cash back cards article?
Source: American Express UK website - Platinum Card terms & conditions as at 22 August 2010.
Per the current T&Cs, it's less than that. The £1,000 over the initial £2,000 would be paid at 0.5%.- Earn 5% cashback for the first three months up to a maximum of £1001
- After the first three months you’ll earn up to 1.25% cashback, depending on how much you spend on the card. Spend under £3,500 in the year and earn 0.5% cashback. Spend between £3,501 to £7,500 and earn 1% cashback. Spend over £7,501 in the year and earn 1.25% cashback1
- To earn your annual cashback you must spend a minimum of £3,000 in the 12 months preceding your Card Anniversary date
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Use online billing - you'll not need to worry about postal delays.
Also check which bank details you are using for payments.
If the sort code isn't 40-02-50 then it will only go via BACS.
The above sort code is Faster Payments enabled.
Finally, the cashback card (Visa) which is designed for poor credit actually has a longer interest free period that the World (Mastercard) version - so be aware. IIRC its 45 days on the Mastercard vrs 56 days on the Visa.Ardmarnoch wrote: »Watch this one carefully.... suggest you AVOID....- I applied just before I went on holiday.
- Was accepted, and the bill for £18 raised immediately
- Bill sent to me while I was on holiday - and payment date is 14 days from issue - NOTE - with postal delays & weekends can be within 10 days of receipt.
- So did not get bill until I returned from holiday.
- I got two bills - the original and another telling me I had failed to pay and had been charged £12 late payment fee + interest - seems like a great scam to make money....
- Had a firm but polite discussion with the (Indian) call center, and a further discussion with call center management (yes and they try to get you on an expensive 0870 number), and they did eventually refund the £12 + interest.
- I THEN allowed them to activate the card (no this had not happened when the tried the payment scam).
- I paid the £18, waited 3 days for my payment BACS payment to be credited (yes they DO NOT have same day banking facilities at their end) and then changed the PIN as required to my own.
- Used the card, the system would not accept my new PIN and locked me out.
- Called same Indian call center, who stated the card needed to be activated AGAIN.
- Left for a few days then tried to use the card. PIN code still blocked.
- Called call center (and they always try an 0870/0845 number) and this time they told me the will mail me a new PIN in a few days - as it is a bank holiday weekend.
Suggest you also are aware that:- Cash back is ONLY paid in January.
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Could I pay my rent using a cash back credit card?
I've setup a direct debit to do this from my current account,
How would I transfer this onto one of these cards?!
Thanks
<edit> Found this part in the email,
"Use the cashback for ALL normal spending, replacing cash, cheques, and other debit, credit & charge cards."
Seems like I've answer my own question, doh! </edit>0 -
I have just received my first monthly statement from Capital One. The statement date is 14 December and the money will be taken from my account on 26 December. I checked the conditions and discovered that Captial One only give you 45 days maximum interest free period which is much shorter than say my old Tesco credit card whcih would have given me 56 days. Consequence - a large monthly bill will hit my bank account 6 days before my monthly salary is paid in rather than 3 days after, resulting in overdraft charges. Ouch!0
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Connedsumer wrote: »I have just received my first monthly statement from Capital One. The statement date is 14 December and the money will be taken from my account on 26 December. I checked the conditions and discovered that Captial One only give you 45 days maximum interest free period which is much shorter than say my old Tesco credit card whcih would have given me 56 days. Consequence - a large monthly bill will hit my bank account 6 days before my monthly salary is paid in rather than 3 days after, resulting in overdraft charges. Ouch!
I'm sure if you call and ask them, they'd permanently shift your monthly statement date a week or so forward, so that your payment date would change accordingly, especially if you explain why you are making the request.0 -
I have had a Bank of Ireland cashback Mastercard for many years now. I replaced my previous card as it had no 'perks'. I have not changed my spending pattern, I always keep track of every penny I put on it and every penny I have in my Current Account. I earn on average £150 cashback which is credited to my statement every February and I then use this for a little treat for myself, something which I wouldn't normally spend that sort of money on. I have never hit a limit on the cashback which I receive and on the one occasion when I accidentally used my card for a cash withdrawal, I was charged a one off flat fee of £3.00 and no interest at all. Apparently they treat cash withdrawals, apart from the fee, as another purchase and as long as you clear your balance at the end of the month they do not charge interest. This dispels the myth that all credit cards charge interest on cash withdrawals from the minute that you withdraw it - Bank of Ireland Mastercard does not.
For me it is always my main card, except when I am in House of Frazer, when I use their Mastercard and receive vouchers for spending instore, just another way of giving myself a little treat every now and again.
Don't know what has happened to Visa, they don't seem to feature in any good credit card offers, yet to purchase tickets for the 2012 Olympics in London you can only use a Visa card. Guess I'll get one, use it solely for ticket payments if I'm lucky enough to get any, pay the balance in full and then cancel after the Olympics - or get somebody else to use theirs and give them the cash
Nothing would lure me away from my present cards, unless of course an offer such as 5% cashback which, let's face it, is not going to happen!0
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