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  • FIRST POST
    • Midland45
    • By Midland45 22nd Feb 18, 4:06 PM
    • 85Posts
    • 34Thanks
    Midland45
    ASDA Money cashback credit card rate drop
    • #1
    • 22nd Feb 18, 4:06 PM
    ASDA Money cashback credit card rate drop 22nd Feb 18 at 4:06 PM
    Just received a letter stating the cashback rate for non Asda shop/fuel is dropping from 0.5% to 0.2%. The rate remains 1.0% for Asda spend, these changes are from 13/04/18.
    Last edited by Midland45; 22-02-2018 at 4:16 PM.
Page 2
    • WillPS
    • By WillPS 26th Feb 18, 4:32 PM
    • 286 Posts
    • 133 Thanks
    WillPS
    Hi folks,

    We've written a news story on this.

    You can read it here: Asda credit card rewards to be slashed


    Thanks,
    MSE Karl
    Originally posted by MSE Karl
    Why don't MSE mention the Natwest Reward card? 1% at all supermarkets (including Lidl) and 0.5% everywhere else. £24 annual fee refunded in full with the Natwest Reward current account.

    It's a market leader now.
    • Rich7111
    • By Rich7111 26th Feb 18, 5:01 PM
    • 53 Posts
    • 40 Thanks
    Rich7111
    Plus card is going down to 0.2% on all transactions (except the Asda ones which remain at 2%)

    Hope this helps, got my letter today
    Last edited by Rich7111; 26-02-2018 at 5:04 PM.
    • darren72
    • By darren72 26th Feb 18, 5:04 PM
    • 1,171 Posts
    • 255 Thanks
    darren72
    Pluscard is going down to 0.2% on all transactions (except the Asda ones)

    Hope this helps, got my letter today
    Originally posted by Rich7111
    OK, so the same as the one without the monthly fee !?
    • Somerset La La La
    • By Somerset La La La 26th Feb 18, 7:53 PM
    • 537 Posts
    • 168 Thanks
    Somerset La La La
    OK, so the same as the one without the monthly fee !?
    Originally posted by darren72
    Double Asda cashback compared to the standard one. So if you spend £150/£151 or more per month in Asda or on Asda Fuel then better off having the plus one than not.

    £151 = £1.51 cashback on the normal card, £3.02 on the 'plus'.

    Obviously it depends what other cards you're eligible for - when I first got Petrol with it I used to think of it as 1% off, so @ 117.9p, you're paying 116.72p.... but as I've got an Aqua Reward (with much better limit - Asda text me every single day to tell me I'm near my limit!) it's actually really only 0.5% more.

    Paying £3 a month to get 1.5% more than (say) Aqua Card for Petrol/Asda spend is still potentially worth it (if you spend over £200 p/m), but there are many others out there for even average credit scorers. And if you qualify for the likes of Amex, you're laughing as you'll easily smash £3k if you're spending £200 a month just in Asda!!

    Is pretty pants they've cut it and not put the fee down though... even to £2 would've been reasonable IMO. Similar to Santander 123 becoming Santander 1...1.5, at the same price!
    Last edited by Somerset La La La; 26-02-2018 at 7:58 PM.
    • evogiles
    • By evogiles 26th Feb 18, 8:29 PM
    • 33 Posts
    • 65 Thanks
    evogiles
    If its true the plus card is dropping the 1% to 0.2% for shopping elsewhere then it sucks, not even had the card a month, and most of my shopping is elsewhere. haha. If they are cutting it that much they should drop the monthly fee.
    • WillyWonga
    • By WillyWonga 26th Feb 18, 10:53 PM
    • 291 Posts
    • 153 Thanks
    WillyWonga
    Problem is they are realising shoppers are pretty savvy. By spending on the card and clearing in full each month they are not making the interest. Expect more to follow suit. MBNA scrapped all their airline cards. AmEX lost its appeal on the fees so their co-branded Amex Costco, Nectar and Harrods cards are in doubt now.
    • vkharch
    • By vkharch 26th Feb 18, 11:35 PM
    • 37 Posts
    • 4 Thanks
    vkharch
    Plus card is going down to 0.2% on all transactions (except the Asda ones which remain at 2%)

    Hope this helps, got my letter today
    Originally posted by Rich7111
    I've got the letter from Asda with the same
    • WillPS
    • By WillPS 27th Feb 18, 9:13 AM
    • 286 Posts
    • 133 Thanks
    WillPS
    Still no mention of this on the official website. Poor show, Creation.

    Both products are essentially rubbish now unless you do *all* your normal shopping at Asda.

    Double Asda cashback compared to the standard one. So if you spend £150/£151 or more per month in Asda or on Asda Fuel then better off having the plus one than not.

    £151 = £1.51 cashback on the normal card, £3.02 on the 'plus'.

    Obviously it depends what other cards you're eligible for - when I first got Petrol with it I used to think of it as 1% off, so @ 117.9p, you're paying 116.72p.... but as I've got an Aqua Reward (with much better limit - Asda text me every single day to tell me I'm near my limit!) it's actually really only 0.5% more.

    Paying £3 a month to get 1.5% more than (say) Aqua Card for Petrol/Asda spend is still potentially worth it (if you spend over £200 p/m), but there are many others out there for even average credit scorers. And if you qualify for the likes of Amex, you're laughing as you'll easily smash £3k if you're spending £200 a month just in Asda!!

    Is pretty pants they've cut it and not put the fee down though... even to £2 would've been reasonable IMO. Similar to Santander 123 becoming Santander 1...1.5, at the same price!
    Originally posted by Somerset La La La
    I challenge your maths.

    Spending £151 would lead to an overall benefit of £1.51 on the normal card and 2p on the Plus card (£3.02 "cashback" - £3 monthly fee). By my working, £300 is the equilibrium point - £3 on the normal card, £3 on the Plus card (£6 "cashback" - £3 monthly fee). £301 and up of Asda-spend you are better off with the plus card.

    Spending elsewhere changes the maths but after this rate drop you shouldn't be using the Asda card elsewhere (unless you can't get one of the better alternatives).
    Last edited by WillPS; 27-02-2018 at 9:17 AM.
    • darren72
    • By darren72 27th Feb 18, 11:59 AM
    • 1,171 Posts
    • 255 Thanks
    darren72
    I don't know how accurate it is, but I've called Asda Credit Card and they tell me that this is only applying to existing card holders. Anyone applying now will get the rates as advertised on the website (ie, the old rates). It doesn't sound right to me, but that is what they tell me.
    • Somerset La La La
    • By Somerset La La La 27th Feb 18, 9:35 PM
    • 537 Posts
    • 168 Thanks
    Somerset La La La
    Still no mention of this on the official website. Poor show, Creation.

    Both products are essentially rubbish now unless you do *all* your normal shopping at Asda.


    I challenge your maths.

    Spending £151 would lead to an overall benefit of £1.51 on the normal card and 2p on the Plus card (£3.02 "cashback" - £3
    monthly fee). By my working, £300 is the equilibrium point - £3 on the normal card, £3 on the Plus card (£6 "cashback" - £3 monthly fee). £301 and up of Asda-spend you are better off with the plus card.

    Spending elsewhere changes the maths but after this rate drop you shouldn't be using the Asda card elsewhere (unless you can't get one of the better alternatives).
    Originally posted by WillPS
    Ah true - I was looking at purely "covering the fee" - but yea, £300 at Asda to actually 'benefit' overall! As you say, a big hit to both products.

    Asda is better than a slap in the face if you shop at Asda, luckily I do. My old address Asda (store or Petrol) isn't nearby! I'd keep it purely because of my Asda spend, even if it was occasional.

    Assuming Amex are still fairly tough on credit scoring? So that rules them out for quite a few people.

    Aqua must be getting quite a lot of interest (I'd imagine they'd give it to every man and his dog if I've got one), followed potentially by Tandem - but Tandem Credit Card is fairly new, so until they get their current/savings accounts setup, their funds must be quite limited (in comparison to say NewDay!) - so can't see them taking a punt on average credit scorers either.

    Amazon from NewDay is pretty good - 0.75% at Amazon, 0.5% elsewhere.

    I'm genuinely quite shocked at how few cashback cards are out there, and the ones that are (other than Amex) are hardly anything to write home about! Sadly the writing was on the wall with the Interchange ruling!

    As interest rates rise, rather than actively using credit cards for "cashback" I can see it just being more of the stoozing variety again - and even for poorer credit scores on just the 50~ days interest free. Whack all spend on a credit card, save it at 5/6/7%.

    I don't know how accurate it is, but I've called Asda Credit Card and they tell me that this is only applying to existing card holders. Anyone applying now will get the rates as advertised on the website (ie, the old rates). It doesn't sound right to me, but that is what they tell me.
    Originally posted by darren72
    They will do, until the notice of variation hits, with the 2 months warning. So assuming Creation will be shipping them out fairly promptly - if it hit at say the end of March, they'll have until end of May....

    Not great for the rest of us, but probably won't be a massive time longer (if it is, I wonder what a few complaints into Creation would do!!)
    • Geoffrey Coan
    • By Geoffrey Coan 3rd Mar 18, 7:39 PM
    • 56 Posts
    • 26 Thanks
    Geoffrey Coan
    The plus card rate cashback rate is dropping as well from 13th April 2018. From then it will drop from 1% outside of Asda to 0.2%, but retains 2% for Asda, George and Asda fuel purchases.

    I received a letter this morning advising me of this change. I've actually got both an Asda Cashback and an Asda Cashback Plus credit card.
    I applied for the Plus last year when I calculated that as long as I channeled enough of my spending to the Plus card the increased cashback rate would cover the £3 monthly fee. With this paltry cashback rate I doubt I will be keeping it though.

    And for those that ask, no I don't believe it is possible to 'upgrade' or 'downgrade' between the two cards. I had to apply anew for the Plus card and despite repeated asking I couldn't get Creation to transfer some of my (more than generous) credit limit from the Cashback to my Cashback Plus card.
    I'd be happier on holiday in Brittany than being at work !
    • sharsky53
    • By sharsky53 5th Mar 18, 4:34 PM
    • 6 Posts
    • 0 Thanks
    sharsky53
    The Asda plus card is also slashing the cashback to 0.2% but maintaining the £3 monthly fee which is very naughty. I looked at the Tandem card for non Asda goods but this card can only be managed via your mobile and since mine is a Windows phone there is no app. Also they don't issue additional cards for your wife or partner. Applied for but now cancelled.
    • Birdman2015
    • By Birdman2015 6th Mar 18, 6:33 PM
    • 142 Posts
    • 95 Thanks
    Birdman2015
    The Asda plus card is also slashing the cashback to 0.2% but maintaining the £3 monthly fee which is very naughty. I looked at the Tandem card for non Asda goods but this card can only be managed via your mobile and since mine is a Windows phone there is no app. Also they don't issue additional cards for your wife or partner. Applied for but now cancelled.
    Originally posted by sharsky53
    Thatís a bit naughty of Tandem as the website clearly states you can get additional cards so long as the person meets their criteria.

    This was a bit of a blow for us being told we couldnít get one when activating the card.
    • briant2001
    • By briant2001 9th Mar 18, 3:50 PM
    • 31 Posts
    • 11 Thanks
    briant2001
    I've yet to receive any notification from Asda about this change - I've a plus card and, while most of my shopping is done at Asda which means I'll be quids in - I feel that to have NO benefit for shopping elsewhere compared to the non-fee charging card is out of order.

    Still £150 cashback since august for £18 in fees ain't bad
    Welcome to my world - it's strange and dark and scarey!
    • darren72
    • By darren72 10th Mar 18, 1:31 PM
    • 1,171 Posts
    • 255 Thanks
    darren72
    I've yet to receive any notification from Asda about this change - I've a plus card
    Originally posted by briant2001
    No notification here yet. I presume the change will be in line with the billing date. My billing date is 23rd of the month, so I presume I will be notified of this on my March 23rd's bill to take effect from April 23rd or thereabouts.
    • Inner Zone
    • By Inner Zone 10th Mar 18, 1:38 PM
    • 2,142 Posts
    • 1,194 Thanks
    Inner Zone
    No notification here yet. I presume the change will be in line with the billing date. My billing date is 23rd of the month, so I presume I will be notified of this on my March 23rd's bill to take effect from April 23rd or thereabouts.
    Originally posted by darren72
    Doubt it. Received the the letter Thursday, cut in effect from 13/04/18 as per OP, my statement date is around the 2nd of each month.
    • darren72
    • By darren72 10th Mar 18, 2:02 PM
    • 1,171 Posts
    • 255 Thanks
    darren72
    Doubt it. Received the the letter Thursday, cut in effect from 13/04/18 as per OP, my statement date is around the 2nd of each month.
    Originally posted by Inner Zone
    Cutting it very fine then as the T&C's state they need to give a minimum of 30 days notice.
    • Scrounger
    • By Scrounger 10th Mar 18, 2:12 PM
    • 720 Posts
    • 350 Thanks
    Scrounger


    I don't know how accurate it is, but I've called Asda Credit Card and they tell me that this is only applying to existing card holders. Anyone applying now will get the rates as advertised on the website (ie, the old rates). It doesn't sound right to me, but that is what they tell me.
    Originally posted by darren72
    I've applied and been accepted.

    I hope that they do retain the old cashback rates (as shown above).


    Scrounger
    • Inner Zone
    • By Inner Zone 10th Mar 18, 2:16 PM
    • 2,142 Posts
    • 1,194 Thanks
    Inner Zone
    Cutting it very fine then as the T&C's state they need to give a minimum of 30 days notice.
    Originally posted by darren72
    Letter was dated a generic March 18. So who know when it was sent out and with last weeks weather and still ongoing in some areas maybe it was delayed, who knows.
    • smipsy
    • By smipsy 13th Mar 18, 3:49 PM
    • 23 Posts
    • 4 Thanks
    smipsy
    bit disappointing, i only started using their card few months ago, and now they're dropping the cashback! even more disappointing if they will keep the original cashback values for new members, but screw up the old ones!
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