Capital One Cash back rate reset?

May 2nd, 2020 12:06 pm

#1

gizmokrap [OP]: Deal Addict; Aug 6, 2019; 1349 posts; 2274 upvotes

May 2nd, 2020 12:06 pm

Hi everyone, I've got a question for you all.

It seems like the cash back rate for my Capital One I has been set back to earn 0.5% currently, but the thing is I've had this card for a while and definitely spent more than $3000 so far.

I've chatted with an agent about that and she said that the earn rate gets reset every year. This seems a little fishy to me but coming from an agent I've decided to go with it

Can any one else confirm that earning rate resets every year or was I given a false info?

May 2nd, 2020 1:15 pm

#2

coolintheshade: Deal Guru; Aug 24, 2016; 10510 posts; 12460 upvotes; The Prairies

May 2nd, 2020 1:15 pm

Costco credit card?

May 2nd, 2020 1:18 pm

#3

gizmokrap [OP]: Deal Addict; Aug 6, 2019; 1349 posts; 2274 upvotes

May 2nd, 2020 1:18 pm

Yes

May 2nd, 2020 1:56 pm

#4

coolintheshade: Deal Guru; Aug 24, 2016; 10510 posts; 12460 upvotes; The Prairies

May 2nd, 2020 1:56 pm

gizmokrap wrote: ↑Yes

Any reason you choose to spend 3k on a card earning 0.5% when there are far better options?

May 2nd, 2020 7:08 pm

#5

Kneader: Member; Apr 16, 2020; 372 posts; 480 upvotes

May 2nd, 2020 7:08 pm

From the card info on the website, it says "0.5% on the first $3,000 you spend annually on all other purchases, and 1% after that"

So I'd say the agent was right that the rate is reset once a year.

May 2nd, 2020 11:03 pm

#6

ml88888888: Deal Fanatic; Jan 19, 2017; 9049 posts; 5396 upvotes

May 2nd, 2020 11:03 pm

coolintheshade wrote: ↑ Any reason you choose to spend 3k on a card earning 0.5% when there are far better options?

Someone people don’t care about the extra 0.5 to 1% cash back. They think it is wasting time to chase the extra.

+1

May 2nd, 2020 11:07 pm

#7

coolintheshade: Deal Guru; Aug 24, 2016; 10510 posts; 12460 upvotes; The Prairies

May 2nd, 2020 11:07 pm

ml88888888 wrote: ↑ Someone people don’t care about the extra 0.5 to 1% cash back. They think it is wasting time to chase the extra.

He should have his RFD membership revoked

+3

May 3rd, 2020 8:00 am

#8

rogerrabbit168: Deal Addict; Feb 25, 2007; 3122 posts; 839 upvotes

May 3rd, 2020 8:00 am

yes its annually, say its right on their website, dining gives you 3% tho, gas 2%, everything else is the up to 1%, first $3K is 0.5% this card is not that great for everything else spending, much better options out there, Only thing good about it is it doubles as your membership, I have this card and only use it for the membership, when paying at costco I still bust out my other card to use.

https://www.capitalone.ca/credit-cards/costco/

+2

May 6th, 2020 1:38 pm

#9

mr_raider: Deal Expert; Feb 29, 2008; 29857 posts; 5373 upvotes; Montreal

May 6th, 2020 1:38 pm

rogerrabbit168 wrote: ↑ yes its annually, say its right on their website, dining gives you 3% tho, gas 2%, everything else is the up to 1%, first $3K is 0.5% this card is not that great for everything else spending, much better options out there, Only thing good about it is it doubles as your membership, I have this card and only use it for the membership, when paying at costco I still bust out my other card to use.

https://www.capitalone.ca/credit-cards/costco/

Then you are still carrying two cards, this and the other one. The saved wallet space from not carrying your Costco member card has not materialized.

May 6th, 2020 6:36 pm

#10

rogerrabbit168: Deal Addict; Feb 25, 2007; 3122 posts; 839 upvotes

May 6th, 2020 6:36 pm

mr_raider wrote: ↑ Then you are still carrying two cards, this and the other one. The saved wallet space from not carrying your Costco member card has not materialized.

You are right, wallet space not materialized, but Costco card gives 3% on dining (not everywhere take the Amex) so that’s what I used for

May 7th, 2020 9:01 am

#11

mr_raider: Deal Expert; Feb 29, 2008; 29857 posts; 5373 upvotes; Montreal

May 7th, 2020 9:01 am

rogerrabbit168 wrote: ↑ You are right, wallet space not materialized, but Costco card gives 3% on dining (not everywhere take the Amex) so that’s what I used for

Pretty much the only free card that does it. Tangerine is 2% at best. It actually makes a nice complement to amex Scotia gold I guess.

May 7th, 2020 3:38 pm

#12

doberman_baby: Deal Addict; Nov 12, 2006; 1899 posts; 466 upvotes

May 7th, 2020 3:38 pm

What would an RFDer use the Costco capital one for anything else except for restaurants and gas.
The tiered 0.5% to 1% is not even funny.

May 8th, 2020 9:36 am

#13

Webhead: Deal Fanatic; Sep 7, 2004; 8646 posts; 6189 upvotes; West GTEH!

May 8th, 2020 9:36 am

doberman_baby wrote: ↑ What would an RFDer use the Costco capital one for anything else except for restaurants and gas.
The tiered 0.5% to 1% is not even funny.

Loyal Costco customer? LOL

Smiling Face With Open Mouth And Smiling Eyes