Credit Cards

Capital One Cash back rate reset?

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  • May 8th, 2020 9:36 am
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[OP]
Sr. Member
Aug 6, 2019
818 posts
1351 upvotes

Capital One Cash back rate reset?

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?
12 replies
Deal Fanatic
User avatar
Aug 24, 2016
8910 posts
9939 upvotes
The Prairies
gizmokrap wrote: Yes
Any reason you choose to spend 3k on a card earning 0.5% when there are far better options?
Member
Apr 16, 2020
333 posts
439 upvotes
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.
Deal Fanatic
Jan 19, 2017
6741 posts
3854 upvotes
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.
Deal Fanatic
User avatar
Aug 24, 2016
8910 posts
9939 upvotes
The Prairies
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 Face With Tears Of Joy
Deal Addict
Feb 25, 2007
2962 posts
700 upvotes
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/
Deal Expert
Feb 29, 2008
28886 posts
4610 upvotes
Montreal
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.
Deal Addict
Feb 25, 2007
2962 posts
700 upvotes
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
Deal Expert
Feb 29, 2008
28886 posts
4610 upvotes
Montreal
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.
Deal Addict
Nov 12, 2006
1867 posts
447 upvotes
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.
Deal Fanatic
User avatar
Sep 7, 2004
7167 posts
3632 upvotes
West GTEH!
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
😎

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