KBC stops credit card reward scheme

T

tomdublin

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Annoyed that KBC didn't announce the end of its CC money back scheme before last April when 30 Euro CC levy was due. Would have cancelled CC there and then. Suggests lack of concern for customers.
 
tomdublin said:
Annoyed that KBC didn't announce the end of its CC money back scheme before last April when 30 Euro CC levy was due. Would have cancelled CC there and then. Suggests lack of concern for customers.
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I guess they are not concerned about customer retention rate at this point.
 
tomdublin said:
Annoyed that KBC didn't announce the end of its CC money back scheme before last April when 30 Euro CC levy was due. Would have cancelled CC there and then. Suggests lack of concern for customers.
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...but if you had cancelled before then, you would have still been charged that April's levy; you are always charged the pending year's levy when you close a card. You are no worse off in the long run and arguably better off if you got a few extra months' cashback.
If you cancel now, you will be charged the 2023 levy but shouldn't be charged again in April '23; you need to make sure you send the closure letter to your new CC company, and keep a very watchful eye on your new account next April!
(edited slightly for clarity)
 
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nephster said:
...but if you had cancelled before then, you would have still been charged that April's levy; you are always charged the next year's levy when you close a card. You are no worse off in the long run and arguably better off if you got a few extra months' cashback.
If you cancel now, you will be charged the 2023 levy but shouldn't be charged again in April '23; you need to make sure you send the closure letter to your new CC company, and keep a very watchful eye on your new account next April!
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But if they had let me know before April 1 I could have cancelled then without paying the 2022-23 levy? Or am I missing something?
 
tomdublin said:
But if they had let me know before April 1 I could have cancelled then without paying the 2022-23 levy? Or am I missing something?
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It all comes out in the wash. The only real exception would be if you aren't going to have a CC at all, when cancelling before April 1 would save you an extra 30 quid. I'm assuming you are moving provider, not deciding to not have one :)
Let's say you cancelled on 15 March. You'd have still had to pay 30 quid (as it's in arrears) for '21/22. Then if you joined a new provider they would have charged you another 30 quid on 1 April for '21/22 (which you would then have had to asked them to refund which is always a faff) unless you had got your Letter of Closure to them sharpish.
But if you cancel now... you've paid the '21/22 fee in April. When you cancel, yes, you will be charged €30 for the '22-23 stamp duty but you have plenty of time to get the closure letter to your new provider, and you *won't* then get charged in April again.
 
...just btw, I was *also* a KBC current and savings accounts and CC customer until last December. I moved to Avant for my CC then (not at all smooth sailing, nearly asked them to cancel), and get cashback on purchases which I believe is no longer on offer to new customers sadly. So I get the annoyance! Moving CC is a pain.
 
I had planned to move to Avant when they also had the 1% cash back but I procrastinated on moving due to the ease of paying off my credit card with the KBC app.

I see Avant still offer a cash back scheme but only to the tune of €100 and only if you spend €500 each month for the first three months. After that no extra cash back.
€100 cashback subject to minimum monthly spend of €500 in first three months with cashback payable within six months of account opening.

Credit Cards with Cashback & Award Winning Rewards

Choose between €100 cashback with Reward+ card or 0% for 1 year on Money Transfers with One card. Plus access 300+ rewards with our award winning loyalty programme. Our credit cards don't follow the herd. They lead the pack.
www.avantmoney.ie www.avantmoney.ie
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Unless I'm mistaken Avant is the only place offering any type of cash back scheme.
 
tomdublin, If it's any consolation, you could have made enough since April with cashback scheme to cover the €30 stamp duty that you'll pay if you don't get another credit card.
 
Gervan said:
tomdublin, If it's any consolation, you could have made enough since April with cashback scheme to cover the €30 stamp duty that you'll pay if you don't get another credit card.
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Theoretically I could have by spending more on things I don't need... It's a lose-lose situation,
 
This doesn’t bode well for the continuation of the mortgage discount
 
Ryan said:
This doesn’t bode well for the continuation of the mortgage discount
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KBC have said that they will continue to honour the mortgage discount even if you close your current account.

From the 1st of June 2022, if you decide to close your KBC Current Account your Mortgage Discount will be honoured by KBC Bank Ireland and by Bank of Ireland should your mortgage transfer to Bank of Ireland if the Binding Agreement receives ministerial approval.
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