5% rewards reset – Capital One Buy Power card

[nmac]

Hello

I was reading that the buy power card offers 5% rewards on the first 5K of spending a year and 2% on the remainder. I can’t seem to find if the 5K limit on 5% earnings resets with the calendar year or after a customer has had the card for a year.

For example if I opened the card and spent 5K before the end of the year and another 5K in the beginning of 2016 would I have $500 of rewards or $350?  

Thanks

Edit: I found the answer in the terms and conditions. 

You earn 5% on your first $5,000 in net BuyPower Card purchases (purchases minus any credits or returns) during each Account Year as Earnings. Your Account Year begins on the first day of the month in which your BuyPower Card is initially opened and restarts each year on that date.

[kdm31091]

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@nmac wrote:

Hello

I was reading that the buy power card offers 5% rewards on the first 5K of spending a year and 2% on the remainder. I can’t seem to find if the 5K limit on 5% earnings resets with the calendar year or after a customer has had the card for a year.

For example if I opened the card and spent 5K before the end of the year and another 5K in the beginning of 2016 would I have $500 of rewards or $350?  

Thanks

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Well basing it on the calendar year would be kinda unfair considering you don't necessarily open the card in January!

I would assume it goes just like a bonus and it begins with your account opening date. So it would reset every "anniversary". To me that makes the most sense. Could be dead wrong though!

[nmac]

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@kdm31091 wrote:

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@nmac wrote:

Hello

I was reading that the buy power card offers 5% rewards on the first 5K of spending a year and 2% on the remainder. I can’t seem to find if the 5K limit on 5% earnings resets with the calendar year or after a customer has had the card for a year.

For example if I opened the card and spent 5K before the end of the year and another 5K in the beginning of 2016 would I have $500 of rewards or $350?  

Thanks

---

Well basing it on the calendar year would be kinda unfair considering you don't necessarily open the card in January!

I would assume it goes just like a bonus and it begins with your account opening date. So it would reset every "anniversary". To me that makes the most sense. Could be dead wrong though!

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It would make sense to me to have it reset on account anniversary but I could see it done either way. I'm still deciding if I want to try and coordinate cc rewards with a car purchase and when the 5% resets could be the deciding factor.

[rockbttm442]

I got a prequalify letter in the mail yesterday for this card. I don't see myself buying a new car anytime soon so I put the app near my shredder. I have ontology the middle of August to decide though. 

[Anonymous]

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@kdm31091 wrote:

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@nmac wrote:

Hello

I was reading that the buy power card offers 5% rewards on the first 5K of spending a year and 2% on the remainder. I can’t seem to find if the 5K limit on 5% earnings resets with the calendar year or after a customer has had the card for a year.

For example if I opened the card and spent 5K before the end of the year and another 5K in the beginning of 2016 would I have $500 of rewards or $350?  

Thanks

---

Well basing it on the calendar year would be kinda unfair considering you don't necessarily open the card in January!

I would assume it goes just like a bonus and it begins with your account opening date. So it would reset every "anniversary". To me that makes the most sense. Could be dead wrong though!

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That would be the "proper way" to do it as to be fair to all the cardholders. Don't have the card so sorry OP that I can't be any help. A chat or call should clear that up.

I can tell you that my AMEX BCP has the AF in September (when the account was open many years ago) yet the earning limit is reset based on the calendar year. 

[Anonymous]

Good question. I just assumed that it would be like most rewards and be based on when the card was opened. I got the same prequal so now it is making me wonder the same thing.

How would the opposite be unfair though? Seems like a bonus to me.