On the get.neofinancial.com/rates-table/
“Cashback Spend Caps” means the maximum cashback I will receive? Or the maximum money I will receive the cashback on?
For example, the WE Recurring Payments category. I will receive a maximum of $500 cash back on this category monthly, (meaning I can spend maximum 500/0.04=12500 dollars)? Or I can only get 4% cash back on $500 spending monthly, (I cam only receive a maximum 500*0.04=20 dollars cash back)?
Hey @futandrew.
The spend cap relates to the spend that you will receive cashback on. EG: If you spend $1000 on groceries in the month, you will receive $50 back. After you have hit the cap, future spend reverts to the ‘everything else’ rate, so you will continue to receive cashback until the month is over and the spend caps reset.
Our spend caps are consistent (and sometimes much higher) than other cards in market, and built with a view of average spending on each category. Hope that helps!
So to make this clear, for WE Recurring Payments category, if I want to get 4% cash back, my maximum spend is $500? This is way lower than other products.
For sure, there are cards out there with higher caps on recurring payments specifically. However, often those cards combine caps with other categories to make the caps look artificially higher, or pay out lower %'s and raise the cap. We chose to focus on the Grocery and Gas categories specifically with higher caps, and build the caps independent of each other, because that was most valuable for the majority of users. Hopefully you can still derive a lot of value from the product!