iPledge - is it worth it?

ltj44

I have just logged onto the iPledge website. This site boosts that it,

"offers you Cashback on absolutely everything you buy with it, together with an associated deposit account, which offers an attractive rate of interest.

The deposit account, administered by The Children's Mutual, the UK leader in long term savings plans for children, is where all future savings and Cashback from your iPledge credit card can be deposited to grow for the future."

They say that:
Up to 0.8% Cashback on all iPledge credit card purchases
Cashback paid directly into a linked iPledge deposit account
Over 4% interest paid on linked deposit account
Additional online retailer savings of up to 20% (over and above the 0.8% offered by the iPledge credit card)

Sounds good - but why do I feel like I might be being duped here!!

What are people's views as I am thinking of applying and buld up a fund for my son.

Reaper

It looks genuine to me, the card is operated by Accucard.

What they are doing is just to package up stuff you could do yourself. You could always get a card which pays as much or more cashback and put money equivilent to that into a savings account paying as much or more interest. However it does save you the hassle of organising it.

You didn't mention the other benefit which would apeal to me more - 3.9% interest for life on balance transfers.

Joe_Bloggs

Ok so here it is:-
http://www.ipledge.co.uk/ipledge2/index.htm
There is a lot of information to digest in one go which should overwhelm most people.
J_B.


(I fixed the link - Galstonian)

Galstonian

While it has elements I like (high cashback rate, savings account) I'm not really keen on it. I prefer to decide where I spend the cashback I earn from my credit card and choose which accounts I open for saving for my children. Not having a child eligible for the childrens trust fund means I haven't looked at different providers. Anyone trying to link unrelated products is, in my opinion, trying to sell something less than the market leader in at least one of them.

The only way I would say it becomes a very good idea is if you will be spending a lot at one of the retailers who offer additional cashback.