Is it worth me having a cashback card?

chelseablue

angelavdavis wrote:

I have a credit limit of £7500 with Morgan Stanley.

You receive your cashback cheque on your anniversary - mine being October.

You get online access to the account - important for me as I travel so much.

Ref your Capital one card - I guess it depends on your income and any other debts you might have.

Thanks.

My income is £27,500 and I have no debts at all

thumshie

angelavdavis wrote:

I have a credit limit of £7500 with Morgan Stanley.

You receive your cashback cheque on your anniversary - mine being October.

Morgan stanley changed how the cashback is paid. it's in the Ts&C's

web_site wrote:

7. How and when can you redeem your Cashback Bonus award?
You may only redeem Cashback Bonus award in multiples of £15. If, at any time, the Cashback Bonus award you earn in accordance with these Rules is £15 or more, you may contact us to redeem a Cashback Bonus award. You may not redeem Cashback Bonus award in amounts of less than £15 or amounts within any multiple of £15. For example, if, in accordance with these Rules, you have earned a Cashback Bonus award of £29 and request to redeem the same, you may only redeem £15 at that time. The remaining £14 will accrue for your benefit until such time as you are entitled to redeem it (subject to the terms of, and your compliance with, these Rules). Upon receiving a valid request from you to redeem your Cashback Bonus award, we will pay you the award by cheque or by credit to your Account (at your choice). Please allow 28 days from the date of your request to us for the award to be received by you.

chelseablue

thumshie wrote:

Morgan stanley changed how the cashback is paid. it's in the Ts&C's

Sorry for asking the obvious but does that mean you cant have it one lump sum yearly?

If so what cards can you do that with?

thumshie

chelseablue wrote:

Sorry for asking the obvious but does that mean you cant have it one lump sum yearly?

If so what cards can you do that with?

Correct, with Morgan stanley you can't get it annually. Cards which offer annual payments are egg money and amex. though i think both credit your account, not a cheque.

sicker

I use my Egg Money card (or did until I reached my £200 cash back limit) for everything. It pays cash back yearly in March so I shall be back to using it again shortly.

John

LittleVoice

Cash-back (including the pennies, not just whole pounds) earned on my Alliance and Leicester card up to my December statement reached the card account at the beginning of January.

There is, however, a minimum payment of £10 - if you haven't earned that much by the December statement, all of the cashback is wiped off your account and you start again, it is not carried forward.

Oh, and it only pays 0.5% cashback after possible introductory rate of 1%.

angelavdavis

OK, double checked the small print on the Morgan Stanley site and apparently you can only claim back in increments of £15 - eg £15, £30, £45, etc.