How do I actually get my hands on my cash back from my Santander 123 CC?

lunabug2012

(Stupid question alert from a newbie-apologies!)

I have recently started using a 123 CC and have earned some cash back on it (only just had first statement). I have no idea how I actually use that cash. Is it credited to the CC account so that when you spend on your CC it uses this cash back, or something else? Does this happen each month or annually? I have checked the T's and C's quickly but can't seem to find anything.


Please talk me through the process of actually using the cash back you earn in really simple terms for a really financially simple person !

Thanks

unimaginative_user_name

You'll need to check with someone who has the Santander card but if it's anythimg like the American Express Platinum cashback will be paid as a credit to your account on the anniversary of your account opening. You can't use the cashback as such but your bill will be reduced one month.

lunabug2012

Thanks so much for taking the time to reply. Wasn't sure if it was something like that.

ponbeam

It will get credited back to the Credit Card on a monthly basis

sunshineholiday

Yup, its paid monthly onto the account - comes up as a positive credit.

Every little helps, so they say!

Slightly off topic - I have recently started useing this card for day to day spends - and set up the DD to pay off the balance each month...

HOWEVER: It is scary how quickly the balance creeps up - and it also makes you realise how much you spend!! It is something i need to contol I think!

John

lunabug2012

Thanks everyone.

I'm just looking at my statement, it says I have received £6.45 cash back (wasn't using it for a full month). So, does that mean on my next statement it will have automatically used that £6.45 up first when I make my next transaction?

John, I'm only using it for supermarket and petrol (me and husband) and keeping receipts so we keep track of what we've spent, otherwise i can see how it would be easy for it to mount up! I'm actually making a payment weekly for what we've spent in that preceeding week so we can keep on top of what we have left in the current account. I assume that's OK to do? Or will that affect the amount of cash back I receive?

skea56

It took me a while to figure out how they work out the cashback and how it was used, the cashback figure is based on your previous months spending but taken off this months balance so for example:

You spend:
£50 in supermarkets --> @1% = £0.50
£100 in department stores --> @2% = £2.00
£150 on diesel --> @3% = £4.50

Total Expenditure = £300, total cashback = £7

Therefore your payment (assuming you pay in full by DD) will be for £293.

Hope this helps

sk56

pfpf

hi have just got my 1st 123 card statement. only a few transactions on there but should any cashback be on the statement or is it credited to the account later?

thanks.

michaels

Should be on that statement but I think mine didn't appear on the very first statement.

Note carefully that the 3% cashback on fuel/transport is capped at £9 (300 spend) per month so any spend above this should go on a different cashback card.

Still doing the MB monkey man?

pfpf

michaels wrote: »

Should be on that statement but I think mine didn't appear on the very first statement.

Note carefully that the 3% cashback on fuel/transport is capped at £9 (300 spend) per month so any spend above this should go on a different cashback card.

Still doing the MB monkey man?

thanks for that, got to wait another month to find out all is working correctly? bah, us MB types are soooooooo impatient

regarding the "300 spend" on fuel....no problem, i spend all day sat in front of screens MB from home.

no i dont still MB, or see above.



i have actually had a few months off doing MB stuff due to real life getting in the way but hopefully back into it now.

good to see a face from the good old times. thanks for the reply :beer:

callum9999

skea56 wrote: »

It took me a while to figure out how they work out the cashback and how it was used, the cashback figure is based on your previous months spending but taken off this months balance so for example:

You spend:
£50 in supermarkets --> @1% = £0.50
£100 in department stores --> @2% = £2.00
£150 on diesel --> @3% = £4.50

Total Expenditure = £300, total cashback = £7

Therefore your payment (assuming you pay in full by DD) will be for £293.

Hope this helps

sk56

If it's based on the previous month then surely your payment will be £300 minus whatever cashback you earnt in the month before, not the cashback you earnt in that month?