Cashback credit cards, how do the companies make money?

blitzboy

w211 wrote: »

Though unlikely, it is very possible if you're a self-employed minicab/taxi driver, and spend £10,000 a year on diesel at their petrol stations, and £10,000 on other business expenses and groceries.

If that was the case I'd make sure I'm earning a lot more than 0.5-1%.

Santander 123 for example, 3% on petrol so £300 earned just on petrol a year (minus the £24 annual fee)

OllyM

blitzboy wrote: »

If that was the case I'd make sure I'm earning a lot more than 0.5-1%.

Santander 123 for example, 3% on petrol so £300 earned just on petrol a year (minus the £24 annual fee)

Or not because the 3% rate is capped to a max of £9 a month

blitzboy

OllyM wrote: »

Or not because the 3% rate is capped to a max of £9 a month

Fair enough, it was just an example. I haven't looked into details as I already have an aquacard myself which is 3% on everything (as does my OH).

Just making the point that there are far better deals out there than 0.5%

System

yes there are some better deals but they require a perfect credit rating

guesswho2000

berbastrike wrote: »

yes there are some better deals but they require a perfect credit rating

I know it's not currently available to new customers, but Aqua Reward - 3% cashback to those with poor ratings.

Wywth

Herbalus wrote: »

Asda gives 0.5% cashback on purchases (1% in Asda, but if £200 is 1% then you're spending £20,000 in Asda every year and I don't think that's likely...)....

I already have the OP on ignore, probably because of their propensity to delve into the realms of fantasy in the content of many of their posts.

I suggest others do likewise.

(Then the OP will probably create yet another new user account which we can all add to our ignore lists :cool:)

Wywth

OllyM wrote: »

Or not because the 3% rate is capped to a max of £9 a month

Love it! :T