MSE News: Halifax unveils debit card cashback, but is it worth switching to?

Speculator

Does anyone know how long we have to wait for the cashback to track on my Halifax account. Do I have to wait for the actual transaction to appear on my online statement?

cheffy1

Speculator wrote: »

Does anyone know how long we have to wait for the cashback to track on my Halifax account. Do I have to wait for the actual transaction to appear on my online statement?

I've found that the odd amount of cashback I do get, seems to appear as cashback due approx 5-7 days after the qualifying transaction appears on my online statement

Speculator

cheffy1 wrote: »

I've found that the odd amount of cashback I do get, seems to appear as cashback due approx 5-7 days after the qualifying transaction appears on my online statement

Thanks. I'm expecting £30 in both my Halifax and Lloyds a/c.

Gerry1

The principle behind this scheme seems weird, the exact opposite of what would be expected. If I've just gone on a package holiday or a cruise, hired a car, bought a TV, a suit, a new kitchen, a car or whatever, I'm obviously LESS likely to be making a repeat purchase in the next few months.

Similarly, I might have money burning a hole in my pocket and be tempted to try something new because of an offer that's so good I can't refuse !

Halifax have also forgotten that many people have other credit cards e.g. Tesco, Santander 1-2-3 and use whichever is best for any given purchase, so they won't be aware of all my spending. And of course, there's always good old cash !

Rather than just preaching to the converted, it would make much more sense to make all the cashback offers open to all account holders.

opinions4u

Gerry1 wrote: »

Halifax have also forgotten that many people have other credit cards e.g. Tesco, Santander 1-2-3 and use whichever is best for any given purchase, so they won't be aware of all my spending. And of course, there's always good old cash !

You have forgotten that most people don't operate their finances in such a sophisticated way.

Rather than just preaching to the converted, it would make much more sense to make all the cashback offers open to all account holders.

No it wouldn't. It's the retailers who are paying the cashback. They will have a finite budget. So they will have arranged with Halifax to point that budget at customers with a particular spending pattern (or non-spending pattern).

malc_b

This is a badly thought out scheme. I bank with Halifax and have signed up to it. But so far (over a week) it is showing no offers because I tend to use my 1% cashback credit cards rather than debit card or clarity (clarity for hols of course). So it's a catch 22, until I spend on clarity or debit card I don't get any offers, so I don't know what the cashback rate is and I'm not tempted to switch my spending.

Good planing that, reward people who already use halifax cards and do not attract new customers to move their spending to halifax cards. Effect on halifax cards cash flow, zero.

Maybe someone could post here what shops are in the scheme and what cashback rates they have. At least then we could know if it worth bothering with.

opinions4u

malc_b wrote: »

This is a badly thought out scheme. I bank with Halifax and have signed up to it. But so far (over a week) it is showing no offers because I tend to use my 1% cashback credit cards rather than debit card or clarity (clarity for hols of course).

I do 80% of my spending on a Halifax cashback credit card. I currently have five offers on the go.

So it's a catch 22, until I spend on clarity or debit card I don't get any offers, so I don't know what the cashback rate is and I'm not tempted to switch my spending.

You've assumed a reason. How do you know it is a reason?

Good planing that, reward people who already use halifax cards and do not attract new customers to move their spending to halifax cards. Effect on halifax cards cash flow, zero.

It's clear from reading posts on this thread that there are various approaches here.

1) Get people to switch to a new retailer.
2) Get people to spend more with the same retailer.
3) Keep people spending with a retailer they've used before.

Maybe someone could post here what shops are in the scheme and what cashback rates they have. At least then we could know if it worth bothering with.

Rates vary by individual.

I've currently got:

Texaco 4% - never use
Play 10% - often use
Argos 10% - occasionally use
Body Shop 10% - used in 2006
Domino Pizza 5% - never use

malc_b

opinions4u wrote: »

I do 80% of my spending on a Halifax cashback credit card. I currently have five offers on the go.

You've assumed a reason (no spend no offers). How do you know it is a reason?

Well, you spend on halifax credit card and you have offers, I don't spend and I don't have offers. Looks like the start of a pattern to me. I've had no offers for over a week, neither has the wife. And in the extras section when logged it says "You have no Cashback Extras offers. To help get new offers pay with your Halifax debit or credit card." QED?

opinions4u wrote: »

Rates vary by individual.

I've currently got:

Texaco 4% - never use
Play 10% - often use
Argos 10% - occasionally use
Body Shop 10% - used in 2006
Domino Pizza 5% - never use

How do you know rates vary? I would have thought offers vary but rates would be standard (same as with topcashback, quidco, etc.).

To my mind the whole thing is just badly conceived. Why base offers on spending. If I bought a TV from Argos say last month am I going to buy another any time soon? It's more likely I'll just get pretty annoyed to get Argos 10% cashback offer as that could have been worth £50 to me. And if rates do vary per customer, and I've managed to use a cashback and then I find out you have been offered 10% at Argos but I've only been give 5% I'll be annoyed some more.

What we could do with is a sticky post at the top of this thread (or a new thread) listing the offers people get so we could know what halifax seem to want to keep secret - what are the cashback rates for what retailer, and do these vary?

opinions4u

How do you know rates vary? I would have thought offers vary but rates would be standard (same as with topcashback, quidco, etc.).

These very forum pages have confirmed offer sizes differ. You can, in some cases, also combine credit card cashback and Topcashback with the Halifax incentive.

To my mind the whole thing is just badly conceived. Why base offers on spending. If I bought a TV from Argos say last month am I going to buy another any time soon? It's more likely I'll just get pretty annoyed to get Argos 10% cashback offer as that could have been worth £50 to me.

Argos sell more than TV sets.

And if rates do vary per customer, and I've managed to use a cashback and then I find out you have been offered 10% at Argos but I've only been give 5% I'll be annoyed some more.

You're a glass half empty kinda chap then. Do you prefer something or nothing?

What we could do with is a sticky post at the top of this thread (or a new thread) listing the offers people get so we could know what halifax seem to want to keep secret - what are the cashback rates for what retailer, and do these vary?

Set the thread up. It doesn't seem to be a sticky.

Now, if you could find me a Texaco charging supermarket prices I need to refuel ...

malc_b

OK, new thread is here. But in this thread you are the only person who has posted their offers so there isn't anything yet that shows offer rates vary between customers.

Also, I know argos sell more than TV's. I was giving an example of an expensive one off purchase unlikely to repeated in the near future. Getting 1% at Morrision's (or whatever the rate is) is one thing because you only miss out once, there after you can get the cashback month after month. But for a large one off purchase you have missed out completely. Maybe I am a halve empty kinda guy but I'd rather NOT know I missed out on some free money, especially when it is 10% of some hundreds.