MSE News: TSB current account customer? You can now earn even more cashback

Westie983

£5 for me thanks TSB.

garfield33

Thanks to some spectacular spreadsheeting, even if I do say so myself, I can see that a transaction I made on 31st October was not included in my October cashback. It's not a problem as it'll just come through in the November cashback, but just worth bearing in mind when trying to work out how to get the maximum cashback for minimum spending per month.

R34GTT

I received my £5 today too, so based on the first two months worth of cashback it seems like it pays out on the penultimate Friday of the month, so if that's the case December 18th is next!

Also, my local Jet petrol station has finally lifted their contactless limit to £30 so I'll be even quicker to spend £100.

fun4everyone

I received my cashback payment as well, it was a bit under the actual value of 5% of my contactless transactions in October.


There is no breakdown, I suspect the one or two where I had to key in the pin code did not qualify. If its not that then its not being calculated properly.

Biggles

R34GTT wrote: »

I received my £5 today too, so based on the first two months worth of cashback it seems like it pays out on the penultimate Friday of the month, so if that's the case December 18th is next!

I'm not sure a pattern has formed yet. This month my payment was dated Thu 19th, last month it was Fri 23rd.

zerog

Out of 4 accounts:

3 have received the correct cashback for transactions dated October (i.e. processed in October, even if it was actually 30 Sep). The cashback was rounded up to the next penny, so got £1 even if actual cashback due was 99.1p

Last account received £4 cashback despite only £1.50 being due. Furthermore, I can't find any combination of transaction amounts that would sum to £80 (5% of that is £4), not even if some transactions were counted twice, or inward payments were mistakenly treated as debit card payments, or even if September's transactions were counted again. Anyway, not complaining about extra £2.50

masonic

adindas wrote: »

What is benefit they get by demanding people to use contactless payment for transaction to earn cashback?

Is it because they get the deal from the contactless payment operator ?

Is it to make it more difficult for people to earn 5% cashback??

Probably because they believe people are likely to use their card rather than cash once they get used to using contactless.

knack92

adindas wrote: »

It is not just boot. Many places including Tesco also works like that ....
I think many people aware about this. But the problem here is that there are so many problems with this contactless payment where it does not work and you will have to use your chip and pin and thus do not get cashback.

I fail to see the logic behind the mandatory use of contactless payment from TSB POV to earn cashback. Keep in mind contactless payment is less secure than Chip and Pin so there is more chance that people claim their money back from TSB when fraudulance transactions occur.

What is benefit they get by demanding people to use contactless payment for transaction to earn cashback?

Less secure (only if you exclude device payments) but contactless fraud levels are very low.

I think masonic's post on this, comparing the effect of contactless and PIN fraud on the customer (see here) has merit. I also think from the bank's point of view contactless fraud would be less costly - any claim will be for a smaller amount than a chip and pin fraud.

Is it because they get the deal from the contactless payment operator ?

I know that contactless fees are lower than chip and pin fees for merchants. Perhaps the bank also benefits from this?

Is it to make it more difficult for people to earn 5% cashback??

Probably. They will have designed the scheme with the knowledge that not everyone will use it over chip and pin (for various reasons). And if they do use it, depending on what and where you purchase, it could be difficult to get to the £100 maximum.

At the same time, it's going to have encouraged a lot of people to start using the accounts they originally opened as 5% savings accounts.

Pincher

Just had a combo discount which is rather good.


Waitrose has been sending out Spend £40, get £4 off vouchers, which is nothing in itself. A cashier mentioned that the £40 is Pre-discount, which perked my interest.


Heinz is doing a 3 cans of soup for £2, on various flavours, in Waitrose (400g, not 300g).


I have pre-selected the 400g Tomato soup as one of the ten MyWaitrose Offer items, to get 20% off.


With a MyWaitrose card, the FREE cappuccino (£2.15) and FREE Sunday Times (£2.50) count towards the qualifying £40. Full price on the soup is 95p per can.


If you don't want anything else, you can buy 39 cans, which is
£37.05 at 95p each, plus the cappuccino and Sunday Times.


£41.70 = £37.05 + £2.15 + £2.50


This qualifies for the £4 off.


As the cappuccino and Sunday Times are free, you only pay for the soup, which is £2 x 13 = £26 (3 cans for £2).


The MyWaitrose 20% off is on £37.05! , so another £7.41 off.


So, from an initial bill of £41.70, it gets whittled down to
£14.59 = £26 - £7.41 - £4


You then pay £14.59 using the TSB Contactless, which makes it £13.86 after the 5% cashback.


This makes the soup £13.86 / 39 = 36p a can.


I still have one voucher left. If only I can choose OxTail as my 20% off item. Another problem is, the 400g Tomato soup is often low on stock.

Spidernick

If that really works then all I can say is that Waitrose are extreme plonkers!