TSB 5% Cashback Paid

troffasky

Don't want to look a gift horse in the mouth here, but why are they so keen on punters using contactless? Do they get more monetisable information about transactions than with contactful, or what?

JWalker1995

troffasky wrote: »

Don't want to look a gift horse in the mouth here, but why are they so keen on punters using contactless? Do they get more monetisable information about transactions than with contactful, or what?

I'm not sure myself tbh, especially if you use Apple Pay, as the banks have to pay a fee to Apple for the privilege (believe it's around 3-5%)

Ballard

JWalker1995 wrote: »

I'm not sure myself tbh, especially if you use Apple Pay, as the banks have to pay a fee to Apple for the privilege (believe it's around 3-5%)

I believe that Apple get 0.15% per transaction.

SnowTiger

troffasky wrote: »

Don't want to look a gift horse in the mouth here, but why are they so keen on punters using contactless?

To encourage us to use a card for every transaction.

Until TSB's 5% cashback I paid for most things under a fiver with cash. Now I use a card for almost everything.

That way the banks will receive a small payment every time we pay for something.

IMO in ten years time, probably a lot less, cash transactions will be very rare.

I know many people will say they'll never use contactless, however just as many people said they'd never use Chip'n'PIN...

molerat

fun4everyone wrote: »

As others have said its towards the end of the month.


Mine is always lower than the sum of my contactless payments * 0.05. I don't get why but not about to phone up and complain over 20p or whatever it is.

Mine was 5p short this month. I then added up 5% of each separate transaction unrounded and it was spot on what I received.

zolablue25

I've just opened one of these TSB accounts with the contactless cards but how common are the contactless machines in vendors? Can't say I've really noticed them before (although, admittedly, I've not been looking for them)

fromtheshires

troffasky wrote: »

Don't want to look a gift horse in the mouth here, but why are they so keen on punters using contactless? Do they get more monetisable information about transactions than with contactful, or what?

Cash is expensive. Banks will be driving cashless society as much as the big companies. A few costs involved with cash I can think of off the top of my head:

Logistics of moving cash and associated costs (securicor etc)
Tellers to count the cash when it arrives
Cost of ATM
Time taken to refill / repair / count ATM
Insurance for the cash cash
Cost of installation / upkeep of safe
Physical security measures and assoicated upkeep
Cost of cashiers
Cost of larger premises (a bank in a cashless society can just be portacabin sized for the three staff needed to run it)

If I were a commercial enterprise like a bank, I would rather pay a very small amount per transaction than the costs above. However when htey have the monopoly whats to say that they wont increase the fees sky high.

For those who like to wear tinfoil hats, its so the government can see every thing we spend :eek:

molerat

zolablue25 wrote: »

I've just opened one of these TSB accounts with the contactless cards but how common are the contactless machines in vendors? Can't say I've really noticed them before (although, admittedly, I've not been looking for them)

Aldi, Lidl, Boots, Post Office, Greggs, Brewers Fayre, Burger King, Dobbies, B&M are ones that I have used.

puk999

Chaykin wrote: »

Got another fiver today. :-) Therefore payments to date were: 23 Oct, 19 Nov, 18 Dec & 19 Jan.

I have the same dates.

Chaykin

molerat wrote: »

Aldi, Lidl, Boots, Post Office, Greggs, Brewers Fayre, Burger King, Dobbies, B&M are ones that I have used.

Also Morrisons.