Loss of TSB 5% contactless benefits

TomJ

YorkshireBoy wrote: »

Credit cards are for shopping! Then settle the bill some time later (ideally up to 27 months later), but in the meantime earn interest on the cash. For every £100 of spend, the lender only wants £1 of it back each month (during a 0% intro period)...put the other £99 in a regular saver each month.

Of course, if you have a fruit-based phone you can get 5% cashback on £100pm with a TSB credit card using ApplePay, as well as 1% back on up to £500pm of other purchases and 20 months interest free. Win-win, really...

gt94sss2

And on Android Pay from sometime in Q4..

teddysmum

YorkshireBoy wrote: »

Credit cards are for shopping! Then settle the bill some time later (ideally up to 27 months later), but in the meantime earn interest on the cash. For every £100 of spend, the lender only wants £1 of it back each month (during a 0% intro period)...put the other £99 in a regular saver each month.

I don't want to take out a credit card. Perhaps it's an age thing, but I like to be in credit, except where it's unavoidable (only gas and electric accounts come to mind.

colsten

teddysmum wrote: »

I don't want to take out a credit card. Perhaps it's an age thing, but I like to be in credit, except where it's unavoidable (only gas and electric accounts come to mind.

Having a credit card doesn't mean you are in debt. You just have to pay them off in full each month. I have not paid a penny in interest to any credit card company ever, and I have had CCs for well over 2 decades now.

CCs were wonderful for stoozing in the hay days of 0% balance transfers. They also give you Section 75 protection, amongst the other advantages that come with them.

Age thing? I am well over 60. How old are you?

takman

teddysmum wrote: »

I don't want to take out a credit card. Perhaps it's an age thing, but I like to be in credit, except where it's unavoidable (only gas and electric accounts come to mind.

Well actually you could get a prepayment meter for gas and electric which would mean you wouldn't have to be in debt!. But that would be silly because it would cost more money!.

Don't let an dislike of credit stop you using it to your advantage!.
A credit card is a great tool to make money and it's even worth it just for the Section 75 protection. Plus all the other benefits mentioned on this forum.

Wifey101

I opened my TSB Plus account on 30th May, so I've missed out on the 5% cashback from your contactless card up until the end of Sept 2017 by just TWO days (grr!).

I did speak to a gentleman behind a TSB counter about this. He couldn't tell me if I needed to wait X number of months between closing and opening a new TSB Plus account. Has anyone had any luck at getting this information out of TSB?

The gentleman did suggest downgrading my account to a Classic account and then opening a new TSB Plus account. There's no rush to do anything yet, but I'll perhaps keep this idea in mind nearer December.

20aday

I closed my TSB Classic Plus down in February as the previous offer had ended in the December.

Opened it up again a couple of weeks ago and have qualified for the offer that ends in 2017.

Hope that helps.

Tragen

I have had so many problems using my TSB card via contactless, I would say about 2 out of 3 times it just doesn't work, the terminal initiates the contactless payment but is usually denied (instantly), so I use another contactless card. I just dont bother with it now, will be switching it out.

Lingua

I keep my TSB Classic Plus account at £2k. When I spend on contactless I transfer the exact amount in from another account using the app - that way my balance is constant. However, I too have noticed that my contactless payments are being rejected more often and it is asking me to use chip & PIN. Due to the way I am exploiting (!) the benefits of the account this means I have no reason to use that card. Now if it was 5% cashback on contactless OR online purchases ...

(Interestingly, I wonder how the cashback will work with Apple Pay when the service becomes available online in the near future - I believe it is planned to be rolled out soon?)

takman

Tragen wrote: »

I have had so many problems using my TSB card via contactless, I would say about 2 out of 3 times it just doesn't work, the terminal initiates the contactless payment but is usually denied (instantly), so I use another contactless card. I just dont bother with it now, will be switching it out.

When it is denied do you put the card into the machine and pay entering your pin?. If you don't and just use contactless all the time that may be the problem because you need to do a transaction using your pin every so often for security reasons.

Also i wouldn't switch the account because you will loose the 5% interest on £2000 and the 5% regular saver!