The Top Easy Access Savings Discussion Area

AlwaysLearnin

Zerforax wrote: »

... if you spend £750 on your credit card, you can earn £5 reward...

Are you thinking of the Clarity card? If so, only need to spend £300, and you look to be a bit confused with the DD requirement

From T&C:


11.1 If you meet the requirements set out in condition 11.2, then for any statement period in which you:-
(a) make at least £300 of Purchases (once any Purchases refunded in that period have beend deducted);
(b) stay within your credit limit; and
(c) make your minimum monthly payment;

you will qualify for a £5 credit to your account in the following month. The credit will not be treated as a payment to your account under these conditions.

11.2 To be eligible for the reward set out in condition 11.1, you must, at the time you enter into this agreement:-
(a) hold a Halifax current account and pay in £1,000 or more each month;
(b) use our switching service to move your current account to a Halifax Current Account and agree to pay in £1,000 or more each month;
(c) open or hold a Halifax Ultimate Reward Current Account.

olddogbreath

This maybe a stupid thing to ask, but if I have £20k and I put it in a Santander current account, then providing I put in £500 a month, and get 2 DD's I get 3% or 2.4% net = £480pa?

Zerforax

AlwaysLearnin wrote: »

Are you thinking of the Clarity card? If so, only need to spend £300, and you look to be a bit confused with the DD requirement

From T&C:


11.1 If you meet the requirements set out in condition 11.2, then for any statement period in which you:-
(a) make at least £300 of Purchases (once any Purchases refunded in that period have beend deducted);
(b) stay within your credit limit; and
(c) make your minimum monthly payment;

you will qualify for a £5 credit to your account in the following month. The credit will not be treated as a payment to your account under these conditions.

11.2 To be eligible for the reward set out in condition 11.1, you must, at the time you enter into this agreement:-
(a) hold a Halifax current account and pay in £1,000 or more each month;
(b) use our switching service to move your current account to a Halifax Current Account and agree to pay in £1,000 or more each month;
(c) open or hold a Halifax Ultimate Reward Current Account.

I have the old credit card which I haven't gotten round to upgrading to the clarity card.

Basically my question is - can using a Tesco Saver Account to pull money from the credit card count as a 'purchase' for the purpose of 11.1(a)?

freddysmith

olddogbreath wrote: »

This maybe a stupid thing to ask, but if I have £20k and I put it in a Santander current account, then providing I put in £500 a month, and get 2 DD's I get 3% or 2.4% net = £480pa?

And pay the £2 monthly fee, then yes.
I waited until the 2 direct debits were showing before transfering money into the account.

mihaid

freddysmith wrote: »

I waited until the 2 direct debits were showing before transfering money into the account.

And you lost a few days' interest.

olddogbreath

Thank you Freddysmith, when deal currrent deal comes to an end, think I will set up 2 DD's and then possibly open a Flexdirect to drop some into as well.
This may pay for the £2 monthly fee.
Not had the need to use cashback sites before, so who do you use to set up Santander and how do you get the cashback, as cash or do you have to build up so much?

AlwaysLearnin

Zerforax wrote: »

Basically my question is - can using a Tesco Saver Account to pull money from the credit card count as a 'purchase' for the purpose of 11.1(a)?

Not sure that's even possible, but purchase is defined as:

"“Purchase”: a payment for goods or services that you make or authorise by Card or Card number."

in their T&C's, which what you're proposing wouldn't cover - sounds more like a Cash Withdrawal?

“Cash Withdrawal”: cash withdrawals, advances made by Card or Card number, gambling transactions, purchases of currency and cash related transactions, such as the purchase of travellers cheques, money orders or gaming chips.

or perhaps Balance Transfer

"Balance Transfer”: any amount (minimum £100 or another amount we tell you) we allow you to transfer to or from another UK account.

freddysmith

mihaid wrote: »

And you lost a few days' interest.

One of the 4 conditions to recieve interest in the paperwork I was sent by Santander says You must have at least two Direct debits set up.

So rather than risk a large amount sitting in the account earning no interest I waited until I could meet that condition.

mihaid

freddysmith wrote: »

One of the 4 conditions to recieve interest in the paperwork I was sent by Santander says You must have at least two Direct debits set up..

You have one month to set up the DD, per cust serv rep. And you're earning interest from opening.

beansy

freddysmith wrote: »

One of the 4 conditions to recieve interest in the paperwork I was sent by Santander says You must have at least two Direct debits set up.

So rather than risk a large amount sitting in the account earning no interest I waited until I could meet that condition.

And very sensible too.

I made the mistake of opening the account, transferring £20K in straight away and just as you state, no interest in the first month at all due to the time taken by my Water and Council Tax providers to set up the DD. So I aksi lost the interest on the £20k from the other bank it was previously sitting in. So a wise move to follow from freddysmith;62258707