Maximising Coop Everyday Rewards

abz88

To get the additional £1.50 on Coop Bank Everyday Rewards you need to use your debit card 30 times in a month at 5p a time. With an Amex cashback card, anything over £5 means taking a loss overall and I don't regularly make enough card transactions under that amount a month.

I have started an NS&I Direct Saver which you can pay into using debit card payments of £1 and doing this 30 times a month (doesn't take that long when card details are saved to my phone and auto-populate). I then transfer these into premium bonds (tax reasons, I will hit the tax free savings limit with RS and Marcus and my ISA allowance is used up).

Does anyone else have a better way of claiming the additional £1.50? (short of buying 30 x penny sweets a month)

keiran

I make 30 lots of 5p payments to my Capitalone credit card every month.

The facility must exist on other credit card payments, bills, utilities, etc .

Sounds like a faff, I know, but surely easier than having to make 30 actual small purchases every month.

abz88

keiran wrote: »

I make 30 lots of 5p payments to my Capitalone credit card every month.

The facility must exist on other credit card payments, bills, utilities, etc .

Sounds like a faff, I know, but surely easier than having to make 30 actual small purchases every month.

Hadn't thought of paying off part of a credit card, will look into that!

Any reason you make 5p payments? I wasn't aware of anything in the T&Cs saying theres a minimum transaction value?

And yes, 30 actual small purchases would be a pain!

quirkydeptless

I make an automatic daily £1 Amazon Gift card top up, so I get 5% off my Amazon spending :money:



Just need to remember to use the card 1-2 times in February

Rich2808

The lengths people go to these days for £1.50!

YorkshireBoy

Rich2808 wrote: »

The lengths people go to these days for £1.50!

I've never bothered with the debit card spend on this account. If they hadn't had a switch incentive I wouldn't even have opened it! I just take the £4. The account gets £800 in on payday, and £790 out. Takes about 15 seconds out, and 2 minutes back (after the obligatory 30 minute wait for Co-op to post it!). The difference is claimed by PO Savings with a weekly DD. Every so often I empty PO Savings.


The only reason I keep 4 Halifax Rewards is because one of the 4 accounts receives my salary, so I can round robin fund them on payday in 2 minutes flat! Otherwise I'd close/switch them out. It was great when they were paying £240/yr...not so good now it's less than £100/yr.

Ben8282

I use my credit cards for purchases not my debit card. I don't make 30 debit card purchases in a year let alone a month.
Encouraging debit card use and paying you £1.50 a month sounds like a good deal for them, not you.

keiran wrote: »

I make 30 lots of 5p payments to my Capitalone credit card every month.
.

Is that 1 5p payment a day for 30 days or are they all done on the same day? Is it really worth the effort?

abz88

Rich2808 wrote: »

The lengths people go to these days for £1.50!

£18 a year of free money for using it to pay off a credit card, top up an amazon card or buy premium bonds. Folk on here change Savings Accounts, RS etc for less than that! Might not be for everyone, but its a quick process for free cash

Ben8282 wrote: »

I use my credit cards for purchases not my debit card. I don't make 30 debit card purchases in a year let alone a month.
Encouraging debit card use and paying you £1.50 a month sounds like a good deal for them, not you.

I use my credit card for everything as well, buy if the transaction is under £5 you make more on the 5p back than the top paying cashback card (excluding intro offers on Amex)

20SmthngSver

I pay out a Post Office Saver Direct Debit to take £1 weekly to get the £4 reward, but I don't bother with the debit card reward spend. The account serves itself this way.

Jakerrs

20SmthngSver wrote: »

I pay out a Post Office Saver Direct Debit to take £1 weekly to get the £4 reward, but I don't bother with the debit card reward spend. The account serves itself this way.

So you have just one PO saver pulling money from Coop 4 times a month and that gets you the reward? I still haven't managed to figure out if that works or not

20SmthngSver

Jakerrs wrote: »

So you have just one PO saver pulling money from Coop 4 times a month and that gets you the reward? I still haven't managed to figure out if that works or not

Yep. Co-Op Everyday Reward Account pays out £1 every Friday to the PO Saver. I meet the other requirements too. Last month I got an email saying I'd qualified and £4 was added to the account. The account literally pays for itself and then some. Not a lot but it's free money for not cost to me.