Co-op bank Everyday rewards - Changes from 1st August 2020

gsmh

The Co-operative Bank is my main current account. I received £3.70 this morning. Interesting that those who use the account as their day-to-day account often end up with less than the freeloaders who are just after free money. There again, I have scruples.

bristolleedsfan

The Co-operative Bank wants people to do as many  DC transactions up to maxiimum 60 per month because it makes money out of them

15/09/20	EVERYDAYREWARD CB	CREDIT	£3.00
15/09/20	EVERYDAYREWARD NET	CREDIT	£2.00

gsmh

bristolleedsfan said:

The Co-operative Bank wants people to do as many  DC transactions up to maxiimum 60 per month because it makes money out of them

Ahh, and there was me thinking they wanted you to use the account as your main current account. I hadn't realised they wanted you to use it simply to get the reward in full. How much money do they make when people make 60 x 1p transactions?

crumpet_man

I think the issuing bank makes 0.2% on each debit card transaction.

gsmh

crumpet_man said:

I think the issuing bank makes 0.2% on each debit card transaction.

Thank you. So the argument that a bank makes money on debit card transactions is not really a justification for making 60 x 1p transactions. The Co-operative Bank would earn a fraction of a penny on those transactions and then the freeloaders run off with £3.

Herbalus

I thought credit cards were a percentage and debit cards were a flat fee. Could be wrong but that’s what I thought.

Markyboy112

If I make a transaction today but it doesn’t clear until December, what month would that transaction count for November or December 

Ghostcrawler

It would counted for December.

ZeroSum

gsmh said:

bristolleedsfan said:

The Co-operative Bank wants people to do as many  DC transactions up to maxiimum 60 per month because it makes money out of them

Ahh, and there was me thinking they wanted you to use the account as your main current account. I hadn't realised they wanted you to use it simply to get the reward in full. How much money do they make when people make 60 x 1p transactions?

I don't have a 'main' account
I have a co-op which I use as a small spends contactless account, like using in the pub to buy a pint

garmeg

ZeroSum said:

gsmh said:

bristolleedsfan said:

The Co-operative Bank wants people to do as many  DC transactions up to maxiimum 60 per month because it makes money out of them

Ahh, and there was me thinking they wanted you to use the account as your main current account. I hadn't realised they wanted you to use it simply to get the reward in full. How much money do they make when people make 60 x 1p transactions?

I don't have a 'main' account
I have a co-op which I use as a small spends contactless account, like using in the pub to buy a pint

What's a pub?