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

surreysaver

SlovakianGuy said:

Don't forget, you can use debit card for topping up your PayPal, TransferWise and Revolut. I'd like to know whether these transactions count too.

I used 2 monthly PayPal direct debits on my Halifax Reward current account for getting rewards. Only worked for the first time. The next month, no reward despite  2 direct debits went out.

Revolut works for me 

t1redmonkey

Well this is annoying, I literally opened an account with them last week since it looked like changes originally reported were not happening.

Need to try and find the easiest way to get the 60 debit card transactions I guess.

t1redmonkey

I'm currently thinking to fulfill the 60 debit card payments per month to do the following:

- Set an auto top up of £1 per day for Amazon
- In addition to that, do another 20 or so manual top ups of £1 to Amazon, and then the remaining 10/15 payments I'll probably fulfill from normal spending

Alex9384

How it actually works with banks making money from your card transactions? Does it matter how many transactions you did rather than how much you spent? Do they make less money if you spend £100 in just one transaction and more money if you spend the same £100 in multiple transactions?

masonic

Alex9384 said:

How it actually works with banks making money from your card transactions? Does it matter how many transactions you did rather than how much you spent? Do they make less money if you spend £100 in just one transaction and more money if you spend the same £100 in multiple transactions?

Debit cards are generally a flat fee per transaction, while credit cards are a percentage of the spend. Though businesses may be charged more by the company providing their card processing services.

Poor_Leno

Personally, til now, I found the best way to hit the target is opening a NS&I direct saver and use the debit card to make  x30 £1 transactions.  Only took about 10-15 minutes once I got a system in place to copy and paste the debit card details in quickly.  

 I am using Skipton BS online saver for these now though just because it's quicker to access the money - NSI will take about 14 days before you can take it out , which is the main sour thing about the NSI 'direct' saver account (thus making it NOT an easy access account) whereas with Skipton you can access funds as soon as the debit card payment has cleared. 

So, my advice to others would be to open a Skipton online saver. The fact it has an app too - and a smooth one to use - is a big plus, whereas NSI is a bit of a pain as they don't have one ... Also it's a pain in the crack to have to save your NSI number somewhere as you can't possibly remember it and can't change it to a username instead, which was annoying .

The question then to ask yourself is if you think 15-30 minutes work is worth your while for the additional £3. Regular / normal folk would think not, thus only regular users of the account (with heavy amounts of transactions) will get the maximum reward - or people who will go to such lengths for small gains.  I just remind myself when doing it that in the past I spent 30 minutes on a survey to get little or nothing back , or to be told I didn't qualify , so at least the time spent here is a guaranteed return - as small as it may be.

Ghostcrawler

I also do the same and took your advise when I opened the account with Co-op back in December. Since then I have been paying into NS&I and Skipton and have been happy with that process.  Now I will have to spend double to get the reward.  But in this situation I will take £5 per month anytime.

pafpcg

Poor_Leno said:

Personally, til now, I found the best way to hit the target is opening a NS&I direct saver and use the debit card to make  x30 £1 transactions.  Only took about 10-15 minutes once I got a system in place to copy and paste the debit card details in quickly.  

 I am using Skipton BS online saver for these now though just because it's quicker to access the money - NSI will take about 14 days before you can take it out , which is the main sour thing about the NSI 'direct' saver account (thus making it NOT an easy access account) whereas with Skipton you can access funds as soon as the debit card payment has cleared. 

So, my advice to others would be to open a Skipton online saver. The fact it has an app too - and a smooth one to use - is a big plus, whereas NSI is a bit of a pain as they don't have one ... Also it's a pain in the crack to have to save your NSI number somewhere as you can't possibly remember it and can't change it to a username instead, which was annoying .

The question then to ask yourself is if you think 15-30 minutes work is worth your while for the additional £3. Regular / normal folk would think not, thus only regular users of the account (with heavy amounts of transactions) will get the maximum reward - or people who will go to such lengths for small gains.  I just remind myself when doing it that in the past I spent 30 minutes on a survey to get little or nothing back , or to be told I didn't qualify , so at least the time spent here is a guaranteed return - as small as it may be.

May I ask you to consider the impact all your debit card transactions will have upon a financial institution such as the Skipton Building Society?  What's in it for SkiptonBS for you to deposit small sums and then immediately withdraw? If others follow your example, it's not unlikely that the costs will force SkiptonBS to remove the facility to use debit cards. 

masonic

Poor_Leno said:

The question then to ask yourself is if you think 15-30 minutes work is worth your while for the additional £3. Regular / normal folk would think not, thus only regular users of the account (with heavy amounts of transactions) will get the maximum reward - or people who will go to such lengths for small gains.  I just remind myself when doing it that in the past I spent 30 minutes on a survey to get little or nothing back , or to be told I didn't qualify , so at least the time spent here is a guaranteed return - as small as it may be.

Perhaps I'm becoming more regular/normal in my old age. I think I'd rather take on a part time minimum wage job to earn just over £4 for half an hours' work. Though I can understand the continued interest for those planning to automate.

ZeroSum

SlovakianGuy said:

OMG, how does anyone do 60 transaction a month? Do you guys go out every single day and buy somehing? Or do you shop just once a week doing 15 transactions on that day? I can't imagine it.

When I go shopping it's usually one big shopping at Asda or/and Sainsbury's, that's 1 or 2 transactions. Then fuel, and sometimes a sandwich at Greggs or a coffee somehere. If I also go to carwash, that's 5 transactions and that's already a big success. But the carwash and re-fuelling is usually just once per month. Sometimes I separate my shopping at supermarket and pay with 2 different cards, just to make sure I'm  using all my credit cards, but still, 60 transactions is insane. Even 30 would be too much and I wouldn't bother.

Btw, someone has mentioned Section 75? That's only on purchases of £100 or more, right? No point in doing small purchases with CC for getting the protection. I personally use CCs mostly for building my credit history and cashback. Oh, and also for having active direct debits on certain current accounts. Debit card neither builds my credit history, nor gives me the benefit of having an additional direct debit.

I work in a city centre, and quite often buy the odd small bits n bobs here & there for a quid or so
So over a month 30-40 isn't out of the question. Plus if you use debit card for buying a single pint at pub, these can add up too.
Obviously current situation mean I can't do that at the minute.