Co-op Everyday Rewards - DD eligibility. Same DD four or more times?

badger09

ZeroSum said:

badger09 said:

gsmh said:

I've opened a Co-operative Bank current account to use as my day to day account and have enabled the paperless option, paid in well over £800 during July, accessed my account online daily and have used the PayPal direct debit five times this month. My switch from Triodos doesn't take effect until 3 August. I can't find out whether the need to pay out four direct debits means four different direct debits, or whether it can be the same one used four or more times. I've studied the T&Cs and that isn't conclusive. I know I could phone them, but these days CS has been sold out to Covid19 so I don't fancy spending 40 minutes on the phone. I thought someone on here might know.

As others have said, yes it does.

Don't forget the 5p per debit card spend as well. I use mine for small transactions where the return is better than on my cashback credit card. Obviously, there is now another rival for debit card rewards though

What's the other rival? 

This one
https://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/?WT.mc_id=43700001846917726&WT.srch=1

Though it is a very different offering

gsmh said:

badger09 said:

Don't forget the 5p per debit card spend as well. I use mine for small transactions where the return is better than on my cashback credit card. Obviously, there is now another rival for debit card rewards though

Thank you. I will only avail myself of rewards if I'm using an account as my main account into which I have my salary paid and which I use for spending through the month. I will easily use the debit card enough to gain maximum benefits since I very rarely use cash and one benefit of Covid19 is that retailers now encourage the use of contactless payments even for very small amounts.

Others have been and gone, and some remain, but I've been using Co-operative as my main current account for almost 50 years and will continue to do so. 

WillPS

I keep thinking about doing this, and putting 30 small debit card payments through to part-pay one of my credit cards. Any potential pitfalls with this approach? 

crumpet_man

It's time consuming, it may flag up as suspicious either with co-op or the organisation you are trying to pay, the reward is tiny.

gsmh

badger09 said:

Others have been and gone, and some remain, but I've been using Co-operative as my main current account for almost 50 years and will continue to do so.

I have to thank colsten for alerting me to the fact that my previous bank, Triodos, had links with a rather unpleasant microcredit scheme in Cambodia. I previously thought Triodos had impeccable ethical credentials. Even in spite of its hedge-fund owners, the Co-operative Bank seems more transparent and pro-active in what it does for the community and for groups like Centrepoint and Manchester Pride. Unlike what Ethical Consumer believes, I believe that it isn't enough to deem a bank ethical just because they've not (yet) got their fingers dirty. It will be interesting to see where the Co-operative Bank goes when and if it is bought out and if the new buyer will take on its ethical stance.

PRAISETHESUN

WillPS said:

I keep thinking about doing this, and putting 30 small debit card payments through to part-pay one of my credit cards. Any potential pitfalls with this approach? 

Since it changes to 60x transactions from 01Aug, the effort-reward ratio is even worse now, but yes you can do this - it's what I used to do (a few every day over the first few days of the month). You do run the risk of someone thinking it looks suspicious if it gets looked at too closely, but I guess if it's a card you don't mind if it gets closed down then you should be alright.

WillPS

Forgot about the 60x transactions. Definitely not worth it.

ZeroSum

badger09 said:

ZeroSum said:

badger09 said:

gsmh said:

I've opened a Co-operative Bank current account to use as my day to day account and have enabled the paperless option, paid in well over £800 during July, accessed my account online daily and have used the PayPal direct debit five times this month. My switch from Triodos doesn't take effect until 3 August. I can't find out whether the need to pay out four direct debits means four different direct debits, or whether it can be the same one used four or more times. I've studied the T&Cs and that isn't conclusive. I know I could phone them, but these days CS has been sold out to Covid19 so I don't fancy spending 40 minutes on the phone. I thought someone on here might know.

As others have said, yes it does.

Don't forget the 5p per debit card spend as well. I use mine for small transactions where the return is better than on my cashback credit card. Obviously, there is now another rival for debit card rewards though

What's the other rival? 

This one
https://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/?WT.mc_id=43700001846917726&WT.srch=1

Though it is a very different offering

gsmh said:

badger09 said:

Don't forget the 5p per debit card spend as well. I use mine for small transactions where the return is better than on my cashback credit card. Obviously, there is now another rival for debit card rewards though

Thank you. I will only avail myself of rewards if I'm using an account as my main account into which I have my salary paid and which I use for spending through the month. I will easily use the debit card enough to gain maximum benefits since I very rarely use cash and one benefit of Covid19 is that retailers now encourage the use of contactless payments even for very small amounts.

Others have been and gone, and some remain, but I've been using Co-operative as my main current account for almost 50 years and will continue to do so. 

As you say its a different offering, so wouldn't really consider it to be a rival especially as with Halifax it's easier to 'cheat' 

ZeroSum

WillPS said:

I keep thinking about doing this, and putting 30 small debit card payments through to part-pay one of my credit cards. Any potential pitfalls with this approach? 

I think it would be less hassle just to pay for a load of shopping with each item individually via self service contactless

crumpet_man

WillPS said:

Forgot about the 60x transactions. Definitely not worth it.

It is still 5p per transaction so if it was worth it before why is it not worth it now?  You don't have to make 60 purchases, that's just the maximum.