Co-operative Everyday Rewards

tomsocr

Can I just check what other think of the Everyday Rewards scheme that states 5p everytime you use your debit card, to a maximum of £3.
So from this I am guessing that I could make 60 x 1p transactions and get the 5p each transaction equalling £3?  Simply making 60 debit card payment to the gas or electric of 1p would qualify.
In addition to everyday spending I'm using a 0.5% cashback credit card.  So from this then if the transaction is more than £10, it would be best to use my cash back credit card as would be more than 5p cashback.  Everything else under £10 I should use my Co-Operative card(if I havent already spent 60 times already).
I guess my question is would there be any benefit in making 60 x 1p transactions instead of making 60 under £10 transactions a month?  
Actually reading this back I'm thinking if the transaction is under £10 anyway then no point in doing 60 x 1p transactions with gas/electric as the cashback is going to be more than my 0.5% credit card.
I know I'm penny pinching, but every little helps. hehehe

6TD

There's penny pinching, then there's making 60 1p card transactions for 3 quid.

tomsocr

Oh I can remember years ago Lloyds had a promotion on the "Save the Change".  So the transaction was rounded up to the nearest £1, but Lloyds made up the difference.  So I then made (I think £50 was the limit Lloyds paid) 51 x 1p transactions to my energy company.  Cool, Lloyds paid me 99p x 51 = £50(capped).  
So you see I'm used to making 1p transactions hehehehe

YorkshireBoy

tomsocr said:

Oh I can remember years ago Lloyds had a promotion on the "Save the Change".  So the transaction was rounded up to the nearest £1, but Lloyds made up the difference.  So I then made (I think £50 was the limit Lloyds paid) 51 x 1p transactions to my energy company.  Cool, Lloyds paid me 99p x 51 = £50(capped).  
So you see I'm used to making 1p transactions hehehehe

Capped at £50 per month, ran for 2 months, and was taxed at source.
So for £80 over two months it was worth it. For £6 over the same period now, most would say it wasn't worth the hassle.

But rather than making 1p transactions many of us made £1.01 savings account deposits by debit card.

PRAISETHESUN

Or you could make every purchase on your rewards CC and then pay it off the CC with 60x debit card transactions, so you get both the cashback and the Co-Op rewards. Not really worth the effort IMO but the option is there...

gsmh

tomsocr said:

Can I just check what other think of the Everyday Rewards scheme that states 5p everytime you use your debit card, to a maximum of £3.

It's my main account and I think it's great. I use my debit card quite a lot so do quite well with the reward. The idea is that you use the account as your everyday bank account. To make a large number of 1p transactions just to appropriate £3 goes against the spirit of the reward scheme, not to mention the impact on the other party who is paid 1p in 60 transactions.

bristolleedsfan

gsmh said:

tomsocr said:

Can I just check what other think of the Everyday Rewards scheme that states 5p everytime you use your debit card, to a maximum of £3.

It's my main account and I think it's great. I use my debit card quite a lot so do quite well with the reward. The idea is that you use the account as your everyday bank account. To make a large number of 1p transactions just to appropriate £3 not only goes against the spirit of the reward scheme but speaks volumes about the sort of person who would do that, not to mention the impact on the other party who is paid 1p in 60 transactions.

Coop Bank probably get paid for each debit card transaction, I have been doing 1p water debit card payments for some considerable time, whilst it is apparent that it will have impact on the other party, the other party could have changed minimum card payment and/or communicated to me about it, has chosen to do neither.......

Herbalus

bristolleedsfan said:

gsmh said:

tomsocr said:

Can I just check what other think of the Everyday Rewards scheme that states 5p everytime you use your debit card, to a maximum of £3.

It's my main account and I think it's great. I use my debit card quite a lot so do quite well with the reward. The idea is that you use the account as your everyday bank account. To make a large number of 1p transactions just to appropriate £3 not only goes against the spirit of the reward scheme but speaks volumes about the sort of person who would do that, not to mention the impact on the other party who is paid 1p in 60 transactions.

Coop Bank probably get paid for each debit card transaction, I have been doing 1p water debit card payments for some considerable time, whilst it is apparent that it will have impact on the other party, the other party could have changed minimum card payment and/or communicated to me about it, has chosen to do neither.......

Do you do them all in one go? How long does it take you? Have you timed it? Ever had a card blocked because coop think it’s strange behaviour?

I’m not looking to use this particular offer but am genuinely curious as to how long it’d take you to do 60 online debit card transactions to your water company.

bristolleedsfan

Herbalus said:

bristolleedsfan said:

gsmh said:

tomsocr said:

Can I just check what other think of the Everyday Rewards scheme that states 5p everytime you use your debit card, to a maximum of £3.

It's my main account and I think it's great. I use my debit card quite a lot so do quite well with the reward. The idea is that you use the account as your everyday bank account. To make a large number of 1p transactions just to appropriate £3 not only goes against the spirit of the reward scheme but speaks volumes about the sort of person who would do that, not to mention the impact on the other party who is paid 1p in 60 transactions.

Coop Bank probably get paid for each debit card transaction, I have been doing 1p water debit card payments for some considerable time, whilst it is apparent that it will have impact on the other party, the other party could have changed minimum card payment and/or communicated to me about it, has chosen to do neither.......

Do you do them all in one go? How long does it take you? Have you timed it? Ever had a card blocked because coop think it’s strange behaviour?

I’m not looking to use this particular offer but am genuinely curious as to how long it’d take you to do 60 online debit card transactions to your water company.

Within a phone call some time ago around time I was switching accounts to Santander and re-opening accounts Coop referred to me as being a valued customer.

When it was 30 transactions a month I did 6 per day x 5 days, since it became 60 per month I have been doing 10 per day x 6 days, verified by visa kicks in often, yet yesterday I did 30 TSB 1p water payments all in same afternoon, verified by visa did not kick in at all, just received 1 text from TSB asking me to text back yes or no as to was it me

gsmh

bristolleedsfan said:

Coop Bank probably get paid for each debit card transaction, I have been doing 1p water debit card payments for some considerable time, whilst it is apparent that it will have impact on the other party, the other party could have changed minimum card payment and/or communicated to me about it, has chosen to do neither.......

I know this will elicit an indignant response, but I was wondering why @colsten thanked you for the post. Surely he/she knew this already? Or is it just a way of increasing the 'thanks' count of cronies? I'm beginning to understand.

bigadaj

gsmh said:

bristolleedsfan said:

Coop Bank probably get paid for each debit card transaction, I have been doing 1p water debit card payments for some considerable time, whilst it is apparent that it will have impact on the other party, the other party could have changed minimum card payment and/or communicated to me about it, has chosen to do neither.......

I know this will elicit an indignant response, but I was wondering why @colsten thanked you for the post. Surely he/she knew this already? Or is it just a way of increasing the 'thanks' count of cronies? I'm beginning to understand.

Pressing the thanks button is also a way of demonstrating agreement or positive advice of course.....