Best Cashback Credit Card At Different Spend Levels

crumpet_man

The free swipe card offers 1% cashback, the others require varying levels of investment.

ratechaser

crumpet_man said:

The free swipe card offers 1% cashback, the others require varying levels of investment.

Ah, so I didn't bother looking into this one in detail - they tend to be variants on the same theme - but basically you have to have a stake in the crypto to earn cashback at 'exciting' levels. So this whole card thing is really a loss leader to try and prop up another crypto bubble...

so yes sure, get in early, grab a bit while you can, and get out before the house of cards collapses. But... when exactly do you get out...? 

jbrassy

The_Urbanite said:

Truth be told these products are not exciting. Better cashback has been available elsewhere.

One example - https://swipe.io/cards

Up to 8% - they pay out without fail on all but the excluded cash-like type transactions.

Just clicked through and watched the video on their website explaining their cards. The cashback is paid in bitcoin, so good luck with that. It's also probably a prepaid card which means you won't get the s75 protection one would get with a credit card.

They should set up a section on MSE Forum specifically for the crypto bros. 

ratechaser

jbrassy said:

The_Urbanite said:

Truth be told these products are not exciting. Better cashback has been available elsewhere.

One example - https://swipe.io/cards

Up to 8% - they pay out without fail on all but the excluded cash-like type transactions.

Just clicked through and watched the video on their website explaining their cards. The cashback is paid in bitcoin, so good luck with that. It's also probably a prepaid card which means you won't get the s75 protection one would get with a credit card.

They should set up a section on MSE Forum specifically for the crypto bros. 

Yes, but but but... before any of said Bros pile in and say, ah well it's Bitcoin so it's as well established as they come - well that's just the payout. The staking has to be done in SXP. More precisely, £127,000 of staking in today's prices, for at least 6 months, if you want that 8% 'Slate' card.

What could go wrong...

The_Urbanite

The Slate card wasn’t always that expensive - if you got in when SXP’s price was lower it cost a fraction of that.

You don’t have to take the cashback in Bitcoin - there are other options like USD pegged stablecoins and in any case, you could sell the cashback immediately to GBP in the wallet without any leakage. There’s a lot you could do that is not advertised.

The crypto cards are products that take getting used to - but if you prefer the well trodden path, you can take the 0.5% from the mainstream cards and look forward to the annual payout. Or you could make your gains leaving money in your current account!

I’m not a crypto bro either - my speciality is generating rewards and cashback.

ratechaser

The_Urbanite said:

The Slate card wasn’t always that expensive - if you got in when SXP’s price was lower it cost a fraction of that.

You don’t have to take the cashback in Bitcoin - there are other options like USD pegged stablecoins and in any case, you could sell the cashback immediately to GBP in the wallet without any leakage. There’s a lot you could do that is not advertised.

The crypto cards are products that take getting used to - but if you prefer the well trodden path, you can take the 0.5% from the mainstream cards and look forward to the annual payout. Or you could make your gains leaving money in your current account!

I’m not a crypto bro either - my speciality is generating rewards and cashback.

I think the point is that we are really not talking an apples -v- apples comparison here. 

I'd take my 1.25% risk free cashback from Amex all day over your 8% very very risky cryptoback from Swipe (and there's an ironic name that could come back to haunt speculators - I can't bring myself to call them 'investors').

So while you may say you're not a crypto bro and are purely targeting rewards, the risk/reward ratio simply doesn't add up here - unless you really want to speculate on SXP as well. 

I'll put my £127,000 into a tracker and get probably very close to 8% (or rather 6.75% because that's the premium that your staking achieves over Amex) in the long term, but with far far less risk and volatility, and in a regulated market...

JES_F1

ratechaser said:

JES_F1 said:

ratechaser said:

right now if you get a referral, you can pick up another £35 for opening the £25/year platinum card. Is there anything similar for the free one?

I've got the the free one and the referral bonus is currently £30 (£20 plus an extra £10) until 12 May.

It's also worth going through a cashback site like Quidco, which is currently offering £12 for the Everyday Cashback and £16 for the Cashback.  

Referrals are via a specific link though, so unless you know otherwise, I don't think you can stack a TCB/Quidco bonus on top?

Oh yes, of course - I didn't engage brain when I suggested Quidco!  Oops!

ratechaser

JES_F1 said:

ratechaser said:

JES_F1 said:

ratechaser said:

right now if you get a referral, you can pick up another £35 for opening the £25/year platinum card. Is there anything similar for the free one?

I've got the the free one and the referral bonus is currently £30 (£20 plus an extra £10) until 12 May.

It's also worth going through a cashback site like Quidco, which is currently offering £12 for the Everyday Cashback and £16 for the Cashback.  

Referrals are via a specific link though, so unless you know otherwise, I don't think you can stack a TCB/Quidco bonus on top?

Oh yes, of course - I didn't engage brain when I suggested Quidco!  Oops!

Easily done and thanks for getting the thread back on track! 

Historically referrals tend to be more lucrative all round than what the cashback sites offer, and it's not like you won't get people (me included!) only to happy to provide them when wanted - Amex do seem pretty generous right now so must be on another expansion drive...

The_Urbanite

ratechaser said:

The_Urbanite said:

The Slate card wasn’t always that expensive - if you got in when SXP’s price was lower it cost a fraction of that.

You don’t have to take the cashback in Bitcoin - there are other options like USD pegged stablecoins and in any case, you could sell the cashback immediately to GBP in the wallet without any leakage. There’s a lot you could do that is not advertised.

The crypto cards are products that take getting used to - but if you prefer the well trodden path, you can take the 0.5% from the mainstream cards and look forward to the annual payout. Or you could make your gains leaving money in your current account!

I’m not a crypto bro either - my speciality is generating rewards and cashback.

I think the point is that we are really not talking an apples -v- apples comparison here. 

I'd take my 1.25% risk free cashback from Amex all day over your 8% very very risky cryptoback from Swipe (and there's an ironic name that could come back to haunt speculators - I can't bring myself to call them 'investors').

So while you may say you're not a crypto bro and are purely targeting rewards, the risk/reward ratio simply doesn't add up here - unless you really want to speculate on SXP as well. 

I'll put my £127,000 into a tracker and get probably very close to 8% (or rather 6.75% because that's the premium that your staking achieves over Amex) in the long term, but with far far less risk and volatility, and in a regulated market...

My core focus is rewards. The crypto card market certainly offers cashback and as such I looked into ways to get that.

I suppose such cards appeal to rewards collectors who can calculate the potential and spend enough to make it worthwhile. People spending big might want to look into them. If you join at the right time, earning the staked amount back in cashback might not take long - and any appreciation in the value of SXP or whatever coin is a bonus. A Swipe card is easier to spend on than an Amex.

I have no real interest in speculating on cryptocurrencies. Just know enough about them to make those rewards cards work. 

ratechaser

The_Urbanite said:

ratechaser said:

The_Urbanite said:

The Slate card wasn’t always that expensive - if you got in when SXP’s price was lower it cost a fraction of that.

You don’t have to take the cashback in Bitcoin - there are other options like USD pegged stablecoins and in any case, you could sell the cashback immediately to GBP in the wallet without any leakage. There’s a lot you could do that is not advertised.

The crypto cards are products that take getting used to - but if you prefer the well trodden path, you can take the 0.5% from the mainstream cards and look forward to the annual payout. Or you could make your gains leaving money in your current account!

I’m not a crypto bro either - my speciality is generating rewards and cashback.

I think the point is that we are really not talking an apples -v- apples comparison here. 

I'd take my 1.25% risk free cashback from Amex all day over your 8% very very risky cryptoback from Swipe (and there's an ironic name that could come back to haunt speculators - I can't bring myself to call them 'investors').

So while you may say you're not a crypto bro and are purely targeting rewards, the risk/reward ratio simply doesn't add up here - unless you really want to speculate on SXP as well. 

I'll put my £127,000 into a tracker and get probably very close to 8% (or rather 6.75% because that's the premium that your staking achieves over Amex) in the long term, but with far far less risk and volatility, and in a regulated market...

My core focus is rewards. The crypto card market certainly offers cashback and as such I looked into ways to get that.

I suppose such cards appeal to rewards collectors who can calculate the potential and spend enough to make it worthwhile. People spending big might want to look into them. If you join at the right time, earning the staked amount back in cashback might not take long - and any appreciation in the value of SXP or whatever coin is a bonus. A Swipe card is easier to spend on than an Amex.

I have no real interest in speculating on cryptocurrencies. Just know enough about them to make those rewards cards work. 

I'd still maintain this is not by any stretch a true credit product, but rather an inducement to speculate in crypto through offering a few fringe benefits. Getting in early may mean a lower staking requirement, but its probably about the highest risk point for the crypto - and that's saying something. It's like buying into a penny stock where the broker is a guy called Jordan.

Definitely not for the uninitiated, risk averse, or anyone just looking for a new credit card, but glad it works for you at least.