HSBC Cashback Rewards

[Deleted User]

No link for me. 

HSBC is turning sour for me, first they announce the local branch is closing, then they bounce my cheque for no reason, then they ignore my complain about the cheque, then they lower my overdraft for no apparent reason, now they exclude me from offers.

I get the feeling they don't like me?

crumpet_man

I got the invite too but won't be taking up the offer.  To make it profitable you need to do two direct debits and the 20 Debit card transactions.  Too much effort now for £3 as I've used all my DDs on better reward accounts.

General_Grant

crumpet_man said:

I got the invite too but won't be taking up the offer.  To make it profitable you need to do two direct debits and the 20 Debit card transactions.  Too much effort now for £3 as I've used all my DDs on better reward accounts.

I read the conditions for that £2 as 10 DC transactions.

GalacticaActual

General_Grant said:

crumpet_man said:

I got the invite too but won't be taking up the offer.  To make it profitable you need to do two direct debits and the 20 Debit card transactions.  Too much effort now for £3 as I've used all my DDs on better reward accounts.

I read the conditions for that £2 as 10 DC transactions.

That’s correct, 10 or more eligible Debit Card transactions.


From the Terms & Conditions:

Transactions on your account – £2 cashback per month

You can earn £2 a month cashback when you make 10 or more eligible transactions on your current account each month, either online or in-store using your debit card. We’ll count transactions in any currency.

Ineligible card/online transactions

We pay cashback on eligible transactions. Those are all transactions except those we set out below.

We won’t pay cashback on:

• payments to/from other HSBC Group accounts

• payments from accounts with other providers in your name

• standing orders

• payments to any credit cards of the HSBC Group

• transactions that have been refunded in the same calendar month

• interest, fees and charges applied to the account

• payments for gambling transactions

• cash withdrawals at an ATM or at HSBC UK or Post Office branches, including cash withdrawals made in a foreign currency or outside the UK; and

• debit card payments which we reasonably believe have been made fraudulently.

crumpet_man

Quite right it's 10 debit card transactions, still not worth it though for £1.50 (assuming the two DDs are worth £1.50) after the £2 fee is taken.

colsten

crumpet_man said:

Quite right it's 10 debit card transactions, still not worth it though for £1.50 (assuming the two DDs are worth £1.50) after the £2 fee is taken.

The two DDs are worth £2. Same as 10 DC transactions. Might not be worth going out of your way for it but for others it's a no brainer.


I would happily meet the requirements if I had been lucky enough to get an invite 😭

crumpet_man

I said the debit card spend and DDs are worth £1.50 each as you have to pay a £2 fee and I am assuming that people will login to the mobile/internet banking once a month anyway.  You could split it differently and say the login is worth 60p, DDs and debit card transactions £1.20 each net of the £2 fee.  

If I could find another two easy DDs I might be tempted with this offer.  I've already got four of the post office savers (don't want to risk any more) moneybox, plum, multiple credit cards with minimal spends and I am having difficulty finding any other means of creating easy DDs.  All the utilities are earning cashback with Santander so no point moving those.

WillPS

Is more than 4 PO saver's a risk? I thought they were happy to open 1 of each issue.

PRAISETHESUN

crumpet_man said:

I said the debit card spend and DDs are worth £1.50 each as you have to pay a £2 fee and I am assuming that people will login to the mobile/internet banking once a month anyway.  You could split it differently and say the login is worth 60p, DDs and debit card transactions £1.20 each net of the £2 fee.  

If I could find another two easy DDs I might be tempted with this offer.  I've already got four of the post office savers (don't want to risk any more) moneybox, plum, multiple credit cards with minimal spends and I am having difficulty finding any other means of creating easy DDs.  All the utilities are earning cashback with Santander so no point moving those.

The HSBC offer says "2 Direct Debit payments" - could try a single PO savings account taking a weekly payment (ie. 4-5 payments each month)? It might help to maximise the number of DDs you have if you need more. Otherwise the thread here has some good ideas. Some don't work anymore but there's a good amount that still do if you have a read through: https://forums.moneysavingexpert.com/discussion/5734632/savings-accounts-accepting-dds

WillPS said:

Is more than 4 PO saver's a risk? I thought they were happy to open 1 of each issue.

I had about 15 at one point before I closed them all down. Some were yearly/monthly interest versions of the same issue, some were identical accounts of the same issue opened weeks apart, but most were of different issues. From what I've read from others - some PO customer service people take a strict "only 1 account" stance whilst others are fine to have see multiple accounts from multiple issues. Personally I've never really had any issues with opening multiples but a few of them stopped working properly after a while (could make deposits by DD but could not make withdrawals) and I didn't want to call PO to get it sorted and potentially tip them off to how many I had.

GalacticaActual

HSBC have credited my bank account this evening with £5 in relation to the Cashback Rewards scheme.

I made several debit card payments to various building society accounts, so at least I know they qualified.