Lloyds Bank Cashback credit card

Fingerbobs

Asghar said:

Fingerbobs said:

alewin said:

Fingerbobs said:

Asghar said:

I'm assuming that the cashback is rounded down when it is calculated, so if you spend £3.99 on one transaction then there is no cashback amount and £7.99 will only result in a cashback of 1p.

In effect only full multiples of £4 will get you 1p for each one.

No, it's cumulative. Cashback is calculated on the total spend for the billing period. 

Are you sure, hope your right, do you have cashback showing on your account?
On the Lloyds website (if I'm allowed to copy), it states that "Cashback is calculated on each purchase, rounding down to 2 decimal places after the penny."
So going by what Asghar said, if you bought a morning coffee and a doughnut for £3.50 every weekday on the way to work then that's £17.50 spent with no cashback.

Yes, I’m sure. I’ve just had my first statement, and it shows £2.50 cashback on a total spend of pretty much exactly £1000 (I went a few pennies over). Very few transactions were exact multiples of £4. 

I’ve had a few cashback cards over the years, and they’ve always been based on cumulative spend. 

Thanks for the confirmation.

On my old Amex card the cashback is always per transaction and rounded down, so it's always multiples of £2 being 0.5% cashback.

It's not worked out on the total spend during each statement, so all the odd pounds and pence are not totalled up.

Ah, OK. Amex is one cashback card I've never actually had, apart from a brief period when Barclaycard issued an Amex card alongside a Visa card.

All of the cashback cards I've held over the years (eight in all) have been based on total spend in each statement period.

Eco_Miser

alewin said:

Fingerbobs said:

Asghar said:

I'm assuming that the cashback is rounded down when it is calculated, so if you spend £3.99 on one transaction then there is no cashback amount and £7.99 will only result in a cashback of 1p.

In effect only full multiples of £4 will get you 1p for each one.

No, it's cumulative. Cashback is calculated on the total spend for the billing period. 

Are you sure, hope your right, do you have cashback showing on your account?
On the Lloyds website (if I'm allowed to copy), it states that "Cashback is calculated on each purchase, rounding down to 2 decimal places after the penny."
So going by what Asghar said, if you bought a morning coffee and a doughnut for £3.50 every weekday on the way to work then that's £17.50 spent with no cashback.

"rounding down to 2 decimal places after the penny" would mean the minimum cashback credited would be one hundredth of a penny (0.01p), meaning that the potential cashback would increase for each 4p spent, not each £4.

You'd need to spend £4 in the billing period to get 1p cashback, £3.99 in one transaction would get you 0.99p which could be added to say 1.01p from a £4.04 transaction for 2p actual cashback.

Your £3.50 daily for a week example would get 0.87p (rounded down from 0.875p) each transaction, making 4p real cashback, and 0.35p towards your next penny if you do some more spending.

That's my reading of it anyway.

molerat

My spend on the card last month was £411.88 which at 0.25% gives £1.0297.  My cashback credited is £1.02. so what you actually get is 0.25% of the total card spend rounded down to whole pence.

Fingerbobs

Fingerbobs said:

Just applied, accepted, and new account showing up in Online Banking, all within 10 minutes. 
Credit limit is a measly £1k, which could get annoying unless I can redistribute the limit from my existing Lloyds c/c. 
I applied for a new card, rather than converting the existing one, so I'm eligible for the £20 bonus. 

Just to update - my £20 bonus cashback (along with standard cashback earned so far) has just today been credited to my card. (Dated 31st December, but has only just appeared on the transaction list today.) 

ccdorset

Fingerbobs said:

Fingerbobs said:

Just applied, accepted, and new account showing up in Online Banking, all within 10 minutes. 
Credit limit is a measly £1k, which could get annoying unless I can redistribute the limit from my existing Lloyds c/c. 
I applied for a new card, rather than converting the existing one, so I'm eligible for the £20 bonus. 

Just to update - my £20 bonus cashback (along with standard cashback earned so far) has just today been credited to my card. (Dated 31st December, but has only just appeared on the transaction list today.) 

Same here, was a nice little suprise as I'd completely forgotten about the £20 bonus! :-)

[Deleted User]

The payment is done at the end of the calendar year, so it resets to 0.25% until you hit £4000 again. The payment was done for me too on 31st, was a nice boost of £50+, had forgotten about bonus too!