POCKIT 'Bank Account' 3% Cashback savings

MrFrugalFever

Hi all,

With the cost of fuel at an all time high, I thought I would share my little nugget of info for getting 3% cashback every time you hit the pump (or anywhere else applicable  to the retailers that POCKIT is linked in to such as Argos, Apple, Clarks & Primark).

I know that POCKIT has some awful reviews and isn't technically a bank - it's a prepaid mastercard that has a monthly fee of £1.99, however, I have been using now for over a year for its cashback properties and haven't had any issues.

They are currently running a promotion with their monthly maintenance fees - 12 months for the price of 10 if pay in one go so £19.99 as opposed to £23.88 and a 3% cashback for any spend at Sainsburys store and petrol station (has to be by cashier in the shop NOT pay at pump due to no pre-authorisation capability).

I average £300pm on fuel and obtain on average £9pm in cashback, paid on the 4th in to my POCKIT account each month. Overall, this is a net saving of over £88 per year - almost a full tank of fuel.

You have to be sensible about how you manage the cashback as every bank transfer incurs a 99p fee, so if you have access to an account that can be 'topped up' via a debit card this may be an option for you or just ensure that you maintain the cashback as a float in the account. Sometimes they run a promotion for 0.50p for an additional card with a split balance account and transfers are free to move between pockit accounts - that could be another solution. I don't believe that there is an additional monthly maintenance fee for a second card.

Hope this helps any frugal savers

The_Urbanite

I used mine to pay into Sainsbury’s savings account up to Pockit’s maximum spend limits and got the 3% cashback every time.

They closed my account. Took them many months to return my funds and not before several complaints, reaching out to their CEO and the Financial Ombudsman Service. The customer service is diabolical and I wouldn’t recommend them unless you really have no other option. 

[Deleted User]

It has had questionable feedback in the past (like many prepaid cards to be fair) but you're effectively starting a minus £1.99 before you even break even.

Could be a earner but also a drain as Sainsbury's aren't usually that cheap either. 

crumpet_man

Some alternatives to save money, Airtime Rewards you can get 4% cashback on many gift cards including Sainsbury's.

There are other ways of purchasing discounted gift cards such as employee schemes and CSSC although that's Costa about £4 a month.

MrFrugalFever

The_Urbanite said:

I used mine to pay into Sainsbury’s savings account up to Pockit’s maximum ospend limits and got the 3% cashback every time.

They closed my account. Took them many months to return my funds and not before several complaints, reaching out to their CEO and the Financial Ombudsman Service. The customer service is diabolical and I wouldn’t recommend them unless you really have no other option. 

That was probably (in their opinion) a breach of their fair use policy, I had similar scenario with Curve and Sainsburys saveback.

MrFrugalFever

Deleted_User said:

It has had questionable feedback in the past (like many prepaid cards to be fair) but you're effectively starting a minus £1.99 before you even break even.

Could be a earner but also a drain as Sainsbury's aren't usually that cheap either. 

Where I live there is multiple fuel stations of each supermarket and Esso, shell, bp etc so the fuel price at Sainsburys is often cheapest or at least within a penny of asda. 

It works for me for £400pm worth of fuel and a few little top up shops for items I can’t get in ALDI.