Are points calculated per transaction or per statement?
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gowerc
Posts: 3 Newbie
in Credit cards
Been looking for ages but haven't been able to find a clear answer for this.
Was looking at the Tesco credit card which pays 1 point per £8 spent in non Tesco stores, my question is are the points calculated per transaction or per statement (i.e. total amount spent in a month).
As in if I buy 10 items for £7 each am I getting 0 points (because no transaction was over £8) or am I getting 8 points (£70 / 8 = 8.75)?
Any insight would be appreciated.
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Comments
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It's per transaction. So yes, if you make lots of transactions for £7.99 each then you earn no points. When I'm buying petrol, for instance, if I'm not filling up then I put in a multiple of £8 - so I'll buy £48 or £56 pounds-worth for instance, to make the most of the points. I know it's peanuts at the end of the day, really, but every little helps, as they say
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If that's true then the break point makes a pretty big difference on expected return. As in Tesco in particular with such a big cut off of £8 means you are likely to be quite badly short changed compared to say Amazon with a break point of £2 I think
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I know Tesco is probably not one of the best in terms of rewards, but it is essentially free money - and for me, it's something that is actually useful for me (as opposed to air miles, for instance). But there are dozens of reward cards out there - it's really just a case of finding one that gives rewards that are useful to you and going for that one. I don't think any of them will make you rich, but if you can get even a little something back in exchange for everyday spending, it's better than nothing.
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I'm lucky enough to have their (now closed to new applicants) Premium card which is 'multiples of £4' outside Tesco; but even so I have a different cashback card for £3.99 and lower transactions.I honestly don't think I could justify the normal 'everywhere else' rate; best case it's one eighth of a Clubcard point per £. I tend to value Clubcard points as 2.5p each so the effective rate is 0.3125%, but that would rely on every transaction being a multiple of £8 which is vanishingly unlikely. More likely you'd get around 0.2-0.25% effectively; at that point you may as well just take one of the straight forward 0.25% cashback options or 0.3% at Asda.0
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I ended up going with the Halifax 0.25-0.5% cashback card. Seemed like the best offer to me outside of amex. We were on John Lewis but they are moving providers and offering a worse rate now
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gowerc said:I ended up going with the Halifax 0.25-0.5% cashback card. Seemed like the best offer to me outside of amex. We were on John Lewis but they are moving providers and offering a worse rate now
Same rate as the previous product (which itself changed to 0.25/1.25% back from 0.5/1% a couple of years ago).
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