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Cashback rewards?

13

Comments

  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,802 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    edited 22 June at 12:44PM
    M&S credit card will reject a payment that puts the account into "the black" and bounce it back to the source.

    Even if the source is themselves?
    M&S credit card doesn't have a cashback deal as far as I'm aware. Vouchers based on spend I think, to be redeemed in store ?
    Our Amex card does - I have £76 (ish) cash reward due to be paidback near end of next month - it's easy enough to manage transactions in July and pay in the difference between the ongoing accured balance minus the cashback due in order to produce a zero figure.
    There is no need to settle a balance in full whenever the monthly statement is produced - that can be counter productive where cashback is concerned.

  • Money_and_Travel
    Money_and_Travel Posts: 83 Forumite
    10 Posts
    Just been in and she said it was OK if they put me in credit.

    I explained that I pay things off straight away, and she commented that is the best way.

    It's the best way for the customer, but I bet it's not the best way for the bank.  :D 
  • Phoenix72
    Phoenix72 Posts: 425 Forumite
    100 Posts Name Dropper
    Just been in and she said it was OK if they put me in credit.

    I explained that I pay things off straight away, and she commented that is the best way.

    It's the best way for the customer, but I bet it's not the best way for the bank.  :D 
    Why do you pay off things 'straight away'? Do you mean pre-statement being produced?
  • Money_and_Travel
    Money_and_Travel Posts: 83 Forumite
    10 Posts
    Phoenix72 said:Do you mean pre-statement being produced?

    Yes. I like to pay for thing while I know I have the money on hand.
  • born_again
    born_again Posts: 16,924 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Phoenix72 said:Do you mean pre-statement being produced?

    Yes. I like to pay for thing while I know I have the money on hand.
    What is the point of having a credit card then?

    As the whole point is that you get a interest free period. 
    If you want to make sure you have money to pay the CC at the end of the month, then pay the amount you spend into a savings account, so you make a few pence interest...
    Otherwise you may as well just get a cashback debit card.
    Life in the slow lane
  • Money_and_Travel
    Money_and_Travel Posts: 83 Forumite
    10 Posts
    What is the point of having a credit card then?

    To buy online/by phone, to book hotels, pay for ferry crossings, etc.
  • born_again
    born_again Posts: 16,924 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 23 June at 9:02AM
    What is the point of having a credit card then?

    To buy online/by phone, to book hotels, pay for ferry crossings, etc.
    & what do you think you get over a debit card for these purchases?

    As chargeback rights are exactly the same between debit & credit cards.
    Life in the slow lane
  • Money_and_Travel
    Money_and_Travel Posts: 83 Forumite
    10 Posts
    & what do you think you get over a debit card for these purchases?

    As I understand it, debit cards are subject a fee/charge for overseas spending.
  • born_again
    born_again Posts: 16,924 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 23 June at 10:03AM
    & what do you think you get over a debit card for these purchases?

    As I understand it, debit cards are subject a fee/charge for overseas spending.
    So are credit cards. Unless they are certain ones.

    The point is that by paying your spend on CC back before statement is produced & the due date on there. You are missing out on the whole point of a CC. The interest free period.
    Life in the slow lane
  • Ayr_Rage
    Ayr_Rage Posts: 1,661 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    edited 23 June at 10:26AM
    In that interest free period YOUR money could be in a savings account earning interest for YOU, it is absolutely pointless doing it your way, just put those payments to work.

    Please refer to the website title and join the money saving experts  :)
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