Zopa Biscuit Account - Direct Debits

goatfaced

You could buy your groceries on a credit card and have it set to pay off in full by direct debit from Zopa. On a payment of £150+ you would earn £4.50, and the spend could be on anything, not just groceries. It's capped at £4.50 a month (3% of £150).

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82142727#Comment_82142727

Different people have different Zopa DD cashback offers. I used to have 2% on up to £1,500, which I could do with one annual DD and which made me £30. I did this for 2 years. They are now offering me 3% on up to £150 a month, adding up to £54 a year, so I have switched to this. You might have a different offer.

I think every Biscuit account holder has got this offer as an option which you can switch to now (which would take effect from your account's next 'monthiverysary').

I've rejigged various Direct Debits so as to take advantage of the 3% cashback on up to £150 DDs a month, without heading down the Moneybox route.

I note @adindaspantai said:

"I do not want to move my utility bills to Zopa as to me it is too risky."

I don't see any great risk to it, apart from needing to ensure that the Zopa Biscuit account has enough money in it whenever a DD is due to be taken. (Also any money sat in the Biscuit account will at least earn 1% interest, which is better than nothing.)

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82142765#Comment_82142765

https://forums.moneysavingexpert.com/discussion/comment/82143013#Comment_82143013

That's how to do it. (And if the CC offers cashback, you can double-dip.)

That said, if there's the possibility that using a CC in this manner might end someone up in trouble (overspending etc), then I'd suggest the benefit isn't worth it! As ever with credit cards, self-discipline is required.

goatfaced

Yes, definitely only if you pay in full. Martin's voice is in my head now :)

adindaspantai

https://forums.moneysavingexpert.com/discussion/comment/82143023#Comment_82143023

Some people have cashback credit card. If your spending amount using CC is quite big, you prefer to use your main account for DD. Doing that you know, you will always have enough money available so the account will not be overdrawn. You also do not need to reroute the DD frequently for each time you have a new offer..

Also using Z0pa for CC DD, you will still need to transfer money each month to Z0pa and the amount will be variable. You will be busy to keep your eye on for such a tiny gain, not worthy. Using money box route you will know the fixed amount that will be taken from the account by DD and once you set it up you could forget it.

Also Z0pa app has so many gimmicks, relatively difficult to navigate, the apps layout has changed many times, confusing imo. Hopefully not, but you might find your DD suddenly disappear from the list and you will suffer from late payment fee.