Sprive App?

Popsy_london

I’ve seen a lot of buzz around Sprive at the moment from people using it to overpay their mortgages. Has anyone used it before and is it worth doing? (Not looking for referral links, just reviews and info from people who know more about it than I do). 

Thanks in advance! 

KajiKita

I looked at it but it's not linked to my mortgage provider (co-0p) so I can't use it.

KK

blahblahblah85

Yes I am using for my big weekly shop. Will be useful as I move house too for buying anything large. My workplace also does cash back offers but always been a faff to do but Sprive process is fine once all set up.

Fairy_Shazza

I've just signed up and so far have earnt £7 in two days just by purchasing things I was going to buy anyway (food shopping mostly) I thought I'd give it a try for a month or two to see how I get on. 

stuartp2000

I have used it and it’s OK. 

Works by front loading for purchase like a grocery gift card for the months shop, In general the rates are in line with theses from Jam doughnut and Cheddar just you withdraw cash back to the mortgage.

As it’s cash back on a proportion of your discretionary spend it will never make a lot of money a month but every little helps.

grumpy_codger

I installed it and checked few retailers - and their real cashback (not the deceitful 'supercharged' figures)  was the same or worse than with Everup and Airtime that I've been using.

Frankensteins_Wife

I was thinking about downloading it but wondered if it was just better to try and save money each month to over pay our mortgage directly? Do I do both? Not quite sure how the whole thing works. How does spruce make money giving cashback into your mortgage? Feels like one of those seems to be too good to be true?

grumpy_codger

https://forums.moneysavingexpert.com/discussion/comment/81975747#Comment_81975747

I was thinking about downloading it but wondered if it was just better to try and save money each month to over pay our mortgage directly?

Define 'save'. You can save just by spending less. Cashback is one of ways of saving - if the price after cashback is the lowest around. Sprive gives you cashback, but as I said above, IMO there are other sites paying higher cashback, where you can save more, in a more transparent way and where overpaying your mortgage is just one of endless options of using this cashback. With a bit of willpower it's often wiser to put money into a good savings account than to overpay a mortgage.

How does spruce make money giving cashback into your mortgage?

The same way as many other cashback sites do - Quidco, Topcashback, Airtime, Everup etc. The only difference is that they pay the cashback into your mortgage account and exaggerate the actual amount by adding the interest you'll saver over many years ahead.

Feels like one of those seems to be too good to be true?

What/which exactly?