Cashback account to pay off Hire Purchase?

nelliedeen

I've just bought a new car on hire purchase and will be paying extra every month to pay it off as quickly as possible and save on the interest payable.

I could pay the whole amount but don't know if I would lose the discount I got for HP as against cash

Is there any bank account I can open that will either pay cashback on hire purchase direct debits something like how Santander gives 1% on council tax etc. or gives cashback on debit card payments towards the hire purchase if I could change the direct debit to a debit card payment method?

Is that even possible?

My main current account is with Santander.

wmb194

nelliedeen said:

I've just bought a new car on hire purchase and will be paying extra every month to pay it off as quickly as possible and save on the interest payable.

I could pay the whole amount but don't know if I would lose the discount I got for HP as against cash

Is there any bank account I can open that will either pay cashback on hire purchase direct debits something like how Santander gives 1% on council tax etc. or gives cashback on debit card payments towards the hire purchase if I could change the direct debit to a debit card payment method?

Is that even possible?

My main current account is with Santander.

No, financial transactions are always excluded: look at the T&Cs.

Nebulous2

It's common for people, particularly on here,  to grab all the benefits associated with a finance deal when buying a car and then redeem it quickly to save paying interest. 

The only way I can think of you benefitting from a debit card payment to a loan is where you are required to have a minimum spend on the debit card. I have a Halifax rewards account, which pays out £5 a month if I spend £500 on the debit card. I usually use the debit card to pay my credit card, and that counts towards the £500. Unfortunately that is coming to an end, as the reward account is changing.