Lloyds Cashback Creditcard 1% cashback ending (for me)

Tim_L

You can do far better than 1% with an interest free on purchases card with payments into a high interest instant access or fixed term account. It'll always be a struggle with UK/EU rules to get much cashback out of a card long term, but 24 months with a decent limit will generate a fair amount of interest

Lifes_Grand_Plan

https://forums.moneysavingexpert.com/discussion/comment/82153451#Comment_82153451

Yeah nice idea if you can do it, but a bit of extra work, and personally i'm playing the game of keeping my earnings just under the 40% bracket by making salary sacrfice pension contributions, and earning 'big' amounts interest would increase my taxable income (even though first £1k interest is 0%) so i'd have to sacrifice even more for no net gain (until I take my pension…)

Tim_L

https://forums.moneysavingexpert.com/discussion/comment/82154138#Comment_82154138

You could think of it as free additional money for your pension. The gain does accrue, and your net cash position now would be unchanged even with additional pension payments.

Stoozing is very little admin overhead, and it's a good time for it just now with easy access or 12 months fixed term bobbing up and down around 4.5 to 5% and rates probably on their way up. Of course it's optimum if you have a large amount stoozed rather than drip feeding purchases in at a 0% rate, and the ideal is that you get cashback on the purchases themselves and then transfer the balance onto a 0% balance transfer card.

And then there are things you can do to get effective discounts on card purchases, I tend to buy tesco/waitrose vouchers at 5% cashback at places like tuck, you can use curve to get the underlying card cashback though there's a reduced rate if you do this. So if you really work to optimise credit card spend you can get quite a lot back, though at some point you hit diminishing returns for the admin work involved. I enjoy doing it so I'll do quite intricate things. It's not for everyone.

steelman99

Not credit card , but SUM UP do a payment card that gives 2% cashback in supermarkets , 5% at any retailers that use SUM UP Payment terminals and 0.5% anywhere else . they also calculate the cashback fairly ( Unlike some others ) in that if you spend 50p in a supermarket they will give you 1p cashback , and it the bill is 19:95 in a supermarket , they will give 40p cashback.

Other thing to note is cashback is credited straight back to your account that day , no waiting till month or year end

They dont charge fees for use abroad , only downside is you have to preload the card with cash from your bank before using it

Marcoos

https://forums.moneysavingexpert.com/discussion/comment/82152517#Comment_82152517

Got an email today to confirm mine's been extended for 12 months because I'm a premier account holder.

tom192

That's good to know when mine is due in November as I am also a premier account holder 😁

Paul_01

https://forums.moneysavingexpert.com/discussion/comment/82155222#Comment_82155222

I have been told the same. Another 12 months is a nice bonus.

jbrassy

https://forums.moneysavingexpert.com/discussion/comment/82153451#Comment_82153451

You can, but if you have a mortgage it may not be the best idea. I don't want to be turned down for a mortgage deal because I have an enormous balance on my credit card(s). Conversely, having a cashback credit card which you pay off in full every month is likely beneficial to your application. In any case, cashback cards plus TopCashback/Quidco do me quite well.

Tim_L

https://forums.moneysavingexpert.com/discussion/comment/82157805#Comment_82157805

Fair point, though I'd counter it by saying you usually know to within a few months when you'll be looking for a mortgage, and you can clear the card debt before doing affordability checks. But given the way mortgage rates are likely to rise in the short term you're right to prioritise being flexible and maintaining the ability to grab a deal quickly.