Chasing cashback offers?

safe_hands2

I have a Santander cashback card - 1% cashback, £3 per month fee. It averages at around 0.5% cashback. I've thought about getting the Lloyds Ultra at 1% for a year and then looking to see what the best offers are when the cashback drops? Would I be stupid to give up the Santander card all the while it's paying a good level of cashback compared to most cards in the hope that better offers will continue to be available?

la531983

Why do you have to "give up" a card? Nothing stopping you using multiple cards.

Chase cashback is 2% up to £1k spend and only on certain things (supermarkets, fuel, domestic travel etc) so use Chase for that and another card for anything else.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82178231#Comment_82178231

One good reason to give up the Santander card - £3/mth fee, Lloyds Ultra - free.

I've found the best solution is exactly as @la531983 says, Chase Credit for spend where cashback applicable, Lloyds Ultra for everything else.

There are niggly extra requirements to qualify for the Chase cashback that seem to put people off but if you have the time/inclination it's the most lucrative card around (apart for some short-term deals on posh Amex).

safe_hands2

https://forums.moneysavingexpert.com/discussion/comment/82178231#Comment_82178231

I would give up the Santander card if I wasn't using it for all my spending because of the monthly fee.

I've just realised the thread title could be confusing - by "chase" I mean go after rather than the bank 😂

flaneurs_lobster

I've just realised the thread title could be confusing - by "chase" I mean go after rather than the bank 😂

Indeed, edit it to 'Chasing'?

You either want to replace the Santander card with another one (or 2) for the same cashback (or more) because the Santander has a fee?

Or you don't?

safe_hands2

Thanks, didn't know you could edit titles, just done that!

It's a question of whether, in a year's time, there will be a card with a better rate than 0.5 I know that's crystal ball territory!

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82179322#Comment_82179322

I guess if you were making significant amounts of cashback on consistent spend that was going to continue beyond a year then continuity on a card that is (probably) going to continue to offer 0.5% (less £3/mth) might be a consideration.

In my case I struggle to make enough eligible spend across two cards to make £20/mth cashback (and that's an exceptional spend month). I am not concerned with what happens beyond the end of the cashback deal on those cards.