cashback question, how do you get cash back

allan673

hi, thinking of getting a cashback credit card and paying the balance off in full each month.

my question is how do they pay you cash back?
does it get paid into my bank account? or does it stay as a credit on the card, then get deducted off the final balance owing each month?

can you recomend any good ones at all ?

cheers

YorkshireBoy

Depends on the card. You'll have to read the T&C's I'm afraid.

lisyloo

Egg and capital one come back to your card and get deducted from your balance.

I don't think how it's paid should be a huge issue as you can either
a) have it deducted
b) spend it directly by using the card
c) or if necessary get ask them to send you a cheque if for some reason you no longer want to use the card.

either way I can't see why the method should be a huge issue.

Amex pay 5% for 3 months (and £33.75 thru quidco). My experience is that you can use amex about 80% of the time in the UK but it will depend a little on where you shop. It isn't universally accepted in the UK (or the US as I've recently experienced).

I belive that capital one are doing 4% cashback for 3 months.

Personally I've found it best to take out the cards before large expenditure (like paying for holidays and Xmas) so that you hit the 3 months when you are spending a lot.

allan673

THANKS FOR TAKING THE TIME TO REPLY,
thats cleared things up for me. (do they pay cashback monthly then please)

are there any good offers for cashback cards

agsnu

allan673 wrote: »

THANKS FOR TAKING THE TIME TO REPLY,
thats cleared things up for me. (do they pay cashback monthly then please)

AFAIK normally yearly.

are there any good offers for cashback cards

http://www.moneysavingexpert.com/cards/cashback-credit-cards

allan673

yearly !
mmmmmmmmm, i hoped it would be monthly.
put me off a bit now

leicsmarkyr

allan673 wrote: »

yearly !
mmmmmmmmm, i hoped it would be monthly.
put me off a bit now

You do realise its not a great income (although everything helps). Say you spend £1000 per month, its only £10 based at 1% cashback

lisyloo

yearly !
mmmmmmmmm, i hoped it would be monthly.

This is free money but it's entirely up to you.

You do realise its not a great income

Depends on your spending but I got £320 from capital one.
Pbviously entirely up to you whether you think it's worthwhile.
Everyone has their cut-off point where something is worthwhile.
For me, I won't give out my details for a £15 Amazon voucher but a few hundred is worthwhile.
My suggestion is to always quantify the benefit and then it's easy to decide.
Same with swicthing bank accounts.
Sometimes you work it out and it's only a few quid, which makes the decision easy.
So I suggest quantifying how much it's going to make you.
I would suggest adding a factor of something like 75% of your spending for Amex as it's not universally accepted (this is my own experience and not any official figure and can vary across individuals).

BenL

Instead of cashback I use a Skycard rewards card. This is added up monthly and you can redeem it against your sky bill.

At 1% it's ok and is equivalent to cash for me.

TwinLizzy

smile cash back is monthly, but only 0.5%