£97 for nothing

  bonmol 16:37 29 Jan 2010
Locked

just got my annual cashback from my credit card.
£97 for nothing,
never used the credit facility,money for nothing,

  interzone55 16:48 29 Jan 2010

How much did you spend to get that?

I workout out that in order to get the £50 voucher promoted with the Asda credit card I'd have to spend £11k a year, which is actually more than I have left after Tax, NI, pension payment & council tax have gone out of my wage...

  Teaboy 16:48 29 Jan 2010

Then please return the money. As a member of this forum I am sensitive to any shady dealings.

Thank you.

  bonmol 18:42 29 Jan 2010

1 percent, but its better than nothing,

  mrwoowoo 19:45 29 Jan 2010

If you honestly think it's money for nothing, then you're very naive.
You had to whack £9700 on your card for your £97.00 which doesn't exactly seem the deal of the decade.
Credit card companies do these cashback deals as it's a bigger grabber and more cost effective than a 1% cut in their APR. Lets face it, not many people take much notice of a 1% cheaper APR on a card. But mention cashback and their ears prick up.
So. Have your APR 1% higher than your norm and offer 1% cashback to offset it. Credit card company is happy as it's cost them nothing. And joe public thinks it's getting something for nothing.
Everybodies happy.

  Simsy 19:59 29 Jan 2010

mrwoowoo...

bonmol said, "never used the credit facility"
So they've never paid any interest to them.
It IS money for nothing!

I've been playing similar games for about 7 years, since they first started doing 0% offers.
The secret is in careful policing of your accounts and ALWAYS paying off in full each month.

When the 0% deals started, (I'd always paid off in full anyway...), instead of paying off in full I started to put the money in, (what was then!), a high interest account, earning circa 6-7%, withdrawing it in order to pay of the huge credit card bill after 9 or 12 or 15 months, whatever the deal was. When the 0% deal ran out there was always another credit card offering to take on a balance and/or give free spending also at 0%

And I made sure I paid for as much as possible on credit card.

I "earn't" several hundred pounds a year for several years... all it cost me was careful policing of things and a determination not to be caught out by the small print.

A free lunch.... yes really!

Regards,

Simsy

  Simsy 20:01 29 Jan 2010

That this all came to and end a few years ago when they caught on to folk like I and started charging Transfer fees" that made it difficult, if not impossible, to make money as I had been doing!

Bah! I enjoyed it at the time!

Regards,

Simsy

  mrwoowoo 20:02 29 Jan 2010

You are correct as i meant to say i trust you paid it back on time and not racked it up.
My brain skipped the "never used the credit facility " part.

  ronalddonald 21:19 29 Jan 2010

cancel the damn card and never use these stupid pieces of plastic. All they do i place you seriously in debt.

  bonmol 21:29 29 Jan 2010

All they do is place you seriously in debt?
no,they might put some at risk,but if you use any short term credit,it will be expensive,you are asking for a a*se kicking, but for what it is, ,a one percent ,discount its fine,

  morddwyd 09:41 30 Jan 2010

Cards don't place you in debt, you place you in debt.

This thread is now locked and can not be replied to.

Elsewhere on IDG sites

Alienware 17 R4 2017 review

These brilliant Lego posters show just what children's imaginations are capable of

Mac power user tips and hidden tricks

Comment réinitialiser votre PC, ordinateur portable ou tablette Windows ?