£97 for nothing

  bonmol 16:37 29 Jan 2010

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


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!



  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!



  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.

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