CASH IN
Martin Lewis urges 900k customers of major bank to make ‘no brainer’ move and get £100 cashback
Plus we reveal further ways to bag cash from your bank
MARTIN Lewis has urged 900,000 banking customers to make a "no-brainer" move and get £100 cashback.
The consumer champion's MoneySavingExpert is reminding HSBC Visa credit card users, that they can earn the cashback on groceries, fuel and transport over the next two months.
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But you've only got until 11.59pm on October 31 to check if you're eligible and opt-in.
The team described the offer as a "no-brainer" if you were planning to make these purchases anyway.
Although, you do have to make sure you pay your card off in full so the interest doesn't wipe out your cashback earnings.
The MSE team said: "If you've got an HSBC Visa credit card, you may be able to earn up to £100 cashback on groceries, fuel and transport over the next two months.
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"This offer originally launched in September giving three months' worth of cashback at 10%, up to a maximum of £150.
"At the time, HSBC told us around 900,000 people could get the deal. If you've already signed up, you don't need to opt in again and you can ignore any new marketing messages you get on this."
If you didn't opt-in by the end of September, you can do so by the end of October but MSE pointed out that you'll now only be able to earn the 10% cashback - up to £100 - for two months.
The offer is only available to people living in England, Scotland and Wales.
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So you can't get it if you live in Northern Ireland or outside of the UK.
HSBC told MSE there's no minimum period on how long you must have had your credit card to bag it.
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The major bank currently has four Visa credit cards: its Balance Transfer Credit Card, Purchase Plus Credit Card, Classic Credit Card, and Student Credit Card.
Below we reveal how the deal works and how you can get the cash.
How the HSBC £100 offer works
Firstly, you need to opt in before 11.59pm on Thursday, October 31.
If you're eligible, you should already have received an email with instructions on how to sign up.
You might also have received a notification through the HSBC app if you're able to apply.
It's important to note that if you fail to opt in you won't get the cashback, even if you're eligible for it.
Once opted in, you'll be able to earn 10% cashback - up to a maximum of £50 a month - on most grocery, fuel and transport spending for three months, amounting to £100 in total.
The offer will last until December 31.
MSE says if you're eligible but miss October's sign-up deadline to begin earning cashback, you should get another chance to sign up for the offer later on.
However, you only need to opt in once – you won't need to reapply each month.
To get any cashback, you'll need to make a certain number of grocery, fuel and transport purchases each month, according to the team.
This will be either three, five, 10 or 15, depending on how much you typically spend – HSBC says it will tell you your personal threshold before you opt-in.
MSE said: "Any cashback earned will be calculated at the end of the month and credited to your credit card account on the 15th of the following month.
"Of course, be mindful that cashback is never an excuse to overspend. And remember to pay off your card in full each month - or before any 0% deal you’re on ends - to avoid paying any interest."
The team has rounded up several exclusions to the offer to bear in mind:
- Groceries: Includes online food shopping, corner shops and bakeries, but excluding Amazon Fresh, department stores and takeaways
- Fuel: Includes fuel purchased at UK service stations, electric vehicle charging and fuel dealers selling oil, wood, coal, etc
- Transport: Includes most public transport in the UK but none abroad
But don't worry you'll be sent a full list of qualifying purchases and exclusions when you opt in to the offer.
Another thing to note is that you won't get any cashback if you're over your credit limit or in arrears when the cashback is calculated and you won't get any cashback for refunded transactions.
How to find the best bank account for you
THERE are lots of different current accounts to choose from, including some with perks like cashback on bills, fee-free overseas spending and savings interest.
Moneyhelper has laid out how to find the best account for you.
List the account features you need
Almost all current accounts allow you to:
- use a debit card to spend online or in shops and take money out at cash machines
- receive money from others, such as wages or benefits
- move money between your accounts or pay someone else
- set up regular payments to pay bills, such as energy, rent or childcare
- open a joint account
These are the basic things you can expect but, to make them stand out, some accounts offer extra perks such as:
- savings interest
- cashback on bills or spending
- interest-free overdrafts, including for students
- free overseas spending
- rewards or free cash, often for switching
- access to special products with better rates or discounts
- packaged insurance policies, such as travel and mobile phone cover
Always check each deal carefully as there are usually conditions to meet, such as having to pay in a certain amount every month or making payments via Direct Debit.
Watch out for any monthly fees to keep the account.
You can then narrow down the offers to the ones you want, qualify for and can afford.
Decide how you’d like to contact the bank
You’ll be able to manage most accounts using mobile and online banking, often with access to a customer service team via phone or video call. But you might not be able to speak to someone in person.
If you’d like this option, check if the bank:
- has branches you can get to
- has staff available at a local banking hub, where different banks share one space – often on different days
- lets you use the Post Office to do certain things, like paying in cash
Other bank freebies
Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
In order to get the free money, you must switch through the Current Account Switch Service (CASS).
Banks often offer incentives like free cash to attract new customers
The Co-operative Bank has announced eligible customers could receive up to £150.
The first £75 is given when a customer completes a switch to the bank.
Then, the bank is offering three monthly instalments of £25 - another £75 - to make up the £150.
Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.
FirstDirect is currently offering £175 to customers who choose to make the switch.
To be eligible for the bonus you cannot have had any account with First Direct in the past, and you can’t have opened a current account with HSBC since January 2018.
If this is you, then all you need to do is open the account in app, and switch in an account from a different bank including two direct debits or standing orders within 45 days.
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You will also need to pay in £1,000 and make five or more debit card payments within 45 days.
The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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