This is not strictly a ‘miles and points’ piece of news. However, it does include Tesco and it does touch on issues such as ‘should I use a credit card?’ so it is worth a mention.
NatWest and RBS both launched a cashback service for DEBIT card holders yesterday. Called ‘Cashback Plus’, it gives you 1% cashback when you use your NatWest or RBS debit card at selected retailers.
Decent idea? Of course. Well executed? No. Here are three reasons why:
The list of retailers is genuinely pathetic. The only stores included are BP, Cineworld, Café Nero, Charles Tyrwhitt, Multiyork, Loch Fyne, Feather & Black (bedrooms only), Hungry Horse, Ernest Jones, H Samuel and American Golf.
Apart from BP, the list is so poor it is laughable.
I would also be wary of persuading people to use a debit card – and thus give up the legal protection that comes with using a credit card – as ‘big ticket’ retailers such as Multiyork.
However, ONLY as a trial, Tesco is also included until 30th November. However, only Tesco in-store purchases and online grocery orders count – you don’t get anything for Tesco Direct etc. Tesco petrol sales are also excluded.
You don’t actually get cash back directly. It accumulates at a special website. Remember, we are talking 1% per transaction here, just pennies. When you reach £5 – which means spending £500 at the list of retailers above, quite a feat if you don’t visit BP a lot – you can cash it out to your NatWest account or as a £5 voucher for one of the stores above. Is it really worth the effort required?
You are missing out on credit card perks when you use your debit card.
It is all a bit embarrassing, in my view. If they had got ALL of the big supermarkets and garages signed up, then they would really have been onto something. As it is, I really wouldn’t have wasted the money (technically, my money, as taxpayers still own these two lumbering hulks) launching this.
The ONLY reason I can see anyone wanting to bother with this is:
if you don’t have a rewards credit card, or if you do it pays out at a poor rate, and
you spend so much at the shops on the above list that getting to £500 on a regular basis won’t be a problem
Want to earn more points from credit cards? – February 2023 update
If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.
In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.
You qualify for the bonus on these cards even if you have a British Airways American Express card:
You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.
SPECIAL OFFER: Until 21st February 2023, the sign-up bonus on the British Airways Premium Plus American Express card is increased to 35,000 Avios from 25,000 Avios. You can apply here.
British Airways American Express Premium Plus
35,000 Avios (ONLY to 21st February) and the famous annual 2-4-1 voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & four airport lounge passes Read our full review
The Platinum Card from American Express
30,000 points and unbeatable travel benefits – for a fee Read our full review
Virgin Atlantic Reward+ Mastercard
15,000 points bonus and 1.5 points for every £1 you spend Read our full review
Earning miles and points from small business cards
If you are a sole trader or run a small company, you may also want to check out these offers:
American Express Business Platinum
40,000 points sign-up bonus and a £200 Amex Travel credit every year Read our full review
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
British Airways Accelerating Business American Express
30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review
Capital On Tap Business Rewards Visa
Get a 10,000 points bonus plus an extra 500 points for our readers Read our full review
For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending.