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This Algbra thing sounds amazing.
What is the catch?This Algbra thing sounds amazing.
What is the catch?Sounds like their business model is unsustainable, so in true HfP style rinse it while it lasts, don’t leave too much in the account in case they go bust, that sort of thing.
I don’t really see how (without using Curve with an avios card) you could beat the 1% Chase cashback unless you’re going to spend more than 1.5k? Unless of course you really need S75 protection
Realise this may be too complex to be worth the savings/benefits for some, but for foreign-denominated goods/services I use (in order of preference):
Algbra for anything up to £100 that I can pay for using Google Pay, i.e. contactless in-person as well as some in-app and web payments. 0% FX fees and earns 1.5% cashback up to a total of £22.50 a month (i.e. £1500 in transactions).
Curve for anything non-GP up to £100 during the week. 0% FX fees up to £1000 a month with the free tier. I have this linked to my free Barclaycard (downgraded from the Plus once I’d earned the voucher) so get 1 Avios/£.
Algbra for anything non-GP up to £100 during the weekend (due to Curve’s weekend markup). Still 0% FX fees but non-GP transactions only earn 1% cashback up to a total of £10 a month (i.e. £1000 in transactions).
Chase for anything non-GP up to £100 during the weekend, once I reach Algbra’s £1000 monthly cashback limit. Don’t like to have my money spread around too many accounts so I use this as more of a backup where necessary.
Aqua Reward credit card for any purchases of £100+ where I feel I want the section 75 protection. 0% FX fees and earns 0.5% cashback (sadly rounded down to the nearest £5 and only paid annually). If I don’t feel the need for s75 (e.g. it’s a hotel where I’m paying on check-in) I revert to one of the above methods.
For foreign-denominated cash withdrawals I use (in order of preference):
Starling for cash in countries where there are fee-free ATMs (i.e. most of Europe, plus some other countries). Gives 0% FX fees with no monthly limit, just the daily £300 withdrawal limit which most cards will have.
Chase for US cash withdrawals – no fees at Chase Bank ATMs (most other US banks/ATMs tend to charge a fee). Again, 0% FX fees and so this also provides a back-up if I’m close to the daily Starling limit. £1500 a month foreign ATM limit, but no daily limit.
Algbra as a tertiary back-up to the above, should I be getting close to my monthly limits. 0% FX fees but it’s unclear what the monthly withdrawal limit is.
Curve I suppose would be a quartenary back-up, though I’d try to only use this during the weekend due to the FX markup. The £200/month limit is also rather onerous.
Blimey I like to get value but this seems terribly complicated
I don’t really see how (without using Curve with an avios card) you could beat the 1% Chase cashback unless you’re going to spend more than 1.5k? Unless of course you really need S75 protection
The Chase 1% is only for the first year?
I don’t really see how (without using Curve with an avios card) you could beat the 1% Chase cashback unless you’re going to spend more than 1.5k? Unless of course you really need S75 protection
The Chase 1% is only for the first year?
You get 1% up to £15 (so on the first £1500) every month if you pay in £500
Lots of HfP readers will have the MBNA Horizon card from when their various airline cards were closed.
With Cashback on foreign spend, S75 and fee free, there’s no way the maths ever works for preferring a fee paying card to this.
There are always cheaper ways to get over the line if you really need to hit a bonus…@baec_newbie – a) how much do you estimate you are saving/gaining p.a. following this remarkable protocol? b) does everyone in your family faithfully follow procedure? and c) why don’t you want to have s75 for hotels that require payment (vs hold) at check-in?
This Algbra thing sounds amazing.
What is the catch?Algbra website says:”We are not a bank. We are a movement”. Fills me full of confidence…not!
This Algbra thing sounds amazing.
What is the catch?Algbra website says:”We are not a bank. We are a movement”. Fills me full of confidence…not!
Neither does this sentence which says they are not in the FSCS yet goes on to talk about its benefits as if they were. Somewhat disingenuous… No descriptor about exactly how e-money is different to, er, money either.
“Your account holds e-money which is not covered by the Financial Services Compensation Scheme (FSCS). FSCS protection covers up to £85K of customer deposits with traditional banks that may lend or invest these funds. ”
Neither does the idea that their website says you should refer to T&Cs for rewrads/cashback offer but there is nothing specific; and the genereal T&Cs say you can’t look up their rewards/cashback product unless you’ve already signed up…
“Where we offer you cashback, we will provide you with terms and conditionsthrough the App specifying how cashback will be provided to you.”
Looks like a classic case where if you have to use it I would literally be depositing and then moving out within seconds – 100% wouldn’t be keeping even £1 on deposit.
Realise this may be too complex to be worth the savings/benefits for some, but for foreign-denominated goods/services I use (in order of preference):
Algbra for anything up to £100 that I can pay for using Google Pay, i.e. contactless in-person as well as some in-app and web payments. 0% FX fees and earns 1.5% cashback up to a total of £22.50 a month (i.e. £1500 in transactions).
Curve for anything non-GP up to £100 during the week. 0% FX fees up to £1000 a month with the free tier. I have this linked to my free Barclaycard (downgraded from the Plus once I’d earned the voucher) so get 1 Avios/£.
Algbra for anything non-GP up to £100 during the weekend (due to Curve’s weekend markup). Still 0% FX fees but non-GP transactions only earn 1% cashback up to a total of £10 a month (i.e. £1000 in transactions).
Chase for anything non-GP up to £100 during the weekend, once I reach Algbra’s £1000 monthly cashback limit. Don’t like to have my money spread around too many accounts so I use this as more of a backup where necessary.
Aqua Reward credit card for any purchases of £100+ where I feel I want the section 75 protection. 0% FX fees and earns 0.5% cashback (sadly rounded down to the nearest £5 and only paid annually). If I don’t feel the need for s75 (e.g. it’s a hotel where I’m paying on check-in) I revert to one of the above methods.
For foreign-denominated cash withdrawals I use (in order of preference):
Starling for cash in countries where there are fee-free ATMs (i.e. most of Europe, plus some other countries). Gives 0% FX fees with no monthly limit, just the daily £300 withdrawal limit which most cards will have.
Chase for US cash withdrawals – no fees at Chase Bank ATMs (most other US banks/ATMs tend to charge a fee). Again, 0% FX fees and so this also provides a back-up if I’m close to the daily Starling limit. £1500 a month foreign ATM limit, but no daily limit.
Algbra as a tertiary back-up to the above, should I be getting close to my monthly limits. 0% FX fees but it’s unclear what the monthly withdrawal limit is.
Curve I suppose would be a quartenary back-up, though I’d try to only use this during the weekend due to the FX markup. The £200/month limit is also rather onerous.
All this can be replaced with a simple long term combination of Halifax Clarity (for S75, flights and hotels) or Amex plat (if you rely on plat insurance) plus Starling / Wise for everything else. Anything more, you are complicating it for very little benefit.
Use Starling / Wise as an additional account, not the main bank account and dont leave more than £200 (or whatever you feel comfortable) during traveling.
The last thing you want is losing the card to carelessness / theft / ATM failure and £5k or more trapped in it or donated to fraudsters.
I’m tempted to just ditch Barclaycard Avios and then apply for the Barclaycard Rewards card in a year or two. Absolutely pathetic they won’t increase my credit limit from £250.
I dont have the clarity card, so it’s Barclays Hilton for bookings and Chase for most things when abroad. Curve&Hilton for ATM.
I keep the Wise card in the hotel safe for dire emergencies.
Chase 1% is unbeatable trade off for convenience and return. I’m investigating Algbra though…
People here constantly promoting a useless past its sell by date card such as Halifax Clarity. Hey, this is 2023 guys! Absolutely mind-boggling.
People here constantly promoting a useless card such as Halifax Clarity. Hey, this is 2023 guys! Absolutely mind-boggling.
Explain to us dimwits.
Explain to us dimwits.
Well, dimwits may be a word you choose, but not one I used.
This Algbra thing sounds amazing.
What is the catch?That they’re probably burning through VC funding to pay for it, so it’s unlikely to last. My view is that, just like with SUBs, make hay while the sun shines…
I don’t really see how (without using Curve with an avios card) you could beat the 1% Chase cashback unless you’re going to spend more than 1.5k? Unless of course you really need S75 protection
The 1.5% you get from Algbra beats the 1% you get from Chase. And if you’ll be spending a lot on non-Amex or foreign payments then £1.5k a month is unlikely to suffice.
@baec_newbie – a) how much do you estimate you are saving/gaining p.a. following this remarkable protocol? b) does everyone in your family faithfully follow procedure? and c) why don’t you want to have s75 for hotels that require payment (vs hold) at check-in?
a) I tend to max out the Algbra cashback each month, plus get some way into the Curve and Chase limits. So probably something in the region of £40 a month. Hardly life-changing, but I’d rather have that money than not, given that – with everything in place – it takes me mere seconds to decide how I’ll pay for a given purchase.
b) I tend to pay for most things so it’s not really an issue. Appreciate that won’t be the case for everyone, hence the disclaimer at the top of my post.
c) I clearly depart from the majority on this forum here, but the situation rarely arises as I don’t tend to stay in a hotel for more than 1 night at a time, nor do I particularly care for spending large sums on luxury hotels. I’d rather spend the money on undertaking more trips or travelling in J.
But when it does – what am I realistically going to claim under s75 for? If I’ve managed to check in, the place exists and my booking is being honoured. I suppose something terrible could happen during the stay but I perceive the largest portion of the risks as arising before you check in.
This Algbra thing sounds amazing.
What is the catch?Algbra website says:”We are not a bank. We are a movement”. Fills me full of confidence…not!
Neither does this sentence which says they are not in the FSCS yet goes on to talk about its benefits as if they were. Somewhat disingenuous… No descriptor about exactly how e-money is different to, er, money either.
“Your account holds e-money which is not covered by the Financial Services Compensation Scheme (FSCS). FSCS protection covers up to £85K of customer deposits with traditional banks that may lend or invest these funds. ”
Neither does the idea that their website says you should refer to T&Cs for rewrads/cashback offer but there is nothing specific; and the genereal T&Cs say you can’t look up their rewards/cashback product unless you’ve already signed up…
“Where we offer you cashback, we will provide you with terms and conditionsthrough the App specifying how cashback will be provided to you.”
Looks like a classic case where if you have to use it I would literally be depositing and then moving out within seconds – 100% wouldn’t be keeping even £1 on deposit.
The (very brief) T&Cs are publicly available by searching on Google. 1.5% terms here, 1% terms here.
Agree that I certainly wouldn’t use this as a current account. I treat it as a quasi pre-paid card and transfer in the money just before I make any large payment, leaving a residual amount in the account for small payments that I’d be prepared to lose if they did go belly-up.
Realise this may be too complex to be worth the savings/benefits for some, but for foreign-denominated goods/services I use (in order of preference):
Algbra for anything up to £100 that I can pay for using Google Pay, i.e. contactless in-person as well as some in-app and web payments. 0% FX fees and earns 1.5% cashback up to a total of £22.50 a month (i.e. £1500 in transactions).
Curve for anything non-GP up to £100 during the week. 0% FX fees up to £1000 a month with the free tier. I have this linked to my free Barclaycard (downgraded from the Plus once I’d earned the voucher) so get 1 Avios/£.
Algbra for anything non-GP up to £100 during the weekend (due to Curve’s weekend markup). Still 0% FX fees but non-GP transactions only earn 1% cashback up to a total of £10 a month (i.e. £1000 in transactions).
Chase for anything non-GP up to £100 during the weekend, once I reach Algbra’s £1000 monthly cashback limit. Don’t like to have my money spread around too many accounts so I use this as more of a backup where necessary.
Aqua Reward credit card for any purchases of £100+ where I feel I want the section 75 protection. 0% FX fees and earns 0.5% cashback (sadly rounded down to the nearest £5 and only paid annually). If I don’t feel the need for s75 (e.g. it’s a hotel where I’m paying on check-in) I revert to one of the above methods.
For foreign-denominated cash withdrawals I use (in order of preference):
Starling for cash in countries where there are fee-free ATMs (i.e. most of Europe, plus some other countries). Gives 0% FX fees with no monthly limit, just the daily £300 withdrawal limit which most cards will have.
Chase for US cash withdrawals – no fees at Chase Bank ATMs (most other US banks/ATMs tend to charge a fee). Again, 0% FX fees and so this also provides a back-up if I’m close to the daily Starling limit. £1500 a month foreign ATM limit, but no daily limit.
Algbra as a tertiary back-up to the above, should I be getting close to my monthly limits. 0% FX fees but it’s unclear what the monthly withdrawal limit is.
Curve I suppose would be a quartenary back-up, though I’d try to only use this during the weekend due to the FX markup. The £200/month limit is also rather onerous.
All this can be replaced with a simple long term combination of Halifax Clarity (for S75, flights and hotels) or Amex plat (if you rely on plat insurance) plus Starling / Wise for everything else. Anything more, you are complicating it for very little benefit.
Use Starling / Wise as an additional account, not the main bank account and dont leave more than £200 (or whatever you feel comfortable) during traveling.
The last thing you want is losing the card to carelessness / theft / ATM failure and £5k or more trapped in it or donated to fraudsters.
Obviously a matter of perspective but as mentioned above, I’d be giving up around £40 a month in benefits by doing that. Some might find it too much hassle but this thread was asking for options so I obliged!
I’m certainly very careful when travelling and, when in dodgy areas, tend not to keep much (if any) money on the accounts relating to the debit card(s) I’m carrying. You can always transfer money across quickly if you need to make a large payment.
Explain to us dimwits.
Well, dimwits may be a word you choose, but not one I used.
Still waiting on that explanation………..
Explain to us dimwits.
Well, dimwits may be a word you choose, but not one I used.
Still waiting on that explanation………..
No rewards or cashback = no custom from me.
Lots of HfP readers will have the MBNA Horizon card from when their various airline cards were closed.
With Cashback on foreign spend, S75 and fee free, there’s no way the maths ever works for preferring a fee paying card to this.
There are always cheaper ways to get over the line if you really need to hit a bonus…Yes, still a winner hoping Lloyds have forgotten about it
This Algbra thing sounds amazing.
What is the catch?Algbra website says:”We are not a bank. We are a movement”. Fills me full of confidence…not!
Oh I just love that
This Algbra thing sounds amazing.
What is the catch?Algbra website says:”We are not a bank. We are a movement”. Fills me full of confidence…not!
Oh I just love that
Yes. Aren’t ‘Just Stop Oil’ a movement too?!!
No rewards or cashback = no custom from me.
Does have rewards, fee free and s75.
Someone mentioned about not having a lot of money on Starling etc in case of theft. You can freeze it in app.
@baec_newbie, how did you manage to keep Aqua Rewards? I was told they were closing down and my card promptly cancelled a few years back?Explain to us dimwits.
Well, dimwits may be a word you choose, but not one I used.
Still waiting on that explanation………..
No rewards or cashback = no custom from me.
There is £20 cashback after you make your first purchase. Even if it’s for 1p.
No rewards or cashback = no custom from me.
Does have rewards, fee free and s75.
Someone mentioned about not having a lot of money on Starling etc in case of theft. You can freeze it in app.
@baec_newbie, how did you manage to keep Aqua Rewards? I was told they were closing down and my card promptly cancelled a few years back?It’s no longer open to new applications and hasn’t been for some time now, but my card was never closed. The maximum credit limit for the card seems to be £5k, and they’ve reduced mine on at least three or four occasions under the guise of something along the lines of an “account review”, but have reinstated the full £5k when asked.
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