Credit for CashBack

David H

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Hi Guys,

I would love to know the general consensus for taking out "plastic" just for the cashback offered by such sites such as TopCashback, Quidco et al.

While I know it can be somewhat detrimental to take out a lot of credit in regard to your credit score, I'm guessing it's okay as long as you're not planning any major credit purchases in the near future.

I have made decent amounts doing this.

What are your thoughts on the matter?

PS: an example would be something like £30 for taking out an Aqua CC.

I look forward to hearing from you.
 

homie

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I generally don't like to have too many credit accounts open at one time. I have three already to take advantage of various different offers so wouldn't want to sign up for any more. Definitely worth doing though if you wanted to open a credit card anyway, especially if its a points earning card.

Anyone remember 'Stoozing' in the early 2000's?
 

Jon

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This reminds me of when I went through a few weeks of blasting through the Bingo sign up offers on TopCashBack and made around £500 - Although that obviously doesn't affect your rating.

Is there a minimum you have to 'hold' the card before they will payout the cashback?
 

David H

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Hi Homie, I do remember "stoozing" and I believe people still do this, especially with 40 month 0% periods, though this depends on the credit limit you're ultimately given.

Hi Jon, that sounds like you were very successful.
I don't believe you have to hold the card for any specified time, however I would assume that if you cancel the card before the cash back is actually paid out then I would presume this would void the cash back.
 

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