Major credit card provider axes popular Christmas cashback rewards scheme
A MAJOR credit card provider has shocked users by pulling the plug on a popular Christmas cashback rewards scheme.
American Express will no longer offer punters their Shop Small offer giving money back for every £15 spent at small businesses.
Previously, customers could nab money back from shops, restaurants, pubs and even places like hairdressers, galleries and dentists in the form of a statement credit – which became known as Small Business Saturday.
But Amex users will no longer have that privilege in 2024, MSE have said.
“Amex told us this offer will not happen this year,” they said.
“This is the first time in eight years it hasn’t run its ‘Shop Small’ promotion.”
The bank holding company launched Small Business Saturday in 2010 as a way to help small businesses devastated by the financial crisis of 2008.
OTHER WAYS TO CLAIM CASHBACK
It comes after Martin Lewis outlined other cashback rules that each shopper should follow to earn hundreds – if not thousands of pounds.
Speaking on This Morning, the finance whizz said: “Christmas is coming, it’s the big high spend period of the year.
“The period before Christmas and just after Christmas is when we spend most amount of money.”
“This is not an excuse to spend more than you normally do.”
Instead he explained that if you are going to be spending anyway, you can recoup some of the cost.
Spending on cards
Martin first explained how to get cashback on cards.
He said: “Plastic will pay you to spend on them. It can be credit cards or or debit cards.”
The money expert first recommended the American Express every day credit card which is giving 5% of cashback on spending in the first five months of opening the card, up to a maximum of £125.
Not everyone will get the credit card as it can be quite tough on credit scoring, Martin advised.
He also shared another warning when using credit cards for cashback.
The expert said: “The most important thing when doing this, is that you don’t want to pay any interest so you must pay the card off in full every month.”
Second, Martin told how the American Express gold card is another great option. If you spend £3,000 in the first three months it will £115 of Amazon or M&S vouchers, plus you get other perks such as airport lounge passes.
Besides credit cards, shoppers can also get cashback when using a debit card.
Martin recommended the Chase debit card which you get via the Chase app.
You don’t have to switch bank accounts to get the card and it doesn’t credit check you. You load it up with money and then get cashback as you spend.
Martin said: “It’s so easy, 1% cashback up to £180 a year.”
Cashback sites
The second way to get cashback is through specific websites such as Quidco or TopCashback.
Normally sites get paid affiliate links when shoppers are directed to retailers. Cashback sites instead share the revenue with their users.
Martin said: “Some people make hundreds or thousands of pounds a year by shopping through these sites.”
However he warned that sometimes you don’t get cashback on a transaction though tracking issues or other reasons.
Martin added: “Always focus on getting the right product for you, then see if you can get cashback on top of it.”
How to bag a bargain
SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…
Sign up to loyalty schemes of the brands that you regularly shop with.
Big names regularly offer discounts or special lower prices for members, among other perks.
Sales are when you can pick up a real steal.
Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.
Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.
When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.
Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.
Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.
And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item.