Thursday, August 09, 2007

Would you refuse free money?

Sounds a silly question, but after a quick poll here there are a lot of people who do. They nod along as I explain it, then decide that it's all too much effort. Telling them that I've collected over £400 in six months picks up their interest again a little, but you can see they aren't going to do it themselves.

The secret to this is cashback websites, in particular www.quidco.com. Online merchants will pay a fee if you arrive at their web site from a referrer (such as Quidco). In the case of Quidco they then pass this fee on to you. The only thing they do is keep back the first £5 that you get in a year to cover their costs. Other sites typically keep back a portion of every referral fee they get.

The biggest amounts of cashback come from insurance - something that we nearly all need to buy every year. At the moment you can get back up to £120 with some insurers. In fact this brought the total cost of car insurance for this year down to just a few pounds (the insurer also sent me some vouchers for taking out a new policy which was nice of them) I was close to ending up in profit!

Finance has become something of a hobby of mine over the past few years, enough that I could bore anyone with it if I went on too much. So I'll leave it there, and hope that some readers may follow through the link above.