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.

3 comments:

Money Monster said...

Hi MarkG,

I operate a similar site to quidco. Our cashback rates aren't as good as we offer a £10 joining bonus and a £10 refer a friend scheme.

We also have a monthly prize for the top earner and top referrer.

Kind Regards,
Steve

Money Monster said...

Ooops, it would have helped if I'd told you what the site was!

www.moneybackmadness.co.uk

MarkG said...

Hi Steve,

I'll have a look at your site - thanks for letting us know about it.

Mark.