Quidco

Thunderbolt · 29 Dec 2009 at 17:31

May someone enlighten me as to what this is.

I read the T&C's and can't see anything sinister.

How do they make money? How does it benefit me? And how do other companies benefit from it?

Sorry if it's not allowed to be mentioned here, please move or delete if necessary.

alex24 · 29 Dec 2009 at 17:32

They take £5 a year membership fee on your earnings over £5.

You get cashback on any purchases made through it with supporting retailers. I've only bought a few things this year using it, but earned £35 I wouldn't have done otherwise.

Thunderbolt · 29 Dec 2009 at 17:36

I can't see how that is a successful business plan.

Sorry I'm pretty cautious with money, will probably never have a credit card, and the only loans I will consider are student loans and a mortgage.

There must be a catch?

Miguél · 29 Dec 2009 at 17:42

No catch. If you earn say £40 in the 1st year they will take the first £5 of that.

Sounds like a pretty successful plan to me. If they have a 250,000 using it then that is quite a hefty bit of money.

I have earned approx £150 cash back in around 2 and a half year through various methods

mrochester · 29 Dec 2009 at 17:44

AdamDaniels88 said:
I can't see how that is a successful business plan.

Sorry I'm pretty cautious with money, will probably never have a credit card, and the only loans I will consider are student loans and a mortgage.

There must be a catch?

They make £5 a year from every person who earns over £5 a year, so they must be raking in a fairly large sum of money. I can't imagine their overheads are too high either, they just need to keep the site online.

Barks · 29 Dec 2009 at 17:45

I got paid £200 last month. It's not a fraud, there are some cracking deals. £150 of that was Cashback for signing up to Virgin Media for a year.

Takes a couple of months to get paid after any given transaction though.

jr1104 · 29 Dec 2009 at 17:45

The thing to remember is it isn't them paying out the money, it's the companies you buy from, and they don't mind paying out because it gets them business.

J!nx · 29 Dec 2009 at 17:46

The way I understand it is Quidco is basically an affiliate, the company will pay quidco for all links to items that end in the item being purchased and Quidco pass some of that money back to you.

I'm not a big internet spender myself, I don't have a credit card either and never will. Christmas perhaps the most time I spend anything, throughout the year I've been paid £17, and with spending at Christmas I'm expecting another £10 that's not including the £5 membership fee.

There are certain companies you can get money back from by just comparing car/home insurance but that's limited to how many times a year you can do it. The best I ever got was £8 back for getting free PAYGO Sims from Affordable Mobile. It's worked pretty well for me, it's not massive amounts of money, but it's clawing a little back.

mrochester · 29 Dec 2009 at 17:49

I've just ordered a Panasonic TX-P42G10 for £654, with an extra 5% cashback through Quidco making it a total of £622 I'm paying. Pretty sweet deal!

fornowagain · 29 Dec 2009 at 17:50

Prefer topcashback, no £5 fee. Similar rates and they track just as well as Quidco.

mrochester · 29 Dec 2009 at 17:50

fornowagain said:
Prefer topcashback, no £5. Similar rates and tracks well.

It varies between the 2 as to who has the best rate. However, £5 per year aint gonna break the bank!

Minstadave · 29 Dec 2009 at 17:57

I've got almost £500 so far with quidco, I suspect they make money on top of the £5 by earning commission on the extra sales they bring to stores.

Disco Boy · 29 Dec 2009 at 18:02

AdamDaniels88 said:
Sorry I'm pretty cautious with money, will probably never have a credit card, and the only loans I will consider are student loans and a mortgage.

There must be a catch?

Good luck getting a decently priced mortgage without a credit card

And do you not buy things online then? or are you foolish enough to use a debit card?

Barks · 29 Dec 2009 at 18:06

It's ridiculous how much is on there. Even Dominos pizza has 2.5% cashback lol

flat-6 · 29 Dec 2009 at 18:08

Coming up to £1700 earned for me - seriously nothing sinister about it.

How do you think all those car insurance comparison sites can afford all that TV advertising? They get tons of commission for every policy they sell. Quidco do the same thing as the ads - drive traffic to insurance sites but the difference is most of the commission goes in your pocket.

Amps · 29 Dec 2009 at 18:08

£1,759.30 to date!

No catch

RandomTom · 29 Dec 2009 at 18:09

Minstadave said:
I've got almost £500 so far with quidco, I suspect they make money on top of the £5 by earning commission on the extra sales they bring to stores.

Big Spender.

I have a Topcashback account but always end up forgetting to use it when purchasing. My own fault.

Darey · 29 Dec 2009 at 18:30

scott212 said:
It's ridiculous how much is on there. Even Dominos pizza has 2.5% cashback lol

Indeed, Justeat is on it, which is basically all your local takeaways. You can even get cashback on shopping from Asda.

Razor-BladE · 29 Dec 2009 at 19:00

So you sign up to quidco, visit the retailer via quidco, when you buy something you claim cashback through quidco, profit?

dannyjo22 · 29 Dec 2009 at 19:05

Disco Boy said:
Good luck getting a decently priced mortgage without a credit card

And do you not buy things online then? or are you foolish enough to use a debit card?

All he meant was he wasn't going to get a credit card and run the risk of debt. Using a debit card is totally different.

I never had a problem getting decent mortgages without ever having a credit card.