15 December 2017
visit www.solutions.lexisnexis.com

Halifax to offer cashback on debit cards

15 December 2004  |  4476 views  |  0 Halifax Sign 2

The Halifax is stepping up its attack on the Big Four banks by launching the first ever current account in the UK paying cashback on debit card purchases.

The new product, called the Moneyback current account, offers 1% cashback on debit card purchases up to a total of £10,000 automatically payable tax-free once a year to the account holder. Halifax calculates that cashback potentially worth approximately £100 a year is available to the average UK household.

Debit cards now account for 65% of all card purchases and more than eight in ten adults have one. NOP World research, conducted on the Halifax's behalf, found that 71% of UK adults would find a current account offering cashback an attractive proposition.

Customers who credit their account with £1000+ a month will be eligible to apply for Moneyback. For qualifying Visa Debit transactions up to a total of £10,000 each year, customers will receive 1% cashback and 0.1% thereafter. At the end of each calendar year, the cashback earned will automatically be paid to the relevant account.

The bank believes the new service will help it achieve its target of doubling the number of current account customers who have their main banking relationship with Halifax or sister outlet Bank of Scotland.

Peter Jackson, Head of Banking at the Halifax, says: "Moneyback opens up a new front in the battle for UK current accounts. Up until now, loyal customers, who frequently pay by debit card have been ignored by the major banks."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sainsbury's touts for deposits at the check-out

Sainsbury's touts for deposits at the check-out

12 October 2004  |  5359 views  |  0 comments | 1 tweets
Debit cards displacing cash for smaller purchases

Debit cards displacing cash for smaller purchases

07 May 2004  |  4362 views  |  0 comments
Visa's debit card volume surpasses credit

Visa's debit card volume surpasses credit

20 April 2004  |  4168 views  |  0 comments
Gemplus wins 15 million HBOS chip card contract

Gemplus wins 15 million HBOS chip card contract

06 November 2003  |  6123 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.niceactimize.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10177 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9240 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8885 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7580 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7204 views comments | 15 tweets | 24 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job