21 October 2017
visit www.avoka.com

Halifax to offer cashback on debit cards

15 December 2004  |  4456 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  |  5327 views  |  0 comments | 1 tweets
Debit cards displacing cash for smaller purchases

Debit cards displacing cash for smaller purchases

07 May 2004  |  4340 views  |  0 comments
Visa's debit card volume surpasses credit

Visa's debit card volume surpasses credit

20 April 2004  |  4154 views  |  0 comments
Gemplus wins 15 million HBOS chip card contract

Gemplus wins 15 million HBOS chip card contract

06 November 2003  |  6089 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.fivedegrees.nlvisit www.atos.net

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8803 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8621 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7703 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7176 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6780 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job