This week my answers to your questions on getting cashback from multiple accounts, business banking when you’re a sole trader, your salary when you switch bank, using balance transfer cards for catalogue debts and more
I love hearing from you, whether it’s on the blog, social media, YouTube or on email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.
But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.
Keep reading for some of the questions I’ve been asked, plus the video live from last week with even more!
Watch last week’s Q&A
Why can’t I get cashback?
Here’s an edited version of an email I received from a reader. I’ve kept just the essentials here rather than share details as there’s an important lesson.
I bought two Three mobile SIMS with £62 cashback but I created another Topcashback account, using your referral and ordered each SIM through EACH account.
So I got cashback on my Topcashback account 1 – legitimate and genuine order SIM still active today. And I got cashback on my Topcashback account 2.
When both accounts became payable I requested payment same day and time – both accounts in my name and my bank details for payment – but to different banks.
They paid out one and I didn’t hear on the other, so when after several days they didn’t send the other I asked why that has been requested and not sent, they closed both accounts. I am very upset.
Anon, via email
So sorry to hear about this, but it looks like you’ve broken their terms and conditions which mean they are able to close your accounts and not pay the cashback in there.
You are only allowed one cashback account per person per site, so you were only able to sign up to one, and then only get the SIM cashback on one too. If you’d done this once it’d have been fine, but since you did it twice you aren’t eligible for the second payment.
All I can suggest is you write to TopCashback and say you made a genuine mistake and ask if they’ll reopen one of the accounts. But you won’t get the other payment. Sorry it’s not better news
Do I need to give my work the new details when I switch bank?
Interesting in switching, so who sorts out your wages ie do I need to do this with my work place or does the switch do everything?
Carlos, via YouTube
It will be automatically transferred each month, but it makes sense to tell your employer the new details so they go straight to your new bank
Can I open a Starling Business account as a sole trader?
I’ve been reading on one of my counselling groups that Starling do a free business bank account for sole traders after a main account is set up. Does anybody have any info on this please ?
Andy, via the Facebook group
Hi Andy, so if you’re a sole trader you don’t actually need a separate business account. You can just choose any account out there, which means you could take advantage of some bonuses with the likes of Club Lloyds or Halifax Rewards (if you meet the minimum criteria each month).
That also means you could use your normal Starling account as a business account if you wish rather than get their business one. But if you do want the business account it is free. More here.
Do I have to pay off the full balance on my credit card?
Hey! I just got a credit card and had a question, hoping you can help me make this clear. If my credit limit was £500 and I were to make a purchase with it on say; Amazon of £500. Would I have to pay this in full before the following month in order to pay 0% interest?
If I wanted to space the repayments of this £500 borrow say; monthly. Would the only way to do it is by paying the minimum every month and also pay the interest? What if I paid the minimum required +£10, would that negate the interest and allow me to pay in monthly like I want?
Sam, via YouTube
Hi Sam. So if you have reached your credit limit, then you can’t spend any more money on the card until you clear some of that balance. Any money you don’t clear by the billing date will be charged interest (unless you are on a 0% purchase or BT credit card).
So if you do space this out, you’ll get charged interest each month. The minimum payment is only to prevent any charges getting added on top.
The difference is if this is a 0% purchase card. If that is the case then you need to still make the minimum, but you won’t get charged interest on top until the 0% period ends.
Can I avoid credit checks for bank switches?
Just a quick question if you’ve got the time regarding current account switching and the associated switching bonuses.
If I were to open a current account with a bank, let’s say Santander, and then switch that account pretty much immediately to HSBC, two credit checks would be performed in order to acquire that bonus.
As far as I’m aware, opening an account with Monzo or Starling Bank does not require a hard credit search as it does with other banks but they do subscribe to the current account switch service.
So, if I were to open an account with, say Monzo, and then use the CASS to transfer to HSBC, would I receive the £125 switching bonus with only a single hard credit search?
Additionally, is it possible to take advantage of this system multiple times, opening up several accounts with these two current account providers and switch them away continually? As far as you’re aware, do banks limit one’s ability to do this?
Thanks for your time,
Al, via email
Yes, that’s right, there’s no hard credit check for Starling and Monzo – unless you ask for an overdraft.
So in theory you could open a Monzo, switch, open up another Monzo, switch and so on – though as you say Monzo/Starling have measures in place for this as I can’t imagine they’d want to keep opening up new accounts for people.
Monzo say you can reopen an account after 30 days, though I’m not sure if that works after switching away.
Starling actually says you can’t open up a new account with them for 12 months after closing or switching away. Though you can open a second account with them for £2 a month and potentially switch that (I can’t guarantee it though).
Balance Transfer cards – what’s the catch?
Sounds to good to be true what’s the downside of these cards ? Can I use this card to pay off a £400 catalog? Or is it only credit cards ? Got offered one with 9 months interest free.
Roland, via YouTube
Yes, they’re for real and there’s no real catch. The biggest hurdle will be getting accepted for the card. Use a comparison site to do a mass pre-eligibilty check which won’t hurt your credit report but will show which card you are most likely to get.
For a catalogue debt you’ll need to look at Money Transfer cards – here’s more on how these work.
How to ask me questions
The best ways to get in touch is in the Andy Clever Cash Facebook community
Just post your question any time, or ask me live in my weekly Q&A each Thursday (which is also on Instagram).
You can also comment on individual blogposts and videos or ask me questions via these channels:
- Twitter @AndyCleverCash
- Instagram @AndyCleverCash
- Email Andy[at]BeCleverWithYourCash.com
I can’t promise I’ll be able to answer all questions but I’ll do my best.