2% Cashback on Eligible ubank Visa Debit Purchases (up to $10 Cashback Per Month)

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treebytheriver on 06/02/2024 - 07:02 ubank.com.au (1338 clicks)
Last edited 06/02/2024 - 12:19 by 1 other user

Got an email:

Want a sweetener when it comes to your expenses? We hear you. That’s why for the months of February and March we’re giving you 2% cashback on eligible Visa Debit card purchases (up to $10 per month).

It’s simple to reap the rewards. Almost any spending will be eligible for cashback. Whether it’s a combo of purchases or a single expense, if you hit the $500 mark or above you’ll get the maximum cashback of $10 to your account.

Excludes Eftpos, betting/gambling transactions, purchases with cash-out, the purchase of gift cards, account fees, cash withdrawals, cash-equivalent transactions, third party payments such as AfterPay, BPAY, PayPal or PayPal equivalent or transactions not made on Visa Network.

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ubank

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    MeesusEff on 06/02/2024 - 13:25

    I've used mine 5 times, and my husband the initial 3 he had to do to get the referral offer. He got the offer but I didn't :( ah well he does the Aldi shops anyway

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    Craze on 06/02/2024 - 13:40

    Not true, I've never used the debit card ever and was targeted this time.

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      ely on 08/02/2024 - 20:39

      And I use it all the time and wasn't targeted

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  nea ozb on 06/02/2024 - 12:10

  How do I know if I’m eligible for the offer?

  This offer is only available to selected ubank Visa Debit card customers who
  are sent the Visa Debit Cashback Offer email by ubank.

  Use my uBank visa card quite a bit… did not receive email. Been a member for over a year.

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  Bii on 06/02/2024 - 14:14

  +2

  Cap $10 per month

  Yes, but how to spell stingy again?

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  capslock janitor on 06/02/2024 - 15:20

  none here ..

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  rajmehta on 06/02/2024 - 16:27

  +1

  is online purchase eligible for cashback offer.

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    nokia3660 on 06/02/2024 - 22:43

    +1

    yes, there is no condition excluding it, as long as the transaction is processed by visa.

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  SydBoy on 06/02/2024 - 16:45

  Is this really useful as a cashback?

  I normally use credit card for monthly spend with converts into points and I pay full amount after 30 or 31 days which means the cash in my savings account generate interest during this time as well. So I get points plus interest on saving.

  Now, this Ubank deal is only 2% on use of EFTPOS so basically you end-up using cash sitting in your account so no high interest on that amount and I don't get points for that amount…!

  So question if any mathematical genius can help is is it worth doing this instead of credit card ?

  This scheme is limited to $500 spend so based on that I get 500 Qantas points plus I earn 0.425% interest per month on the interest (Ubank savings rates of 5.1%).

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    tharlow on 07/02/2024 - 00:16

    -5

    Only poor people use debit cards

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    UrMumsOnlyFan on 08/02/2024 - 08:17

    The Ubank offer is worth $10 cashback for $500 spend in a month.

    0.425% interest on $500 is less than $2.125, assuming you pay tax. Qantas Point value varies between typically 0.5c to 1.5c per point, depending on your personal valuation, therefore 500 points (if you earn 1 point per $) is generally worth between $2.50 to $7.50. Most typically somewhere around the $5 mark.

    Your call whether any difference is worth worrying about.

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      SydBoy on 08/02/2024 - 13:20

      Thanks, I thought so that Qantas point value is very variable as if used for hotel booking during off peak or flight then they value very high but for gift card or purchasing product through their website it has very low value. hence i mostly use for hotel booking or flights.

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  Jeeyang on 13/02/2024 - 20:50

  I did 2 transactions today. But it didn't show any cashback in the app. With HSBC, I can see the cashback straight away.

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    UrMumsOnlyFan on 13/02/2024 - 22:25

    +1

    https://cms.ubank.com.au/wp-content/uploads/ubank-visa-debit…

    When do I get my cashback?

    Cashbacks will be paid by the end of the following month after eligible spend (i.e. cashback earned in February will be consolidated into a single amount and paid in March, and cashback earned in March will be consolidated and paid in April).

    We expect this to be paid in the second half of the month, as we need to wait 14 days for eligible transactions to be settled before credits can be processed.

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      souths123 on 19/02/2024 - 08:07

      wow, so could do all this and not get any cashback as it might not go through as a visa transaction? I was going to test it today before I paid my car service this week (so I didn't have to split it under $100 each time for HSBC)…..hhmmm. Will definitely do it as a card insert selecting credit just to be sure. I was going to do a couple of very small transactions today to test what did and didn't work first, but as it is all consolidated and I won't get it till next month, it will be hard to tell. (i.e. tapping at a supermarket and also inserting card etc)….why can't they do it like HSBC????? Gaahhh

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        UrMumsOnlyFan on 19/02/2024 - 08:17

        Definitely take the precaution of inserting the card and selecting CR. It's a pain compared to being able to tap confidently with HSBC (up to $99.99), but you may get an unpleasant surprise if you don't.

        See my comment here.

        Tap on your transactions in the Ubank app and next to "Card used" it will show either a VISA or eftpos icon. We won't know for a while but it's safe to assume that cashback will not be received for eftpos transactions.

        HSBC is indeed easier and faster and more certain.

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          souths123 on 19/02/2024 - 08:47

          @UrMumsOnlyFan: just spoke to them, and they said this is visa doing the offer, and even if you select credit, if the merchant is using the eftpos system then it still won't work? I told them I prob won't even bother then. What is the point?

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            UrMumsOnlyFan on 19/02/2024 - 09:04

            @souths123: What they've said is generally the same as their FAQ and T&Cs document:-

            Which transactions are eligible for cashback?

            To be eligible for cashback, transactions must be made within the offer dates (in the time zone that purchases take place), settled within 14 days and processed by VisaNet (transactions are processed by VisaNet unless they are an eftpos payment).

            eftpos payments are not eligible for this offer. eftpos payments are payments which are made by selecting ‘CHQ’ or ‘SAV’ on a payment terminal or in a mobile wallet at the point of sale, or any payment which is routed by the merchant through eftpos (which may include payments made by tapping your card or device at a payment terminal). Ubank doesn’t have any control whether a merchant chooses to route a transaction through eftpos.

            Excludes betting/gambling transactions, purchases with cash-out, the purchase of gift cards, account fees, cash withdrawals, cash-equivalent transactions, third party payments such as AfterPay, BPAY, PayPal or PayPal equivalent or transactions not made on Visa Network.

            Why aren’t eftpos purchases eligible?

            Ubank is partnering with Visa to make this offer to customers. Because eftpos transactions are not processed on Visa’s VisaNet network, the system isn’t able to “see” them to calculate your cashback.

            However, what they've said about selecting CR potentially not working is highly questionable.

            According to WookieMonster's useful post "If you insert your physical ubank debit card, you will be able to choose between Visa (CR) or eftpos (SAV, CHQ)."

            Manually selecting CR should be fine. I wouldn't think that can be forced onto eftpos.

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              souths123 on 19/02/2024 - 09:15

              @UrMumsOnlyFan: that's what I thought?….she went back to supervisor and they said no, it might still be eftpos?? I thought, WTF, anyway by that stage I was jack of it and told her I just wouldn't even bother and will stick with HSBC, as it was not worth the effort. Guess I will be the pain splitting my car service payment again hahaha

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                UrMumsOnlyFan on 19/02/2024 - 22:14

                @souths123: Up to you if you choose to believe them. My money is on manual CR working.

                HSBC is always the alternative and you get the cashback far more quickly.

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                  souths123 on 19/02/2024 - 22:37

                  @UrMumsOnlyFan: yes, I know….I was on the phone for so long and to finally have them say that? I said surely if you selected credit it would have to go through the Visa system, but they said no?? Maybe they have no idea what they are talking about, but seems too much of a hassle to do it only to possibly have it not get the cashback. More of a pain with the HSBC for the larger payment (having to split it), but at least it is a sure thing, plus they have $50 a month limit cashback, and it is pretty quick.

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  Munners1989 on 25/02/2024 - 15:46

  Does anybody know if the 2% Cashback will apply to ShopBack purchases given the gift card exclusion?

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  hoyanikon on 29/02/2024 - 11:00

  When will we get the cashback? Done the transactions 3 weeks ago

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    Munners1989 on 02/03/2024 - 00:18

    End of March

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    gm3stevens on 21/03/2024 - 11:58

    +1

    The Feb $10 bonus is credited to my UUtra account on 20/3. Not bad, better than nothing.

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  cuteduck on 20/03/2024 - 20:23

  Received mine

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  superlawrence on 20/03/2024 - 23:27

  Is payment to Zip account balance eligible?

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  UrMumsOnlyFan on 23/03/2024 - 10:28

  +1

  Results from my 11 tap transactions totalling $522.02:-

  • Of those, 5 were VISA and I received 2% cashback of that $220.22 = $4.40.

  • The other 6 were eftpos totalling $301.80 = $6.04 cashback missed out on.

  • Effective cashback on total $522.02 spend = 0.84%.

  That taught me a lesson about the prevalence of LCR / MCR (well explained by WookieMonster here).

  So in summary, always insert (that's what she said) and select CR.

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    WookieMonster on 24/03/2024 - 23:29

    +2

    That taught me a lesson about the prevalence of LCR

    The Reserve Bank has threatened to mandate LCR if the various payment services providers do not speed up adoption of LCR in the next few months, so expect to see LCR more and more!

    So in summary, always insert (that's what she said) and select CR

    … or if you have a ubank card saved to a mobile wallet, select Visa on the mobile wallet first before tapping in order to force the payment to go through the Visa network. If there is no option to choose payment networks on the mobile wallet, it means that card will always go through Visa.

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      UrMumsOnlyFan on 25/03/2024 - 00:14

      +2

      Thanks for the link.

      My solution was just to return to HSBC 😂

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