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£1 minimum payout?

Posted: Thu Jul 18, 2019 8:49 pm
by Bruce
When did the minimum payout become £1? I've always been able to redeem whatever cashback I have in my account regardless of amount.
You must wait until at least £1 cashback has been awarded before you can redeem. Please see your statement

Re: £1 minimum payout?

Posted: Thu Jul 18, 2019 8:55 pm
by timco
Oh yeah

Re: £1 minimum payout?

Posted: Thu Jul 18, 2019 10:34 pm
by kevinchess1
And when did the maximum become £50?

I’m guessing it changed when moved to Instant payouts

Re: £1 minimum payout?

Posted: Fri Jul 19, 2019 4:41 am
by kevinchess1
Bruce wrote:
Thu Jul 18, 2019 8:49 pm
When did the minimum payout become £1? I've always been able to redeem whatever cashback I have in my account regardless of amount.
You must wait until at least £1 cashback has been awarded before you can redeem. Please see your statement
If you’re a bit short I’ll PayPal you 75p

Re: £1 minimum payout?

Posted: Fri Jul 19, 2019 6:32 am
by Sarah
Think I had auto-redeem set to 1p before testing Faster Payments but afterwards it had to be £1 minimum.

Re: £1 minimum payout?

Posted: Fri Jul 19, 2019 9:41 am
by AAAlphaThunder
kevinchess1 wrote:
Thu Jul 18, 2019 10:34 pm
And when did the maximum become £50?

I’m guessing it changed when moved to Instant payouts
If true bad news - £50 max is too small.

Re: £1 minimum payout?

Posted: Fri Jul 19, 2019 10:29 am
by blythburgh
AAAlphaThunder wrote:
Fri Jul 19, 2019 9:41 am
kevinchess1 wrote:
Thu Jul 18, 2019 10:34 pm
And when did the maximum become £50?

I’m guessing it changed when moved to Instant payouts
If true bad news - £50 max is too small.
Yes, insurance can be bigger.

But as we pay paypal a fee for each transaction £1 minimum for paypal seems fair. I go for the bank when I reach at least £10.

Re: £1 minimum payout?

Posted: Fri Jul 19, 2019 10:54 am
by richard@imutual
Until recently, the info re: minimum redemption was inconsistent. It some places it said £1 but you can actually redeem less than that via BACS

The method we use for Faster Payments does not allow amounts less than a £1, so it seemed sensible to be consistent across all payment methods and a apply a £1 minimum

The £50 maximum for Faster Payments has been introduced as an initial safety mechanism (in case we erroneously award someone a large amount :eek:). I may relax that once the system has been running reliably for a period

Note that you can request a payment every day, so the limit is effectively £350 a week. Should be enough, even for "high rollers" like Alphathunder :lol:

Re: £1 minimum payout?

Posted: Fri Jul 19, 2019 11:40 am
by blythburgh
richard@imutual wrote:
Fri Jul 19, 2019 10:54 am
Note that you can request a payment every day, so the limit is effectively £350 a week. Should be enough, even for "high rollers" like Alphathunder :lol:
More than enough for "low rollers" like me :lol: