Exactly, you’re paying €6 a month!
But probably for something, that’s only worth €1 a month
Let's recap. I am a bank, you are the client, i am planning to charge you 18e/quarter. But, why would i give you the chance to pay me 6e/month instead of 18e/quarter? At the end, it is the same for me as a bank.
I have 2 theories, compatible between them:
- i need more liquidity so i can't wait until the end of quarter to collect those 18e per client. (That wouldn't be a surprise considering the delinquency rates going up nowadays)
- I enforce a change and I alter the fine print, on my benefit, adding some ""freebies"". Anyway, no one reads it, right? The people are lazy.
And if you don't generate cashback, you still have to pay, so the idea that you cover the cost with cashback is relative. Not to mention if a couple hace 2 accounts but only 1 gets the promised 5e back. (Yes yes joint accounts yes)
I don't know the details of the cashback but, again, the fine print counts, and maybe it is super cool... Or maybe it is like w1tty.com, promising up to 120e back, until you see which merchant codes are accepted in the cashback program... Suprise. Anyway, i need to look deeper into it, because even with that it might be ok for my consumer profile.
There only info i found for the PTSB cashback program is.. 10c per payment. No details about which merchants are included, if any or all. No info about minimal value on the transaction.
Anyway. 5e/10c it means you need to do 50 card payments per month, @1.7 per day. I doubt i match that profile with my daily routine.
Looking at the T&Cs of the explore account, looks like Aion. PTSB is more expensive clearly, and no interest rates or tax exemptions.
Pretty basic for the price.
Still looking around.