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We’ve written before about the TopCashback payout bonuses you can get by transferring your cashback credit to discount gift card seller Zeek – and right now there’s a huge 30% bonus available!
Excellent – even if you prefer Avios/airline miles to cash!
A few months ago, Joe wrote a great piece on why transferring TopCashback credit to Avios isn’t necessarily a great idea from a ‘value’ perspective these days.
The main point he made was that transferring TopCashback credit to Avios is the equivalent of buying Avios for 0.95p, and that while that is a reasonable deal in itself, better options exist. If you take the credit as cash instead and then use that to buy more valuable types of miles cheaply (via one of the regular SPG Starpoints discount offers), you can often do more luxury flying for less money than if you transferred to Avios.
He also went on to explain that you can potentially do even better by transferring cashback credit to Zeek rather than simply taking the cash. Zeek is a gift card reseller with a huge range of options that you can choose to spend your credit on. The standard transfer bonus from TopCashback to Zeek is 15% and the gift cards sold on Zeek are also discounted, though for the most popular/’cash-like’ options (supermarkets etc) it tends to only be 1%-5%.
Until 12pm on Monday (21st May 2018), the transfer bonus is boosted to 30% – which makes things extremely interesting if you normally transfer TopCashback credit to Avios.
For example, £1 of TopCashback credit could either get you 105 Avios, or £1.30 in Zeek credit. Even if the gift cards for the retailer you actually want/need to buy from only offer an additional 1% discount, you’re looking at getting £1.31+ in value by transferring your £1 TopCashback credit to Zeek (assuming you only purchase things you’d definitely be buying anyway!).
£1.31 is therefore the ‘real cost’ of opting to take the 105 Avios instead. At that rate, the Avios would really be costing ~1.25p each, not ~0.95p.
Given that our rule of thumb valuation of Avios is about 1p each, buying at an effective 1.25p rate is expensive, particularly when Groupon offers regular opportunities to stock up on Avios for considerably less.
30% is a huge transfer bonus – the biggest we’ve seen. I’ll certainly be taking advantage myself.
Will you be making a transfer to Zeek this weekend?