Last Updated on 24 June 2022 by Dan
Hello everyone! Today I’m going to be doing a review of QuidCo, one of the UK’s leading online cashback services when shopping online – is it worth it? Read on….
Getting cashback with online shopping has long been one of our top tips here at The Financial Wilderness for something that can save you pennies without much effort.
Previously I’ve focused more on QuidCo’s main rival in the shopping cashback space in the form of TopCashback (details here) as I generally found better deals there – but lately I’ve found the fight is much more even and it’s definitely worth giving QuidCo a look.
The Financial Wilderness may also receive a small refer-a-friend payout if you join QuidCo through our links. It won’t affect the service you receive and we honestly believe they’re worth signing up to. You can read more about our affiliate policy on our disclaimers page and why we only recommend what we believe in.
How does QuidCo work?
For those unfamiliar with cashback – instead of going to a website directly to make a purchase, you “click through” it from a cashback website. Let’s explain how and why this concept works a little more:
- Think of when you see an online banner advert. If you clicked on one and then bought something, the retailer will happily pay the owner of that advert a percentage cut for referring a customer their way and chalk it to marketing.
- From the perspective of the retailer they’d rather you just came to their site to begin with as they then pocket that fee themselves.
- There’s another way though where to all intents and purposes you refer yourself, and this is where QuidCo comes in.
Cashbacks sites like QuidCo act as an intermediary on your behalf, providing the equivalent of the banner ad but actually redirecting that referral money to you.
It’s simple to use – you sign up, look on their site for the retailer you want and click their link. You’re taken to the retailer’s website and simply shop as normal. Hey presto, the referral cash is directed to you and you’ve effectively got a discount on your shopping through something very simple.
An example of a cashback page on QuidCo for Hotels.com below:
How much can using QuidCo earn me?
Each individual merchant will have a different percentage of cashback they’re willing to give for purchases. It can also vary by specific item and if you’re a new or existing customer of the brand.
On everyday items this isn’t too much (1%/2% for instance), but on big ticket items like holidays it’s not uncommon to find opportunities for cashback of around 10%.
The key is to simply put everything on there and watch it add up. Personally I’ve had over £2,000 back from QuidCo and TopCashback between them, so use of a cashback service can really add up.
Is QuidCo free to use?
QuidCo is entirely free to use as a basic member without restrictions. You can also sign up for a £1 a month cost (where active) to a QuidCo premium membership, which we cover in more detail below.
Is it worth getting QuidCo Premium?
QuidCo’s optional premium membership costs you £1 a month within active months (which is defined as any month you’ve actively made a purchase through QuidCo).
It’s the same service, but you’ll find most retailers will have add on enhanced cashback rates of up to 10% more, plus also up to 20% bonus when cashing out transactions.
It also enables you to get “double the difference” on any cashback if you see cashback being advertised at a higher rate on a different cashback site (like TopCashback) rather than through QuidCo. This requires a little bit of legwork to benefit from but can be very rewarding.
We do think QuidCo Premium is (generally) worth it. Of these extra benefits, we think that the top-up cashback is the most useful and as long as you’re buying some reasonably sizable or with good rate of cashback, as that benefit will large exceed the £1 fee.
We also like the fact QuidCo Premium automatically pauses when you’re not using the site so you’re not being charged on an ongoing basis.
You can either select the Premium membership as part of the signup process to QuidCo as a member, or click “settings” when hovering over the little person symbol that represents your account, then “account type” on the following screen.
How can I withdraw earned cashback from QuidCo?
You can withdraw your earned cashback from QuidCo in a variety of ways.
If you would prefer simply to have the cash, you can withdraw funds directly to either your bank account via a BACS transfer or into a PayPal account.
However, you can do potentially do better than this by withdrawing your money as a gift card. By going down this route, you’ll receive a top up on the withdrawal amount (generally between 2%-10% for fixing your spend to that retailers).
Options include the major supermarkets, coffee suppliers and chain restaurant groups among others.
An example below of some of the withdrawal options:
What is the best way to withdraw money from QuidCo?
We think the additional cashback being paid in gift card form makes this route usually worth the choice, but you should go with a retailer you either need to make a purchase from or know are highly likely to use.
Personally, we tend to opt for Supermarkets on this basis – whilst it’s not the highest payout option, we always need groceries and it helps reduce the cost of the weekly shop!
How do I sign up to Quidco?
You can sign up to QuidCo at the website right here! (You’ll also get an initial extra £5 worth of free Cashback for being referred by The Financial Wilderness!)
Overall Review of QuidCo
For only a tiny amount of change in the way you shop online via clicking through from a different site, you can earn some serious money over time with QuidCo.
The site is well designed and easy to use, with good customer service and a wide variety of both retailers and payout options.
The premium service is also well designed and adds value to a service which is already good to start off with.
As a result, we’d highlight recommend QuidCo as an essential moneysaving tool for online shopping that you are doing regardless.
Are there any potential concerns with QuidCo?
There are a few important points to be aware of that may cause you not to earn cashback.
Firstly, sometimes the tracking of your purchase through a link can fail owing to issues with attributing the purchase to you and you don’t receive the cashback. It happens rarely, but does happen. Therefore you should never just buy something for the cashback, and think of it as a nice extra.
The terms and conditions also generally don’t allow you to get cashback when combining a purchase with another deal offered by the retailers like a voucher code. This will cause the cashback to be refused – so if you have a voucher, it’s worth thinking about if the cashback or the voucher is what will provide you with the greatest benefit.
And remember, just because you’re getting a little extra money doesn’t change that you should think about if you need what you’re buying!
Finally remember cashback is not instant. It takes time (sometimes months) for the cashback to be payable in your account as the retailer needs to confirm your purchase, so it’s not something you should ever rely on as a fast payout.
We’d absolutely love to hear about your experiences with QuidCo and if you’d have any particularly large savings! If you’ve managed to get a great deal or have questions about how QuidCo works, just leave us a comment below and we’ll try and get back to you.