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4 Aug 2019

More Than launches cashback reward scheme: should you sign up?

Find out if More Than's cashback rewards scheme is right for you

Insurance heavyweight, More Than, has rolled out a new cashback scheme to help loyal customers offset the cost of renewing their insurance

More Than has offered a wide range of insurance products since 2001 including; car insurance, home insurance, pet insurance, and travel insurance.

The More Than Rewards scheme is the first of its kind and gives qualifying customers the chance to earn money back on purchases at selected retailers including Apple, Tesco, M&S and Just Eat.

Here we take a look at how the cashback scheme works and if it's worth taking out a policy.

How the More Than Cashback scheme works

The More Than Rewards cashback scheme allows home, pet and car insurance customers to claim unlimited cashback on purchases at hundreds of high street and household brands.

If you're a More Than customer, you can sign up to the scheme by visiting the More Than Rewards website.

Once registered, you can use the rewards website or app to click through to a retailer's site and earn cashback for your purchases.

How much cashback can you earn?

In theory, you could earn an unlimited amount of cashback through the scheme as there is no cap on the number of rewards you can accrue.

According to More Than's estimates, however, the average person is expected to earn around £300 in a year using the service.

The table below shows how much cashback you could earn from the following retailers.

RetailerCashback*Product**Cashback value
Apple2%Mac Book Air: £1,100£22
Travelodge9.5%2-night stay in Cornwall: £206£19.57
The Body Shop4%Almond Milk & Honey gift set: £30.00£1.20
Debenhams4%Satchel: £35£1.40
Asos8%Dress: £40£3.20
Holland & Barrett8%Cod Liver Oil Capsules: £20£1.60

*Cashback rates from More Than Rewards website (correct as of 2/8/2019)

**Products taken from individual retailers and rounded up to the nearest £1 (correct as of 2/8/2019)

How is my cashback paid?

You can only unlock the cashback you earn during the year once it's time to renew your policy.

Customers can either choose to put the money towards a new insurance policy with More Than or for it to be transferred into a nominated bank account to be spent elsewhere.

If you decide not to renew your policy with More Than you'll be charged a £35 administration fee to access your cashback.

More Than says that this fee is necessary to u201ccover the cost of the scheme.u201d

Is More Than's cashback scheme worth using?

More Than's cashback scheme is the first of its kind in the insurance world and offers customers the chance to make money during the term of their policy.

The £35 administrative fee is quite hefty though and could put a significant dent in anything you earn if you don't decide to renew with More Than.

To put the charge in perspective, it's equivalent to the cancellation fee charged by seven out of 10 of the worst home insurance companies for fees.

Ultimately, incentives like cashback should only be seen as a bonus to any financial product you take out. The most important thing to consider is whether the product is right for you.

With insurance especially, it's vital that you read the terms and conditions of any policy you take out to ensure that you're covered if you ever have to make a claim.

Are More Than's policies any good?

More Than offer a suite of insurance products, and Which? has conducted in-depth research to assess the quality of its cover and how customers rate its service.

Its standard comprehensive car insurance policy sits in the top-10, while its standard contents and buildings insurance policies are average.

Find out more in our expert reviews of the best and worst car insurance, and the best and worst home insurance.

Three ways to earn cashback

There are a number of ways to earn cashback and rewards.

Cashback credit cards

Cashback credit cards pay a certain rate of cashback each time you spend on your credit card.

Many of these cards charge an annual fee, but if you regularly spend on your card and repay the balance each month, you could earn hundreds of pounds a year.

Cashback bank accounts

A lot of banks and building societies offer cashback bank accounts which allow you to earn cash and rewards as you spend.

Most of these accounts come with a monthly fee so you'll need to weigh up whether you'll earn enough cashback to offset that cost and still benefit from your rewards.

Cashback sites

Cashback sites are a popular way of earning cash and rewards when you purchase goods or financial products.

Websites like Quidco and TopCashback offer cashback for a variety of goods and services from mobile phones and car insurance to bank accounts and broadband.

For more information and advice, check out our cashback sites guide and watch the short video below.