Here is how Quidco compares to similar sites:
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What is Quidco?
Quidco was launched in 2005. At this time, affiliate marketing was still relatively new. Websites paid referrers money to bring in customers to them. The rise of the cashback site was built on the premise that the user could go through an affiliate portal which then shared the revenues with the customer.
Thus, the ‘cashback’ site was born. Quidco were one of the first cashback sites to enter the UK. Since then they have grown tremendously and now boast over 10 million members. During this time, their core offering hasn’t changed: it offers cashback to users when they buy a service via a link on their website. What has changed is the number of merchants featured. With a few notable exceptions, almost all categories are covered.
The sheer scale of the business now also has real benefits for users. They sometimes offer ‘exclusive’ deals or temporarily increased cashbacks. The rise of rivals has also been good for users as customer service is now pretty strong.
Considering the shift in shopping habits – an incredible amount of shopping is done online nowadays – a cashback site is an absolute essential for any budding moneysaver.
Is Quidco profitable?
Quidco is a trading name of Maple Syrup Media Ltd. This company was incorporated in 2005. The last accounts filed cover the period up to 31 July 2019. Whilst not having the greatest detail, these accounts are interesting. The company is profitable, although profits decreased to £862,000 on a turnover of £76m. The company is also very cash rich, having over £17m in the bank.
However, we should consider that much of this cash may be sitting in members accounts. In terms of net current assets, this figure is actually negative. This is not of any particular alarm as it seems unlikely that everyone is not going to cash in their balance at one go.
The revenue columns show a shift into how these platforms are run. Their ‘premium’ models charge a monthly fee for a nebulous set of benefits (increased cashback). But this is a big money earner. Other marketing services comprised £13m in the last year.
Another interesting fact from the accounts is that both Quidco and Topcashback attempted a merger last year, which was rejected on competition grounds. This was most likely the right decision.
Quidco Sign Up Offer
The Quidco sign up offer is OK and gives you £5 of extra cashback when you earn £5. Click here to sign up.
Quidco Operating Model
The way Quidco works is quite simple. Signing up is straightforward. There are minimal details that you have to give, as the site simply transfers you to your purchase destination. Once you have signed up, you can browse the site to see the merchants that offer cashback. You can either type the name, or search by category.
Quidco are not the only cashback site in town: Topcashback are also a contender. Once you have found something you can earn cashback on, it is worth checking their site as well. The two sites often have different rates, or special offers.
The important thing to ensure here is to make sure that you click through the Quidco website to the site you are purchasing at. This ensures the tracking cookies work correctly so that cashback can arrive in your account. It is also important to read the merchants small print as well. For instance, using additional discount codes may invalidate your right to cashback.
Once your transaction is completed, it should show as tracked in the Quidco account. Then, this is simply a matter of waiting to be paid. The time it takes varies between merchants from a matter of days, to several weeks. You can withdraw your balance once it reaches £1. This can be done via Paypal or bank transfer. Alternatively, you can get a small bonus on withdrawal by opting to take your balance in the form of gift vouchers.
The main way of earning cashback at Quidco is by buying something from another site. However, there are an increasing number of ‘no purchase’ offers which reward you for things such as signing up for a website. Quidco have also expanded into other non-online areas. Their ‘Clicksnap’ app gives cashback for buying things in supermarkets (and taking photos of the receipts), and cashback is also available in a limited number of offline stores.
Relatively new is the ‘Premium’ membership. This costs £1 a month (it is only deductible from cashback earnings, and not debited if you have no activity in that month). This gives a few benefits such as a ‘Highest Cashback Guarantee’ and a small boost to the rate of cashback.
Quidco Review Pros:
- Quidco are a long-established site and have been in the game a long time. Tracking is mostly reliable, and when it does not go right, customer service is good.
- There is a wide range of retailers covering almost everything you’ll need.
- Offline earning chances with use in some stores
- Quidco also offer a ‘Highest Cashback Guarantee’ with double the difference paid if you can find a site that offers more cashback.
Quidco Review Cons:
- Nothing much has changed with regard to the most important step: you must click through the links to be eligible. Quidco does not have a toolbar plugin to ensure this.
- Waits for some cashbacks can be long, as Quidco needs to receive payment from the merchants first.
- The premium membership is more expensive than Topcashback if you are a regular user.
- Cashback is not valid on some transactions; especially those with vouchers. It also does not cover every retailer, so there could be cheaper out there.
Quidco Typical Earnings
The earnings from a cashback site can be huge if you have the expenses of a regular person. Most things you can do generate cashback – in relatively high amounts – such as switching utilities or insurance providers. ‘Big ticket’ purchases can also generate a lot of cashback – some of the biggest kick-backs are in the hotels category. Even without these, cashback on normal purchases add up quickly. The best part is, it requires almost no extra effort apart from clicking from the Quidco website first.
Quidco Review Conclusion
By now you should have a good idea of what Quidco does. There is no downside to opening up several cashback accounts and using them only when they present the best level of cashback. If you do shop online a lot, you may find that using cashback sites rather easy and painless. The threat of competitors ensures that customer service is kept relatively high at sites. Cashbacks can be large – often a percentage of your transaction size. This means that in terms of time spent, they are extremely efficient earners.