Before Christmas, the company behind TopCashBack put in a bid to buy the company behind Quidco. This basically means that the two biggest cashback sites will be owned by the same people. This is a bad thing for customers.
Less competition means that customers will more than likely lose out in the long run. Cashback rates won’t be as competitive and this is basically why there has been a government department looking into it.
Whilst this could open the door for another company to start a cashback site, the two biggest merging isn’t great for those, myself included, who regularly use these sites to earn cashback on online shopping.
If they are one in the same, they will not need to compete against one another for customers to click through their sites. Meaning, probable lower rates for users.
There are other options like Kidstart, where you can earn cashback on your shopping to save for your children. However, if you want the cash yourself, in your own account, we’ll have to wait and see what comes from this possible merger. If you’ve been waiting to empty those cashback accounts, I’d do it now before anything changes.