My Spotless Mind

Miserly credit card company GE Money is short changing customers who took up its offer of cash back on all their grocery and fuel spending.

GE Money launched its Everyday card in May, promising a typical APR of 12.9% and 3% cash back on the first £5,000 spent on groceries and fuel every year.

But customers have discovered that the bank is only giving them money back on every full pound spent per item and not the pennies. So if an item cost £14.99. GE Money would round this down to £14 and then give back 3% of this - or 42p.

Most credit cards giving cash back base the refund on the whole monthly spend.

So if someone bought 100 items costing £14.99 (total £1,499) with a 3% cash back they would get £44.97 back, but with GE they would get £42. In its publicity for the card, GE Money says: 'Transparency also came top of the 'want' list [of consumers], which is why GE Money has cut out jargon.'

But customers argue that the terms are not clear. These state: 'We may pay cash back at a percentage from time to time on the value of all retail purchases. If we do so, we will show the cash back you earn each month in your statement and will pay the total value of cash back you have earned twice a year.'

The Everyday card was withdrawn by GE Money in September. GE Money did not respond to Money Mail's calls.