Cashback Credit Cards 2019-09-12T09:41:46+00:00

CASHBACK CREDIT CARDS

What Is A Cashback Credit Card?

A cashback credit card rewards you for spending on your credit card by giving you a % of the amount back to you as cashback. If you are someone who likes to pay their bills in full every month then you don’t need a 0% card, instead you should be looking for a card which will reward you the most, this can take the form of air miles, fuel, vouchers or cashback. A cashback card is only suitable for those not recurring interest otherwise any cashback earned will be cancelled out by the interest.

When getting a cashback card make sure to check the specifics with the supplier. Is there a minimum amount you have to spend to earn cashback? Do all purchases or only certain purchases count? Also make note of the % cashback you receive as if this is an introductory offer this could decrease over time and so you might want to make a switch to a different card.

FAQ’s

Every time you use the card and meet any conditions required you will earn a % of the amount back as cashback. For example if the % amount is 2% and you spend £100 on a purchase you would earn £2 back.

The cashback is usually paid annually, although you can get cards which pay cashback monthly. Some cards will credit the amount onto your statement reducing your bill, others will send the money to your bank account or let you convert it to points or vouchers. Each card has different perks so make sure you check these out before deciding.

Benefits & Disadvantages

✅ Cashback can usually be earned on all purchase transactions meaning you are getting money back every time you spend on your card.

✅ These are purchases you would likely be making anyway so you may as well earn some cash.

❌ You must pay off the amount owned on the card each month so that the interest doesn’t cancel out the cashback.

❌ Cashback is not usally earned through cash withdrawals.

❌ Some cards will have a minimum spend to qualify for cashback.