In search for the great cashback credit card
There is no sweeter thing than having to take when you give. This is what happens when you shop around with a cashback credit card. You get up to several per cent of the purchase price back on eligible or all purchases, depending on the card provider. This being a bonus which is worth to take advantage of, do spend some time to see what individual providers have as cashback offers.
Knowing the percentages
Along with applicable interest rates, all providers offering cashback credit cards will list the percentage you will get back for shopping with partners of theirs and that for buying anywhere else. Inspect these and see if partners giving back more are available on your territory and if their products or services are good enough for you. Also check if there is a monthly cap for cashback.
Check the currencies and the annual and per-purchase fee
See if your particular card provider has bonuses for buying with a particular currency. Some providers have cashback in tribute for your purchase in British pounds. Do not forget to check this condition out to keep reaping fiscal benefits. Most cashback credit cards are also structured in a way that they exact no annual fee for maintenance, nor charge a fee for each purchase that you make.
Checking the APR
While you might be having excellent cashback offers along with zero annual fee, these two benefits might well be offset by too hefty an annual percentage rate (APR). This is what you should compare and contrast in the first place once you have reached to the cashback credit card webpage.
American Express has three cashback credit cards in total. All have no annual fee and charge no APR for the first 12 months which otherwise hovers between 12.99% and 21.99% (depending on your creditworthiness). One downside is that the best cashback opportunities are open to US customers. Being a UK resident, you would be enjoying just the 1% cashback perk.
With Asda, your APR is likely to be variable yet around the 15% mark. 1% cashback is available for Asda shopping and fuel and 0.5% is earned for purchases anywhere else. Asda's cards are also contactless which brings the number of operations per purchase to one.
As for Capital One, with one of the products you can have 1.25% in cashback for all British pound purchases and with another - 5% cashback for the first three months and 1.25% cashback from the fourth month onwards. The cash back cap with this product is set to £100 and both charge no annual fee.
The information on this page is designed to help you understand more and make more informed choices. We do not receive any commissions, instead we are funded from companies that we advertise on our website.