Today's Best Cashback Credit Cards
<p>We found <strong>15 PRODUCTS </strong>in total, of which <strong>3 have links to providers</strong></p>
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American Express Amex® Cashback Everyday Credit Card
American Express Amex® Cashback Credit Card
Yonder Full Membership Credit Card Mastercard
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Compare cashback credit cards from different providers and see the offers you may be eligible for. This should only take a few minutes and won’t affect your credit score.
Cashback credit cards are a type of rewards credit card. Instead of offering rewards such as points or vouchers, cashback cards pay you back a percentage of the amount you’ve spent on the card.
For example, if you spend £3,000 on a card that offers 0.50% cashback, you’ll receive £15 from the provider.
While a credit card that essentially pays you every time you spend can be appealing, they are only really beneficial to those who pay off their credit card every month. If you don’t clear your balance each month, the interest you would be charged is likely to cancel out any cashback you earn.
Some credit cards may only offer cashback of 0.25%, but other cards could offer 1% or more.
It’s also worth noting that some card providers pay a flat cashback rate across all your spending, while others may pay a higher rate if you spend above a certain amount or spend at certain retailers, for example.
The provider may pay your cashback into your credit card account, reducing the amount you owe on your card, or into your current account.
Depending on the provider and your preferences, you may receive your cashback at the end of each month or each year.
When you compare cashback credit cards, there are a number of features to look out for, including:
Every cashback credit card is different, so it’s crucial to check the terms and conditions before applying.
Because credit cards with cashback pay you for essentially doing nothing, many people could find they are a useful way to get a little extra money.
However, to get the full benefit of a cashback credit card, you need to be certain that you will pay off your balance in full every month to avoid any interest charges. These cards won’t be suitable if you think you’ll struggle to clear your balance as the interest charged is likely to outweigh the value of any cashback you receive. You can set up a Direct Debit to make sure you pay off your card each month and don’t accidentally miss a payment.
It’s also important to only apply for a cashback card if you think you can stay in control of your spending. The main perk of cashback cards is that you can get paid for your regular spending that you would have done regardless of whether you earned cashback, such as supermarket shopping or paying for fuel. However, if they tempt you to spend more than planned and more than you can afford to repay, they will be more damaging than useful.
If you want a credit card to borrow money, a different type of card, such as a 0% interest purchase credit card is likely to be more suitable.
To maximise the benefits, ideally you should aim to use a cashback card instead of a debit card to pay for as much of your everyday spending as possible, including groceries, eating out, shopping and more. By doing this, the cashback you earn can quickly add up.
At the same time, ideally you need to pay off your balance in full every month to avoid paying interest. This means it won’t cost you anything to use the card to receive the benefit of cashback.
Different people will find that different cashback credit cards are the best option for them.
The best cashback credit cards currently offer up to 5% cashback as part of an introductory offer, but the card paying the highest rate of cashback won’t necessarily be the most suitable option for you. You may find that the cards offering the highest cashback also charge a maintenance fee, for example.
Furthermore, if you regularly shop at a particular retailer, a cashback credit card that offers a favourable rate on spending at this store could be worth considering instead.
So, as well as the percentage cashback paid, it’s also important to consider card fees, minimum spend required for cashback and other features to make sure you choose the right card for you.
You typically need to be a UK resident aged over 18 to apply for a cashback credit card, and providers may set other requirements such as a minimum annual income. If you meet the displayed criteria, you can then check your eligibility to see your chances of approval for a particular card.
To check your eligibility, you’ll need to provide personal information and details about your finances, including your income, rent or mortgage payments and any other existing debts, for example.
Providers will also run a soft credit check to see if you qualify for the card. This won’t affect your credit score.
When you formally apply for a card, the provider will then run a hard credit check (which will appear on your credit file) to decide whether to accept your application. If approved, it will then confirm the credit limit and interest rate of the card.
See if you’re eligible for a cashback credit card with our partner Monevo. This is free and won’t affect your credit score.
The key to cashback credit cards is to only use them for your usual spending. They shouldn’t be used to justify buying something or spending more than you can afford to repay.
A useful tip is to try to think of a cashback credit card as a debit card so you don’t spend any more than the sum you have in your current account. This means you know you will be able to clear your balance at the end of the month.
If you feel yourself overspending, it may be worth closing your cashback card to avoid running into more serious debt trouble later on.
If a cashback credit card isn’t quite right for you, there are other credit cards you could consider instead.
Credit card cashback is normally paid out automatically, often every year, although some providers can pay it every month. It will either be paid to your credit card account (reducing your card balance) or you may be able to have it paid into your current account.
If you return an item that you bought with a cashback credit card and receive a refund, the original purchase won’t be eligible for cashback. When the refund is paid into your account, the provider will recalculate your cashback accordingly.
If you return an item and get a replacement, for example, you should still receive cashback as normal as you didn’t receive a refund.
It may be possible to get a cashback credit card with bad credit, but this will depend on the provider. Card providers have their own eligibility criteria, and some may not accept applications from those with a poor credit history. If you do qualify for a cashback card with less-than-perfect credit, you are likely to receive less favourable terms, such as a lower credit limit or a higher interest rate, than someone with a better credit score.
No, any cashback you receive won’t typically be classed as taxable income so you shouldn’t need to declare it to HMRC. Bear in mind that, for businesses and self-employed individuals, any cashback they receive on their business spending may need to be declared as taxable income.
As long as you can add your cashback card to your digital wallet, you should receive cashback as normal when you spend via this method.
It’s up to you whether you choose a cashback credit card or a rewards credit card. Both types of cards can offer attractive perks, and the card that offers the most benefits to you will depend on your spending habits. For example, if you regularly spend at a specific retailer, a rewards credit card that offers points and vouchers for that store could give you more value than a cashback card offering a small percentage cashback. However, if you shop at a range of places and would prefer to receive money instead of points or vouchers, a cashback card may be more suitable.
There’s no real catch to cashback credit cards, as long as you meet the terms of the card (such as staying within the credit limit) and clear your balance in full every month. The only downside to a cashback credit card is if you don’t pay off your balance and start being charged interest, or if you start to build up unmanageable debt, for example.
You are unlikely to earn on cashback on certain transactions, such as gambling payments, cash withdrawals or buying foreign currency. Check the terms of a credit card to find out what is and isn’t eligible for cashback.
This depends. Some cashback cards will charge foreign transaction fees if you use them for spending abroad. However, there are some credit cards that offer cashback as well as fee-free spending overseas.
With any credit card, it’s often better to pay it off in full each month, otherwise you’ll be charged interest on the remaining balance.
Paying off the balance on your cashback credit in full shouldn’t hurt your credit score. Depending on how you manage your other credit commitments and finances, paying off your card could improve your score as it shows you are in control of your spending and can manage your debt responsibly. Missing a payment or going over your credit limit are likely to have a negative impact on your score.
Calculate what you need to know before applying.
Balance transfer calculator – calculate how much you could save by switching to a 0% balance transfer credit card.
Minimum repayment calculator – calculate how long it will take to clear your balance when only making the minimum repayments.
Repayment calculator – calculate how quickly you could pay off your credit card.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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