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Ella Mower

Content Writer
Published: 06/12/2023
Christmas shopping 2023

Earn up to £125 cashback with American Express; find a 0% introductory purchase rate from Santander.

Everyone knows Christmas can be an expensive time of year, with the cost of food, presents and socialising quickly amounting. If you’re looking to make your money stretch a little further this festive season and beyond, we list some of the top cashback credit cards currently available.

What is a cashback credit card?

A cashback credit card is a type of rewards credit card which offers a percentage of cashback when used to make purchases.

If you pay off your credit card in full each month, you may find a cashback credit card more beneficial than a credit card offering a 0% purchase introductory period.

Top cashback credit cards

American Express – Platinum Cashback Credit Card and Platinum Everyday Cashback Credit Card

  • American Express® Platinum Cashback Credit Card

    Cashback: New Cardmember offer: 5% cashback for the first 3 months, capped at £125.

    Purchase APR: 36.7%

    Card Fee: £25 per annum

    Other Notes: N/A

  • American Express® Platinum Cashback Everyday Credit Card

    Cashback: New Cardmember offer: 5% cashback for the first 3 months, capped at £100.

    Purchase APR: 31.0%

    Card Fee: N/A

    Other Notes: N/A

With the Platinum Cashback Credit Card from American Express, you can earn up to 5% cashback on purchases for the first three months – capped at £125. Once this ‘Welcome Cashback Bonus’ expires, you’ll then receive 0.75% cashback on the first £10,000 spent and 1.25% above this threshold.

To be eligible for the bonus, you can’t have held any personal American Express Card over the past 24 months. You’ll also need to be willing to pay the yearly card fee of £25.

Alternatively, American Express’ Platinum Cashback Everyday Credit Card is available, fee-free. It also offers the Welcome Cashback Bonus of 5% for the first 3 months which is capped at the lower amount of £100. After the bonus expires, you’ll earn 0.5% cashback on the first £10,000 and then 1% on spends over this amount.

It may be worth noting, the Platinum Cashback Everyday Credit Card comes with a lower Annual Percentage Rate (APR) of 31.0%, compared to the Platinum Cashback Credit Card which charges 36.7% APR.

Santander – All in One Credit Card Mastercard

  • Santander All in One Credit Card Mastercard

    Cashback: 0.50% on spends over £1 per month.

    Purchase APR: 29.8%

    Card Fee: £3 per month

    Other Notes: Introductory 0% on purchases and balance transfers for 15 months.

If you’re not in the habit of paying off your credit card in full each month or have an outstanding balance on another card, you may be interested in the All in One Credit Card from Santander.

This credit card returns 0.50% cashback on all purchases which, from 30 January 2024, is capped at £10 a month. In addition to this, it includes a 0% introductory rate on purchases and balance transfers for the first 15 months, meaning you’ll be charged no interest on these transactions during this time. However, keep in mind a monthly account fee of £3 applies.

Lloyds Bank – Cashback Credit Card Mastercard and World Elite Mastercard

  • Lloyds Bank Cashback Credit Card Mastercard

    Cashback: 0.25% on spends up to £4,000 a year, then 0.50%.

    Purchase APR: 22.9%

    Card Fee: N/A

    Other Notes: N/A

  • Lloyds Bank World Elite Mastercard

    Cashback: 0.50% on spends up to £15,000 per year, then 1.00%.

    Purchase APR: 55.0%

    Card Fee: £15 per month

    Other Notes: N/A

Potentially one of the cheapest cashback credit cards available, the Cashback Credit Card Mastercard from Lloyds Bank has no monthly or annual fee and comes with one of the lowest rates on our chart at 22.9% APR. It offers 0.25% cashback on spending up to £4,000 a year, and 0.50% on purchases over this threshold.

If you’re willing to pay an account fee, its World Elite Mastercard charges £15 and comes with a greater amount of cashback at 0.50% on purchases up to £15,000 per year, and 1% on spending above this amount.

As a member of Lloyds Banking group, Halifax has similar offerings. More information on these and other cashback credit cards is available in our chart.

Which cashback credit card is the best?

Ultimately the best cashback credit card is the one best suited to you and your situation, as rates can vary depending on your circumstances. You can compare a range of cashback credit cards and reward cards using our charts, to find the right product for you.

What are the alternatives?

If you want to earn rewards on your spending but don’t want to borrow money, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk highlighted loyalty cards as a good alternative.

“Away from credit cards, shoppers would be wise to make the most of any loyalty cards they possess. As it can be easy to forget the card when out shopping, consumers could download an app called Stocard and store all the cards in one place which can be scanned at the till,” she said.

“Now is the perfect time for shoppers to cash in those loyalty points, such as with Sainsbury’s Nectar and Tesco Clubcard schemes to go towards the festive spend”.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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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.