Cards - Abbey's market leading 5% cashback credit card

Category: Credit cards
Date: 9/26/2007 9:05:53 AM

Abbey's new cashback credit card allows customers to claim 5% cashback on their first £1,000 spent at large supermarkets across the UK until the end of January. Because Abbey estimates the average household monthly spend in supermarkets is around £190, cardholders should be covered for almost five months worth of shopping.

How Abbey's deal works:

The good news is that the cashback offer applies to all of Abbey's credit cards and the cashback is paid monthly, so both new and existing customers can take advantage of the same deal. The card also offers 0% on balance transfers for 12 months, 0% on purchases for three months, and an APR of 15.9%.

Cashback cards are not suitable for all customers. Whilst you have three months of freedom before any interest is charged, if you can't pay off your balance in full each month then the 15.9% interest you pay will dwarf any amount of cashback earned at 5%. If you use the card to transfer a balance, then you should not use the card for further spending, as you could end up being charged again.