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Top five cashback credit cards

Top five cashback credit cards

Category: Credit cards

Updated: 29/11/2013
First Published: 29/11/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Cashback credit cards can be a great way to earn tax-free cash rewards on your spending and, if managed efficiently, can offer a host of benefits.

Best suited to regular card users, a wide range of cashback cards are available in the market which offer various rewards for spending in the form of cash, vouchers and even air miles.

They're ideal for this time of year too – with the pre-Christmas shopping rush in full swing, what could be better than earning a little reward for yourself as you buy all those presents?

But, as with any credit card, you must be confident that you can pay off the balance in full each month and avoid paying just the minimum repayment, otherwise the interest will quickly add up.

Similarly, failure to keep up regular repayments on your card will incur hefty interest rates which will cancel out any rewards or benefits associated with the card, so proper management is vital if you want to make the most of those rewards.

Here are the current top 5 cashback credit cards:


Representative purchase APR
Card details

American Express Platinum Cashback Card
American Express
Platinum Cashback Card

18.7% APR
  • Introductory 5% cashback for first three months on purchases up to £2,500 (capped at £125)
  • 1.25% cashback after first 3 months
  • £25 annual fee
  • Emergency cash service available

Penny saysPenny says…
"Sitting at the top of the cashback sector is the Platinum Cashback Card from American Express. Paying a market-leading 5% cashback on purchases up to £2,500 during the first three months, this card also offers an emergency cash service.

"It is worth remembering that the 5% offer will run for three months, after which a very competitive 1.25% will be received on all other purchases."


Representative purchase APR
Card details

American Express Platinum Cashback Everyday Card
American Express
Platinum Cashback Everyday Card

19.9% APR
  • Introductory 5% cashback for first three months on purchases up to £2,000 (capped at £100)
  • 0.50% cashback after three months on purchases up to £3,500 per year after first three months. 1.00% on purchases between £3,501 - £7,500 per year. 1.25% on purchases over £7,501 per year
  • No annual fee
  • Emergency cash service available

Penny saysPenny says…
"In second spot is another great deal from American Express's that charges no annual card fee.

"Earn a fantastic 5% cashback for the first three months on the Platinum Cashback Everyday Card, after which you can earn up to 1.25% cashback if spending over £7,501 per year on the card."


Representative purchase APR

Card details

Capital One Aspire Elite MasterCard
Capital One
Aspire Elite MasterCard

19.9% APR
  • Introductory 5% cashback for first 3 months on purchases (capped at £200)
  • After introductory offer ends: 1% cashback on spends up to £14,999, 2% up to £49,999, 1.35% £50K+ no cap
  • Minimum income requirement: £50,000 per annum
  • Concierge service
  • Extended appliance warranty for two years
  • No annual fee

Penny saysPenny says…
"This cashback credit card is great for consumers who earn at least £50,000 per year.

"As an added bonus, this card also includes extended appliance warranty for electrical goods purchased in store as well as a concierge service."


Representative purchase APR

Card details

Capital One Luma Cashback MasterCard
Capital One
Luma Cashback MasterCard

35.9% APR
  • Standard 4% cashback on spends up to £225 per month
  • Card is designed to help build credit history
  • No annual fee

Penny says

"In fourth spot is another deal from Capital One that is designed to help consumers rebuild their credit histories.

"Customers can earn a competitive 4% cashback when using this card."

Representative purchase APR
Card details

Santander 123 Credit Card MasterCard
Santander
123 Credit Card MasterCard

22.8% APR
  • Standard cashback of 1% for spending over £1 in supermarkets, 2% for spending over £1 in department stores and 3% for spending on train fares and fuel. Capped at £300 per month
  • £24 annual card fee

Penny saysPenny says…
"A variety of competitive cashback rewards are paid on this card in return for supermarket, fuel, travel and department store spending.

"Customers who use this card for purchasing train tickets and filling up their vehicles will reap the highest level of cashback, so this card should appeal to customers who are regular travellers."


Information & Rates correct as at: 22/11/2013

What Next?

Compare the best cashback credit cards
Compare 0% on balance transfers
Compare credit cards with 0% purchase rates

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.

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