Long 0% periods
The American Express Platinum Cashback card has a cashback rate of up to 1.25%, as well as 5% cashback on purchases for the first 3 months of membership (up to £125). Most cashback credit cards offer an earn rate between 0.25% and 1%, and some may also have additional reward point schemes.
This will really depend on what you want to get out of your cashback credit card. Do you simply want to get the best cashback earn rate, or are you looking for a card with no annual fees or a competitive interest rate?
Some cards, such as the American Express Platinum Cashback card, only offer the top earn rate on purchases over a certain amount. While it may have the “best” cashback rate, you’ll need to be spending at least £10,000 each year to benefit.
Although it’s not all about the earn rate, that’s one of the key factors that can help you pick out the best offers on the market.
If you’re not willing to pay a regular account fee, the good news is there are still deals out there which can earn you meaningful rewards.
If you need your credit card to do a little more than just earn you cashback – like perhaps save you money on interest – then you may want to look at “all-rounders”.
A business credit card is a great way to boost spending power and enjoy a little flexibility in handling your company’s cashflow. But on top of this, you can enjoy perks like cashback – potentially on multiple cards, rather than just one.
Set up a direct debit to clear your full balance each month and there’s no reason why you can’t “beat the bank” – with a card that gives you money, rather than costing you money. But if you’re paying the bank 21% while they pay you 1%… then you’ve probably got the wrong deal.
Unfortunately, you’ll generally need a good credit score in order to be eligible for the best cashback credit cards. Even if you’re eligible, you’ll probably receive a much higher interest rate, which means it’s important that you pay off your balance in full each month. If you don’t, the interest you pay will likely outweigh any money you get in cashback.
If you use your credit card regularly, but are still able to pay off your balance each month, a cashback credit card can give you a better return on your spending. You’ll earn cashback on all your purchases, which can make a big difference over time, as long as you’re disciplined about using your card.
If you don’t use your card much, or have trouble clearing your monthly balance, you may find a cashback credit card doesn’t represent good value for money, especially if it also charges an annual fee.
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