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Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Cashback credit cards earn you cash in proportion to the amount you spend on them. This is known as your “earn rate”. A card that rewards you with £1 for every £100 you spend would have an earn rate of 1%, for example. Higher earn rates might be offset by an annual fee – but depending on how much you plan to use the card, a fee could be worth paying.
Earn rates aren’t as high as they were a few years ago, and there are fewer cashback credit cards around, but there are some tasty intro bonuses up for grabs, from elevated earn rates for a set period to one-off lump sums – provided you meet the minimum spend requirements.
Some cards just offer the occasional opportunity to earn cashback when you spend with a specific brand that they’ve decided to partner with, but dedicated cashback cards let you earn money back on every purchase.
A cashback credit card gives you cash rewards on pretty much all your spending – usually in the form of credit on your account. The offers vary between cards, with each card offering the potential to earn at different rates (sometimes multiple rates depending on where you spend) and some offering an introductory “sign-up” bonus as a sweetener.
In fact, there are three main ways you can earn cashback on your credit card purchases, which we’ve outlined here:
Here are the key details to look at when you’re comparing different cashback credit card options:
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.
Weighing up some of the pros and cons could help you determine whether a cashback credit card is right for you.
If you’ve decided you want a cashback credit card, you can apply online in around 10-15 minutes via a secure web service. But before you apply, make sure you meet the eligibility requirements and have the necessary documents needed to complete your application. These will vary from card to card, but you can usually expect the following:
Once you’ve provided all of this information and hit “submit”, you should receive a response regarding your application within 60 seconds. If you’re approved, you’ll receive your card in the mail within 1-2 weeks. If the card has a cashback offer, you should read the Product Disclosure Statement to confirm the terms and conditions and when you can expect to receive the cashback credit in your account.
If you’re looking for a new credit card, a product with a cashback offer could provide you extra incentive to pay on plastic. While cashback offers can be rewarded, they always come with terms and conditions, so make sure you understand what these are and compare your options before you apply for the card.
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.
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.
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