You’ll be familiar with the cashback concept, where you earn rewards in the form of money or credit on your account when you spend. You must shop around as the “earn rate” varies, while some cards affiliated to a brand reward more for spending with that brand.
Further, there may be beneficial earn rates for an introductory period, while rewards might increase once you’ve crossed over a spending threshold. The financial services site Finder.com places an American Express card at the top of its list of the best.
- American Express Platinum Cashback Everyday Card gives a whopping 5% on £1 to £2,500 of yearly spend for an introductory three months, then 1% on £1 to £10,000 of yearly spend, and 1.25% on a yearly spend over £10,000. But it does come with a 28.2% representative APR.
- smile Classic Credit Card Visa offers a more straightforward 0.25% after £1 spent. Cashback is paid monthly into the card account.
- First Trust Bank (NI) Visa/Mastercard Option 1 offers 0.5% but after £5,000 of yearly spend. There’s a 12 transaction minimum, and the cashback is limited to £250.