Cash back credit cards reward you for the amount you sepnd, with a percentage of that spend coming back to you. Usually this is paid yearly.
What are the benefits of a cash back credit card?
The benefits of a cash back credit card are that for every time you use the card to spend money, you get a little bit back. The amount that you receive is usually in the region of 0.5% to 2% of the spend itself. Most cash back credit cards offer a higher level of cash back during the promotional periods (anything up to 5%).
Work out how much you can earn with a cashback credit card by entering your monthly spend below.
What else should I know about cash back credit cards?
Always read the small print and check which purchases are exempt from receiving cash back. The Abbey will only give you cash back on supermarket purchases for example. If you spend a lot at one supermarket then a supermarket credit card may be a better card for you.
Look for maximum levels of cash back, as some cash back credit cards have a limit to the maximum cash back you can claim.
Always remember to pay off the full balance of the credit card each month, as you could find yourself paying more interest than the cash back you receive. If you are unable to pay off the full balance each month, then a card that offers 0% balance transfers or lifetime balance transfers may be more suitable.
