whats the best cashback card

scraggles · 30 March 2006 at 6:57PM

Hi I want to know what cash back card would be best for me. What I would like to do is get rid of my £700 overdraft. I want to pay my rent and council tax and extras on the card so I won't have to use my overdraft and have to pay the interest on it each month. which card do you think is best for me?

grumbler · 30 March 2006 at 7:57PM

scraggles wrote:

I want to pay my rent and council tax and extras on the card so I won't have to use my overdraft and have to pay the interest on it each month.

:mad:
I don't see how a CC can help you ...

If you don't pay your CC balance in full every month, you pay the interest too. CC interest rate can be higher than you overdraft interest rate.
Many councils don't accept CC payments. From those who accept many charge extra if you pay by a CC.
How are you going to pay your rent by a CC? Draw cash? This is one of the most expensive ways to borrow. Cash transactions cost extra 2%, don't have interest-free period unlike purchases and usually attract higher interest rate than purchases.

:mad:

Anwen_2 · 30 March 2006 at 9:14PM

*plays soothing music in the general direction of grumbler*

I agree, none of the cashback cards have a 0% offer or anything like that. And they all have fairly high APRs, mostly (Egg Money may give you6.9% but it may be up to 15.9%)

scraggles · 31 March 2006 at 9:24AM

I was going to pay rent over the phone by cc. I intend to pay the card off in full every month I just want to use the cc instead of my overdraft.

Anwen_2 · 31 March 2006 at 9:57AM

But won't you then go overdrawn when the card is paid off?

sicker · 31 March 2006 at 10:01AM

I would question your ability to pay your rent by credit card over the phone. Debit card ,yes, but credit card very very doubtful.

John

scraggles · 31 March 2006 at 1:41PM

Ok thanks for your help guys. How about if I just paid the shopping and petrol on cc card then I could use cc card to reduce my overdraft?

grumbler · 31 March 2006 at 2:06PM

In this case start with reading Martin's articles:
Best Credit Card for Purchases: when you need to borrow to spend
Best Cashback Cards: Make £100s a year simply with a piece of plastic

sicker · 31 March 2006 at 3:03PM

Scraggle, everybody has there own way of accumulating extra cash. I myself keep a balance of about £2000 (4% on positive balances) on my Egg Money card and use it for as much as posible (1% cash back on purchases). Just paid my house and buildings insurance by card to-day as well as having just been credit £49.79p for using it since September last year.
The 1% is paid annualy in March and the 4% monthly.

John

whats the best cashback card

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