Best Cash Back Credit Card For Me

supermanjo

Hi,

For the past year I have used my Barclaycard (only £1,000 limit) thinking it was a cashback card but obviously I was mistaken.

I tend to pay for most things with my Barclaycard so a good £800 is used, but then cleared by the end of the month to cut out any interest. (I sometimes leave 50 unpaid just to give the bank a little teaser.)

65% of my spending is with Shell fuel. (Around £500 a month) I also use my V-Power card (which pays me out around £3 a month.)

I did some math and if I had of used even a 1% cashback card to date, I would have racked up around £100 by now!

What is the best cashback credit card with me in mind?

lisyloo

I sometimes leave 50 unpaid just to give the bank a little teaser

What is the thinking behind that?
If you are expecting some loyalty out of that "favour" then forget it, banks don't work like that. Or is there another reason.

What is the best cashback credit card with me in mind?

Why don't you get the Aqua 3% card.
You might not get a high credit limit but that doesn't mean it's not worthwhile.

supermanjo

lisyloo wrote: »

What is the thinking behind that?
If you are expecting some loyalty out of that "favour" then forget it, banks don't work like that. Or is there another reason.

Why don't you get the Aqua 3% card.
You might not get a high credit limit but that doesn't mean it's not worthwhile.

Interesting… Are you telling me banks give out credit cards hoping people always pay in full and on time to avoid interest? So what is there gain from this?

I was going to apply to Aqua but not sure how it would look seen as Aqua are known to be used by people with bad credit.

I've heard of 5% cashback cards, any suggestions on any?

bigadaj

Do you realise that the purchases are only interest free if you clear the balance, so if you spend £800 and repay £750 then you pay interest on the full £800.

Aqua might not give you he limit you need, I have the capital one card, hammering it to get £100 before the middle of next month but it then drops to 1%.

Think the Santander 123 card gives4% back on fuel that could be worth it for you.

Rakaposhi

bigadaj wrote: »

Do you realise that the purchases are only interest free if you clear the balance, so if you spend £800 and repay £750 then you pay interest on the full £800.

Thats not true - you just pay interest on whats left ie £50 in your example.

CLAPTON

supermanjo wrote: »

Interesting… Are you telling me banks give out credit cards hoping people always pay in full and on time to avoid interest? So what is there gain from this?

I was going to apply to Aqua but not sure how it would look seen as Aqua are known to be used by people with bad credit.

I've heard of 5% cashback cards, any suggestions on any?

they gain because the retailer pays a fee 1-3% on every transation

CLAPTON

Rakaposhi wrote: »

Thats not true - you just pay interest on whats left ie £50 in your example.

the way CC interest works is that interest accrues on the daily balance unless you pay in full in which case the interest is waivered.

so if you have say 800 owing for 20 days and then pay 750 off, you are charge interest on £750 for 20 days and interest on £50 for the period until you pay in full.

supermanjo

CLAPTON wrote: »

the way CC interest works is that interest accrues on the daily balance unless you pay in full in which case the interest is waivered.

so if you have say 800 owing for 20 days and then pay 750 off, you are charge interest on £750 for 20 days and interest on £50 for the period until you pay in full.

Erm, not according to my statements. I account all interest into my outgoings, it is no more then £1. If what you say is true, then I should have paid over £7 in interest. (I just checked my statement online, all the way back to December.) The times that I left some cash unpaid, I incurred a little under £1 in interest.

supermanjo

CLAPTON wrote: »

they gain because the retailer pays a fee 1-3% on every transation

Ahh, yes, the infamous minimum 60p charge per transaction, how could I forget.

smithers1981

i agree you only pay interest on outstanding balance its ridiculous to suggest you pay interest on what you've paid off 20 odd thousand posts?? have u been on the wine tonight?

smithers1981

think santander 123 give 3% cashback on fuel so on yr 6k a year you would get £180 back plus cashback in supermarkets, there is a £24 a year fee but would be the obvious card for your needs you would be looking at £200 cashback a year