Cashback on credit cards

book12

Nationwide Select - cashback gets credited back to the credit card. Does that mean the cash will get credited back to the credit limit? E.g. £5000 credit limit, spent £1000 on card, which makes remaining credit limit of £4000. Then cashback gets credited (for example £50) on the anniversary of the account, which then makes the credit limit £5050 or £4050?

Amex Platinum - is this the cashback in terms of cash or vouchers? Can't find any details on their website.

kingmonkey

It wont change the credit limit.

Your balance to pay will be £50 less.

SnowTiger

book12 wrote: »

Nationwide Select - cashback gets credited back to the credit card. Does that mean the cash will get credited back to the credit limit? E.g. £5000 credit limit, spent £1000 on card, which makes remaining credit limit of £4000. Then cashback gets credited (for example £50) on the anniversary of the account, which then makes the credit limit £5050 or £4050?

This page suggests the cashback is added to the credit card account, but doesn't count towards the minimum monthly payment:

How cashback works

The cashback you earn does not count towards the minimum monthly payment required to hold a Select Credit Card. Any purchases which are subsequently refunded, will be deducted from your cashback reward. In order to earn cashback you must remain a main current account customer by continuing to meet our eligibility criteria. Sterling purchases only (balance transfers, cash advances and payment protection insurance premiums are excluded).

It won't affect your credit limit, but I guess it would put your account in to credit if its balance was zero.

Cashback is 0.5%, which is £5 for every £1,000 (sterling) you spend.

YorkshireBoy

book12 wrote: »

Amex Platinum - is this the cashback in terms of cash or vouchers?

Both.

Can't find any details on their website.

The "details" are in the product T&Cs.

The product T&Cs are on their website.

The section you want is entitled "Paying Cashback", and may be found on page 16 (of 17).

book12

YorkshireBoy wrote: »

Both.The "details" are in the product T&Cs.

The product T&Cs are on their website.

The section you want is entitled "Paying Cashback", and may be found on page 16 (of 17).

Prefer cash really instead of the vouchers, as the discount is not a lot. I want to use the cash to pay part of the monthly bill, or transfer this into a bank account (treat it like interest from a savings account). Hope that is allowed.