Cashback credit card

soffie

Considering doing this but want to be clear...
If we do, do you still get the cashback even if you pay it off in full end of every month? When statement comes in etc?
Do you see cashback every month of yearly?

Ive seen a American Express card that does this, do they work everywhere? Tesco/Asda fuel pumps etc?

Nebulous2

I have a cashback Barclaycard, which gives me 0.5% on all my spend. I pay it off every month - there would be no point otherwise - and still get the cashback. Cashback is listed every month and credited to my account once a year, though I think you can request it earlier. It was previously a duo card with an Amex / Barclaycard combination. The Amex wasn't accepted everywhere but did work for petrol - usually in Sainsburys.



You would need to make sure you understood the terms and conditions of any card you took though, they may be different. I think Amex may not pay out the cashback if you close your account for instance.

Nicholas

They all work differently.
My Capital One card pays 0.5% of total monthly spend, credited yearly.
I think Tandem pays 0.5% but credits every month (not sure on this)

My Amex is the most bizarre. Firstly you have to spend at least £3,000 a year or no cashback at all. You get 0.5% on first £5,000 spend and 1% over £5,000, credited yearly.
The way they work out cashback is not quite as good though, as it is based on each individual transaction.
So, for every £2 you spend, you get 1p back. Spend £3.99 and still only get 1p back. Spend £1.99 you get nothing back. It's always rounding down as well, so those £.99p's add up.
However, Amex also do rewards as well, For example recently they was a £5 off £20 for using Amex at Lidl. A while ago £5 off Amazon using Amex.

Even though American Express is not accepted everywhere, I've never had problems at Asda, Tesco etc or at the fuel pumps (eg like Tandem users have reported).

So, even taking the bizarre way they work cashback out, it is worth having.

I've had a few credit card disputes over the last 20 years, and Amex were the best by far at sorting things out.

[Deleted User]

Some are paid annually. Some monthly.

Depends who you go with.

djjd70

I have Tandem card and the cashback gets credited to card account every month.

18cc

Tandem is excellent but just be aware there are problems using it at tesco pay at pump (paying cashier inside is ok)

moneywow1

Nicholas wrote: »

They all work differently.
My Capital One card pays 0.5% of total monthly spend, credited yearly.
I think Tandem pays 0.5% but credits every month (not sure on this)

My Amex is the most bizarre. Firstly you have to spend at least £3,000 a year or no cashback at all. You get 0.5% on first £5,000 spend and 1% over £5,000, credited yearly.
The way they work out cashback is not quite as good though, as it is based on each individual transaction.
So, for every £2 you spend, you get 1p back. Spend £3.99 and still only get 1p back. Spend £1.99 you get nothing back. It's always rounding down as well, so those £.99p's add up.
However, Amex also do rewards as well, For example recently they was a £5 off £20 for using Amex at Lidl. A while ago £5 off Amazon using Amex.

Even though American Express is not accepted everywhere, I've never had problems at Asda, Tesco etc or at the fuel pumps (eg like Tandem users have reported).

So, even taking the bizarre way they work cashback out, it is worth having.

I've had a few credit card disputes over the last 20 years, and Amex were the best by far at sorting things out.

Is that the case for the platinum cashback card too? (1p per £2)

elsien

Platinum has a £25 annual fee - how much would you be planning to spend on it, to make that worthwhile?

[Deleted User]

moneywow1 wrote: »

Is that the case for the platinum cashback card too? (1p per £2)

The Everyday Platinum card has no fee but you must spend at leat £3000 on it per annum to get the cashback reward at the end of the statement year.

The Platinum Cashback card has a £25 per annum fee but no minimal spend cap.

However, as per advise from HeadForPoints website:

The break-even point for getting the £25 card is £10,000 of spending per year. For everyone except the highest spenders, you are better off with the free Platinum Cashback Everyday card.

For example:

spend £9,000 per year and you will receive £65 on the free Platinum Cashback Everyday and the same £65 on the Platinum Cashback card, adjusting for the fee

spend £11,000 per year and you will receive £85 on the free Platinum Cashback Everyday and £87.50 on the Platinum Cashback card, adjusting for the fee

So it depends how much you plan on spending.

You can offset the £25 fee for the first year if you are referred by an existing card holder, whereby you receive a £25 bonus cashback on your first £1 plus spend, thereby reaping higher cashback rewards etc. for the first year at "no-cost".

After the first year you can then continue and pay the £25 fee or ask Amex to "downgrade" you to the Everyday "free" card.

moneywow1

elsien wrote: »

Platinum has a £25 annual fee - how much would you be planning to spend on it, to make that worthwhile?

!!! wrote: »

The Everyday Platinum card has no fee but you must spend at leat £3000 on it per annum to get the cashback reward at the end of the statement year.

The Platinum Cashback card has a £25 per annum fee but no minimal spend cap.

However, as per advise from HeadForPoints website:

The break-even point for getting the £25 card is £10,000 of spending per year. For everyone except the highest spenders, you are better off with the free Platinum Cashback Everyday card.

For example:

spend £9,000 per year and you will receive £65 on the free Platinum Cashback Everyday and the same £65 on the Platinum Cashback card, adjusting for the fee

spend £11,000 per year and you will receive £85 on the free Platinum Cashback Everyday and £87.50 on the Platinum Cashback card, adjusting for the fee

So it depends how much you plan on spending.

You can offset the £25 fee for the first year if you are referred by an existing card holder, whereby you receive a £25 bonus cashback on your first £1 plus spend, thereby reaping higher cashback rewards etc. for the first year at "no-cost".

After the first year you can then continue and pay the £25 fee or ask Amex to "downgrade" you to the Everyday "free" card.

Yeah I already got it via Topcashback (£30 for platinum vs £5 for everday), so assuming the cashback goes through OK, it paid for itself.

Plus there's an extra £25 cashback in the first 3 months. After the first year I'll either downgrade or just cancel it.

[Deleted User]

See what your spending is like for the first year then judge it based on that.

For me the £25 is worth it since the cashback I earn more than outweighs that fee