Best no annual fee cash (or reward) back credit card which is not American Express?

D3xt3r5L4b

Alpha_5 said:

D3xt3r5L4b said:

Alpha_5 said:

D3xt3r5L4b said:

Alpha_5 said:

Like the OP I'm affected by the Asda CC closure. I've gone for the Amex Everyday Cashback (£25pa fee). The card arrived 2 days later and up and running. Its a shame Amex isn't as widely accepted, but I think it's pretty much the best on the market right now. 

So long as you meet the £10k spend per annum to offset the fee

It's only £5k spend to offset the £25 fee. That won't be an issue for me. But as both cards pay 1% on spend of £5k-10k, fee-paying cardholders only stand to gain if they spend £10k+. That's the punt I'm taking and that's where acceptance of Amex will come into play. 

I mean the fee to offset making the £25 worthwhile over the free card. 

As per HFP advice:

Which is the best Amex cashback card to get?

Time for a quick bit of maths.

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

I think we're in agreement here - to make paying the fee worthwhile, I need to spend over £10k.

To make the fee back I only need to spend £5k.

So I'm hoping to put over £10k of my spend on the card. But if I only spend £5001 on it, I'll still be happy and no worse off financially than if I'd gone for the fee-free version. 

Well no.

If you spent £5001 on the free card you would be up £25 rather than breaking even at £0. 

SpideressUK

Hammer_Time said:

Platinum cashback everyday credit card has no fee, the only downside is you have to spend £3000 a year. 

See details below

Earn a Welcome Cashback Bonus

Enjoy a generous 5% cashback on the purchases you make for the first six months, up to £100 cashback. The only hard part is choosing what you’re going to turn all that cashback into.

No limit on cashback

Remember there is no cap on how much cashback you can earn in a year.

Earn cashback on purchases

After the first six months of Cardmembership you’ll earn up to 1% cashback, depending on how much you spend on the Card:

• Spend £0 to £5,000 and receive 0.5% cashback on purchases
• Spend over £5,000 and receive 1% cashback on purchases

The more purchases you make on your Card, the more cashback you can earn. As long as you spend a minimum of £3,000 in your Cardmembership year, every full £1 you spend on purchases qualifies for cashback.

That one sounds like the one I should have applied for! I will have to make do with this other one for a while and then maybe I can change my Amex card.........so does it just pay the cash back into the credit card account annually and for the first six months you get the 5% (up to £100 CB) then if at the end of the year you have put more than £5K on the card you get 1% on the overall spend but the 0.5% if it is under £5K as long as it is over a £3k spend annually?

adamp87

SpideressUK said:

Hammer_Time said:

Platinum cashback everyday credit card has no fee, the only downside is you have to spend £3000 a year. 

See details below

Earn a Welcome Cashback Bonus

Enjoy a generous 5% cashback on the purchases you make for the first six months, up to £100 cashback. The only hard part is choosing what you’re going to turn all that cashback into.

No limit on cashback

Remember there is no cap on how much cashback you can earn in a year.

Earn cashback on purchases

After the first six months of Cardmembership you’ll earn up to 1% cashback, depending on how much you spend on the Card:

• Spend £0 to £5,000 and receive 0.5% cashback on purchases
• Spend over £5,000 and receive 1% cashback on purchases

The more purchases you make on your Card, the more cashback you can earn. As long as you spend a minimum of £3,000 in your Cardmembership year, every full £1 you spend on purchases qualifies for cashback.

That one sounds like the one I should have applied for! I will have to make do with this other one for a while and then maybe I can change my Amex card.........so does it just pay the cash back into the credit card account annually and for the first six months you get the 5% (up to £100 CB) then if at the end of the year you have put more than £5K on the card you get 1% on the overall spend but the 0.5% if it is under £5K as long as it is over a £3k spend annually?

Be warned if you’ve already got an Amex you aren’t welcome to any new intro offers I think for the next 2 years 

Alpha_5

D3xt3r5L4b said:

Alpha_5 said:

D3xt3r5L4b said:

Alpha_5 said:

D3xt3r5L4b said:

Alpha_5 said:

Like the OP I'm affected by the Asda CC closure. I've gone for the Amex Everyday Cashback (£25pa fee). The card arrived 2 days later and up and running. Its a shame Amex isn't as widely accepted, but I think it's pretty much the best on the market right now. 

So long as you meet the £10k spend per annum to offset the fee

It's only £5k spend to offset the £25 fee. That won't be an issue for me. But as both cards pay 1% on spend of £5k-10k, fee-paying cardholders only stand to gain if they spend £10k+. That's the punt I'm taking and that's where acceptance of Amex will come into play. 

I mean the fee to offset making the £25 worthwhile over the free card. 

As per HFP advice:

Which is the best Amex cashback card to get?

Time for a quick bit of maths.

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

I think we're in agreement here - to make paying the fee worthwhile, I need to spend over £10k.

To make the fee back I only need to spend £5k.

So I'm hoping to put over £10k of my spend on the card. But if I only spend £5001 on it, I'll still be happy and no worse off financially than if I'd gone for the fee-free version. 

Well no.

If you spent £5001 on the free card you would be up £25 rather than breaking even at £0. 

I know that. We're comparing the £25 fee Amex cashback card to the fee-free version.

SpideressUK

adamp87 said:

SpideressUK said:

Hammer_Time said:

Platinum cashback everyday credit card has no fee, the only downside is you have to spend £3000 a year. 

See details below

Earn a Welcome Cashback Bonus

Enjoy a generous 5% cashback on the purchases you make for the first six months, up to £100 cashback. The only hard part is choosing what you’re going to turn all that cashback into.

No limit on cashback

Remember there is no cap on how much cashback you can earn in a year.

Earn cashback on purchases

After the first six months of Cardmembership you’ll earn up to 1% cashback, depending on how much you spend on the Card:

• Spend £0 to £5,000 and receive 0.5% cashback on purchases
• Spend over £5,000 and receive 1% cashback on purchases

The more purchases you make on your Card, the more cashback you can earn. As long as you spend a minimum of £3,000 in your Cardmembership year, every full £1 you spend on purchases qualifies for cashback.

That one sounds like the one I should have applied for! I will have to make do with this other one for a while and then maybe I can change my Amex card.........so does it just pay the cash back into the credit card account annually and for the first six months you get the 5% (up to £100 CB) then if at the end of the year you have put more than £5K on the card you get 1% on the overall spend but the 0.5% if it is under £5K as long as it is over a £3k spend annually?

Be warned if you’ve already got an Amex you aren’t welcome to any new intro offers I think for the next 2 years 

OK I will keep that in mind thank you, I am thinking the next 18 months or more are going to be very "new normal" anyway in which case my whole spending habits will be vastly reduced meaning I would probably actually get very little back on any kind of reward card.

WillPS

SpideressUK said:

WillPS said:

Amex is taken by every supermarket chain, including Morrisons, most (but not all) Co-ops, Lidl, Aldi and Iceland.
The biggest high street exceptions to acceptance are B&M, Home Bargains and B&Q. 

If I were you I'd be looking at the Nectar Amex.

That is interesting though it does have a £25 pa fee, I think we will keep that one in mind, use the rewards points one that we have just been acepted for and then see how the world pans out from this pandemic so we can evaluate what our "new normal" spending patterns will be and cut our cloth in accordance with that.

Waived in the first year though, by which time you'll have a good idea whether or not the fee is worth it.

Emily_Joy

OK I will keep that in mind thank you, I am thinking the next 18 months or more are going to be very "new normal" anyway in which case my whole spending habits will be vastly reduced meaning I would probably actually get very little back on any kind of reward card.

Unless you are specifically looking for a credit card to get Section 75 protection, and this seems to be less important for daily shopping, PayPal Business Debit Mastercard will work just as well. It doesn't cost anything to upgrade your PayPal account to business and order the card. You can then set up an automatic top up from your chosen bank account and use it everywhere.

jbrassy

Just want to settle the debate on whether you should apply for the Amex Platinum cashback card with the £25 fee or the one with no fee. Basically, if you spend less than £5k a year, you should get the fee free card. If you spend between £5k-£10k a year, it doesn't matter which card you get. If you spend more than £10k a year, you should get the one with the fee. 

I've made a spreadsheet with all the maths which demonstrates this:
https://docs.google.com/spreadsheets/d/1rZouflfUDeghKt9At9mwezrbCjm_jL4KCsksAP8cHS0/edit?usp=sharing