How much cashback will I get?
Again, that depends on the card that you choose – and be sure to read the small print. Advertisers will seek to portray their product in the most positive light, and a credit card offering 3% cashback might sound great. However, it’s not usually so straightforward, there are limits.
In December 2016 with a Santander 123 card for example, there is indeed 3% cashback on transport spend, but then 2% on department stores spend and 1% in supermarkets. Cashback is also capped at £9 maximum per month. Oh, and there’s a £3 monthly fee too – so make sure you factor that into your calculations!
Others will offer more generous rates, sometimes as much as 5% for a limited period before falling to 1.25% thereafter. You need to understand the restrictions beyond the highlighted rate before deciding if the card is right for you.