Cashback credit cards
Earn money back on eligible spending with the right cashback card
Reward credit cards explained
Reward credit cards let you earn something back when you spend – whether that’s cashback, air miles or points you can turn into vouchers. Rewards cards are generally targeted at people with good credit scores – you may struggle to get one if yours is low.
Like most credit cards, you’ll have a set spending limit and get a monthly bill. Each month, you can:
Pay off the balance in full – you'll usually avoid interest if you do this (though there are exceptions, for example if you withdraw cash with your credit card)
Pay more than the minimum, but not the full balance – you’ll pay some interest, but clear your balance faster
Pay the minimum – the lowest amount required. Missing this can mean a fee (often £12), a hit to your credit score, and losing your deal.
Bear in mind...
Rewards credit cards sometimes charge a fee as well as interest.
They tend to work best if you clear your balance in full each month and the value of the rewards outweighs any costs.
What our expert says...
"Rewards cards tend to work well when they fit naturally around existing spending, rather than encouraging people to spend differently just to collect perks.
"The attraction is easy to see, but the value usually depends on whether the rewards outweigh the cost and discipline that come with using credit in the first place."