The Best Cashback Credit Cards

Updated: 18th June, 2019.

We’ve vetted some of the most popular credit cards on the market to bring you our shortlist of the best credit cards for racking up cashback rewards. These cards can be great for those that want their spending rewarded with cold, hard cash.

Here are MyWalletHero’s picks for the best cashback credit cards.

Great for: Everyday cash back with no fee
5 stars question mark
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On American Express's Secure Website

Cashback rewards are hard to come by these days, but if that’s what you’re looking for, the American Express Cashback Everyday Credit Card may be a good bet. The standard cashback yield is 0.5%, but for those that spend more than £5,001, that bumps up to 1%. New cardholders also get a bonus of 5% cashback over the first three months, which maxes out at £100. Its sister card offers a bigger welcome bonus and higher cashback, but the Everyday Credit Card has the advantage of no fee.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 5% cashback for first 3 months (up to £100, subject to eligibility)
  • 0.5% cashback after first 3 months (if you spend £1 to £5,000)
  • 1% cashback after first 3 months with spending above £5,001
  • Note that you must spend at least £3,000 to earn any cashback
  • No annual fee
  • No cap on cashback earned
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to special offers from American Express offers

REPRESENTATIVE EXAMPLE

Representative APR 22.9% APR variable
Annual fee Based on £0
Credit Limit Assumed credit limit of £1,200
Purchase Rate 22.9% variable for purchases

what we like

  • 5% cashback for first 3 months (up to £100, subject to eligibility)
  • 0.5% - 1% cashback after first 3 months, depending on spend
  • No annual fee
  • No cap on cashback earned
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    22.9%
  • INTRO OFFER:

    5% cashback for first 3 months (up to £100)

KEY SCORES:

  • 4/5 Perks
  • 5/5Fees
  • 2.5/5APR

HIGHLIGHTS

  • 5% cashback for first 3 months (up to £100, subject to eligibility)
  • 0.5% cashback after first 3 months (if you spend £1 to £5,000)
  • 1% cashback after first 3 months with spending above £5,001
  • Note that you must spend at least £3,000 to earn any cashback
  • No annual fee
  • No cap on cashback earned
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to special offers from American Express offers

REPRESENTATIVE EXAMPLE

Representative APR 22.9% APR variable
Annual fee Based on £0
Credit Limit Assumed credit limit of £1,200
Purchase Rate 22.9% variable for purchases
Great for: Cashback for Asda shoppers
4 stars question mark
Apply Now!

On Asda Money's Secure Website

The Asda Cashback Credit Card is an interesting card that sets itself apart from the competition. Cardholders get 0.2% cashback for all of their shopping, and an even better 1% for shopping at Asda and online affiliates (like George.com). It’s important to note that the “cashback” is not true cash, but rather cashback vouchers to Asda. Tack on a balance transfer option and six months of 0% APR for large purchases at George.com and this is a compelling card to consider.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • No annual fee
  • 0.2% cashback vouchers for Asda on all purchases
  • 1% cashback vouchers for Asda for spending at Asda and George.com
  • 0% interest for 12 months on balances transferred in first 90 days (3% balance transfer fee)
  • 0% APR for 6 months on purchases of £200 or more at George.com
  • 10% cashback vouchers for Asda when you buy certain Asda insurance products
  • In-store purchases of more than £300 in Travel Money are eligible for a £5 discount

REPRESENTATIVE EXAMPLE

Standard purchases 19.9% p.a. variable
Representative 19.9% APR variable
Based on assumed credit limit £1,200

what we like

  • 0.2% cashback vouchers for Asda on all purchases
  • 1% cashback vouchers for Asda for spending at Asda and George.com
  • 0% interest for 12 months on balances transferred in first 90 days (3% balance transfer fee)
  • 0% APR for 6 months on purchases of £200 at George.com
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    19.9%
  • INTRO OFFER:

    12 months 0% interest on balances transferred in the first 90 days

KEY SCORES:

  • 3.5/5 Perks
  • 5/5Fees
  • 5/5APR

HIGHLIGHTS

  • No annual fee
  • 0.2% cashback vouchers for Asda on all purchases
  • 1% cashback vouchers for Asda for spending at Asda and George.com
  • 0% interest for 12 months on balances transferred in first 90 days (3% balance transfer fee)
  • 0% APR for 6 months on purchases of £200 or more at George.com
  • 10% cashback vouchers for Asda when you buy certain Asda insurance products
  • In-store purchases of more than £300 in Travel Money are eligible for a £5 discount

REPRESENTATIVE EXAMPLE

Standard purchases 19.9% p.a. variable
Representative 19.9% APR variable
Based on assumed credit limit £1,200
Great for: Everyday cash back with an extra boost for big spenders
3 stars question mark
Apply Now!

On American Express's Secure Website

If your goal is maximizing your cashback rewards, the American Express Platinum Cashback Credit Card could be your best bet. The downside is that the card carries an annual fee of £25. However, you get 5% cashback over the first three months (up to £125) and 1% cash back after that. And if you spend more than £10,001, you unlock an even higher 1.25% cashback rate.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 5% cashback for first 3 months (up to £125, subject to eligibility)
  • 1% cashback after first 3 months with spend of £1 to £10,000
  • 1.25% cashback after first 3 months with spend above £10,001
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to American Express offers for retail and travel partners

REPRESENTATIVE EXAMPLE

Representative APR 28.2% APR variable
Annual fee Based on £25
Credit limit Assumed credit limit of £1,200
Purchase rate 22.9% variable for purchases

what we like

  • 5% cashback for first 3 months (up to £125, subject to eligibility)
  • 1% - 1.25% cashback after first 3 months, depending on spend
  • No cap on cashback earned
  • ANNUAL FEE:

    £25
  • REPRESENTATIVE APR:

    28.2%
  • INTRO OFFER:

    5% cashback for first 3 months (up to £125)

KEY SCORES:

  • 4/5 Perks
  • 1/5Fees
  • 1/5APR

HIGHLIGHTS

  • 5% cashback for first 3 months (up to £125, subject to eligibility)
  • 1% cashback after first 3 months with spend of £1 to £10,000
  • 1.25% cashback after first 3 months with spend above £10,001
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to American Express offers for retail and travel partners

REPRESENTATIVE EXAMPLE

Representative APR 28.2% APR variable
Annual fee Based on £25
Credit limit Assumed credit limit of £1,200
Purchase rate 22.9% variable for purchases
Great for: Everyday cash back
4 stars question mark

With a 0.5% cashback yield and no annual fee, the Tandem Cashback Credit Card is a solid choice for those looking for cash rewards on their spending. The card lacks the sign-up bonus that some other cards have, but for those with good credit, the card sports a representative APR at the lower end of the range for the category. And there’s no annual fee to worry about.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0.5% cash back on all purchased above £1 worldwide
  • No annual fee
  • No fees on purchases made abroad

REPRESENTATIVE EXAMPLE

Annual purchase rate (variable) 18.9%
Representative APR (variable) 18.9%
Based on an assumed credit limit of £1,200

You may be offered a different credit limit or APR to that shown here as it depends on your individual circumstances. Subject to eligibility and credit assessment.

what we like

  • 0.5% cash back on all purchased above £1 worldwide
  • No annual fee
  • No fees on purchases made abroad
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    18.9%
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 1/5 Perks
  • 5/5Fees
  • 5/5APR

HIGHLIGHTS

  • 0.5% cash back on all purchased above £1 worldwide
  • No annual fee
  • No fees on purchases made abroad

REPRESENTATIVE EXAMPLE

Annual purchase rate (variable) 18.9%
Representative APR (variable) 18.9%
Based on an assumed credit limit of £1,200

You may be offered a different credit limit or APR to that shown here as it depends on your individual circumstances. Subject to eligibility and credit assessment.

Great for: Everyday cashback and no foreign spending fees
4.5 stars question mark

The Barclaycard Platinum Cashback Plus provides users a nice combination of earning cashback and saving on fees abroad. The card has no fee on non-sterling transactions and no fee on cash withdrawals made abroad. Added to that, you can earn 0.5% cashback on everything you spend for the first three months, and then 0.25% after that (until 31 August 2023). There’s no limit on how much cashback you accrue.

Read full review >

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • 0.25% cashback on all spending (until 31 August 2023)
  • 0.5% cashback on all spend for the first 3 months
  • No fees for spending abroad

REPRESENTATIVE EXAMPLE

Representative rate 21.9% APR (variable)
Purchase rate 21.9% p.a. (variable)
Based on borrowing £1,200

what we like

  • 0.25% cashback on all spending (until 31 August 2023)
  • 0.5% cashback on all spend for the first 3 months
  • No fees for spending abroad
  • ANNUAL FEE:

    £0
  • REPRESENTATIVE APR:

    21.9%
  • INTRO OFFER:

    0.5% cashback on all spend in the first three months

KEY SCORES:

  • 3.5/5 Perks
  • 5/5Fees
  • 2.5/5APR

HIGHLIGHTS

  • 0.25% cashback on all spending (until 31 August 2023)
  • 0.5% cashback on all spend for the first 3 months
  • No fees for spending abroad

REPRESENTATIVE EXAMPLE

Representative rate 21.9% APR (variable)
Purchase rate 21.9% p.a. (variable)
Based on borrowing £1,200

About cashback credit cards

Cashback credit cards reward you for using them: you automatically earn a percentage of what you have spent, in the form of cashback. The cashback percentage depend on the card; some cards also offer a higher cashback rate for shopping in a specific store. Cashback can be paid monthly or annually, and the maximum amount you can usually has an annual cap.

How we picked the winners

We’ve selected what we think are the best cashback credit cards available. Here are the main factors we considered when compiling our shortlist.

  • Cashback rate – The cashback you will earn on your purchases as a percentage of spending.
  • Sign-up bonus – Whether a card offers a sign-up bonus in the form of higher cashback rewards for an introductory period.
  • Annual fees that make sense – Annual fees are sometimes worthwhile in order to unlock the most rewarding offers, but for the majority of our picks we looked for cards with no annual fees.
  • Introductory 0% interest periods – Included in our shortlist are cards that also offer an introductory 0% interest period for either purchases, balance transfers or both.

What are cashback rates?

Each cashback card has its own cashback rate, and this may vary for different types of spending, for different periods of time and for how much you spend on your card.

Some cards have a different cashback rate for spending at different retailers. For example, you could receive 1.5% cashback for spending at a selected store, but only 0.5% for spending elsewhere.

Other cards may offer you a higher cashback rate for an introductory period. You might earn 5% cashback on purchases for the first three months after account opening, and 1% thereafter.

Finally, some cards may also have a spending threshold in order to unlock a higher cashback rate. An example of this is if you spend £3,000 then you might be able to earn 1.25% in cashback on purchases, rather the card’s standard rate of 0.5%.

How is cashback calculated?

Cashback is typically calculated by rounding up to the nearest penny or pound (you can find this out in your card’s terms and conditions). For example, if you have a cashback card with a cashback rate of 0.5% and you made a purchase worth £100, you would receive 50p worth of cashback in either your monthly or annual statement, depending on your card.

Cards typically cap the amount of cashback you can earn. You might, for example, receive 5% cashback on purchases for the first three months, but you could only ever earn up to £125 in cashback rewards within that period as the card has a limit in place. There are cards available that allow unlimited potential for earning cashback rewards, but they typically have lower cashback rates as a result.

Things to consider when choosing a cashback card

It may seem like a great idea to make your credit card work for you and reward you for spending, but it is worth taking the time to consider what you really need from a cashback card. Here are the top things that we think you need to consider when choosing a cashback card.

Cashback rewards – You need to consider what type of cashback rewards will work for you, based on your current spending habits. If you are going to receive higher cashback rates for shopping at a supermarket that you already shop at, then you will be able to earn more cashback rewards. On the flip side, if a card rewards you with higher levels of cashback for shopping at Asda but you do your weekly food shop at Sainsbury’s, it may not be the card for you.

Minimum spending requirement – The idea of a cashback card is to make your money work for you. If you are not planning to put a lot of purchases on your credit card, then look for a card that has no (or a very low) spending requirement. However, if you frequently use your credit card and put most of your spending on it, maybe consider a card that offers a higher cashback rate for a certain level of spending.

New cardholder bonus – Look to see whether there are any introductory offers that may work for you. If offers are limited to spending with the first three months, for example, consider your budget and whether you would be able to achieve the level of spending required in the time period in order to unlock the higher cashback rate. Be careful about taking on too much debt. Unless you have a 0% interest on purchases offer in place, then you will need to pay your balance in full each month in order to avoid racking up interest charges and offsetting any gains you would have made with the cashback offer.

Introductory 0% interest offers – As mentioned in the previous point, look to see whether the card has a 0% interest on purchases introductory offer. If you are planning to make a large purchase and pay it off over a period of time, this could help you do this while also earning cashback on the amount you have spent. Just take note of when the 0% introductory period ends, so that you do not get caught out when the card returns to its standard APR.

Annual fees – It is also worth considering whether the card has an annual fee. If it does, calculate whether you would actually benefit from the cashback: is the amount of cashback you might earn in a year greater than the fee?

Other benefits – Look to see whether you could get any other benefits with your card, such as no fees for overseas usage.

5 ways to maximise your cashback rewards

Imagine you have selected your cashback credit card. Now it’s time to start making some money. Here are five things you can do to maximise your potential cashback yield.

  1. Use your card like a debit card – If you are looking to really maximise the amount of cashback you earn, the best way to do so is to spend lots of your card. What that doesn’t mean is out-of-control spending and racking up lots of debt you can’t afford to repay! Instead, simply use your credit card like a debit card. If you make your credit card your main form of payment then either pay off the amount you spend immediately or budget to pay off the full amount at the end of the month, you can maximise the amount of cashback you earn. Obviously, take into account whether your card has a cashback cap, as there will be little point in spending on your card if you have already gone over your cashback limit.
  2. Add an additional user – Some cards allow you to add a partner or close family member to your account for free. This means that both of you can use the card and you will also earn cashback on the additional cardholder’s spending. Something to note, though, is that adding an additional user makes you responsible for their debt. Additionally, any mistakes you make, like a late payment, will show up on their credit report and vice versa.
  3. Put large expenses on your card – If you have some home improvements coming up or are looking to book a holiday, you could put the cost on your credit card and earn cashback as a result. This is best done only if the card also offers an introductory 0% interest period on purchases, otherwise you could run the risk of incurring interest charges on your balance and wiping out any cashback yield you have earned. Obviously, bear in mind whether there is a cap on the amount of cashback you can earn, as if it is capped at a certain limit then it may not make sense to put a large expenditure on your card.
  4. Select cashback that will suit you – As mentioned previously, some cards offer higher cashback rates for spending at specific retailers. Consider your existing shopping habits and therefore whether the cashback offer reflects them.
  5. Use the sign-up offer – If you select a card that has a sign-up offer of a higher cashback rate for an introductory period, make the most of it! If you can receive 5% cashback for the first three months, direct as much spend as you can to the card during that period. Again, that doesn’t mean taking on new debt. Instead, if there are things you need to purchase and would normally use cash or debit, consider swiping your card instead. If you have another credit card that you normally use, you could also switch spending from that to the new one during the promotional period. Make sure you are not overspending, as if you cannot pay the balance off in full any cashback you earn could be wiped out by high interest charges.

What’s the catch?

As with anything, there is always a downside. The idea of earning cashback for using your card is great in principle, but here are a few things to bear in mind.

  • Cashback cards typically have higher APRs, therefore they are best suited to borrowers who can repay their balance in full each month. Any balance left on your card could accrue high interest charges, unless you have a 0% interest on purchases offer in place, and wipe out any cashback rewards you earn.
  • Cashback limits are quite common. You may be prepared to change your spending habits to maximise your cashback reward, but your card provider may have different ideas! Always look to see whether the amount of cashback you can earn is capped and at what amount.

  • Annual fees could offset any cashback you earn. Look to see whether your card has an annual fee and, if it does, whether it is worth paying in order to unlock higher cashback rates.
  • There are sometimes restrictions on what spending you can earn cashback on. For example, some cards will not pay cashback on purchases abroad, or you may not be able to earn cashback on balance transfers. It is worth checking the card’s cashback terms and conditions, which can usually be found on the card provider’s website.

Is a cashback card right for me?

As with any card, whether a cashback card is right for you depends on your individual circumstances. If you are looking to take out a cashback credit card, it is worth considering how much you spend each month and where you spend it. That will help give you a picture of what cashback rewards you could actually earn with the cashback offer available.

Cashback cards typically require you to have a good/excellent credit score. All our reviews on MyWalletHero give a guide on what credit score requirements each card has, to help you make your decision. Due to the nature of the reward, cashback cards are more suited to borrowers who can repay their balance in full each month. If you plan to carry a balance, a cashback card may not be the card for you, as any potential cashback you earn could be wiped out by high interest charges (unless you have a 0% interest on purchases offer in place).


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