Get A Cashback Credit Card And Earn Money
Published: 14 February 2011 By MoneyHighStreet Staff Leave a Comment
A cashback credit card provides the opportunity to earn a money bonus every time you spend, something many consumers could benefit from as they struggle with their personal finance and never ending bills.
According to moneysupermarket.com, by funding monthly expenditure on a cashback credit card and depositing salary in a high interest current account, consumers could earn themselves well over £500 a year.
Kevin Mountford, head of banking at moneysupermarket.com, said: “With rising inflation rates and the recent hike in VAT, times are tough for UK households and consumers need to be a little more creative when it comes to their finances.”
“While the decision to borrow must never be taken lightly, a cashback card can be a great way to generate some extra income.”
An added bonus is that credit card users also benefit from extra legal protection when making large purchases under Section 75 of the Consumer Credit Act, which states that any purchase made between £100 and £30,000 is doubly protected by the customer’s provider.
Critically, if taking out a credit card the holder must be disciplined and organised to make sure payments are made.
Firstly if the full balance is not paid back each month there will be a hefty interest charge to pay, negating the benefits of the cashback.
Secondly missing bill payments can put your credit rating at risk. This can have a knock on effect should you apply for a new credit card, mortgage or any other kind of credit.
Currently, according to moneysupermarket.com, top cashback credit cards and interest paying current accounts are
| Top | Top Cashback Cards | Top Interest Paying Current Accounts |
| 1 | American Express Platinum Cashback 5% cashback for the first three months up to a maximum of £100 After 3 months – 0.5% under £3,500 1% between £3,501 and £7,500 1.25% above £7,501 |
Based on £1,000 – Halifax Reward Account £5 per month Based on £2,500 – Santander In Credit Account 5% Based on £4,000 – Lloyds TSB Classic with Vantage 3% |
| 2 | Capital One World MasterCard 1% cashback on all spending £18 annual fee applies for this card |
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| 3 | Egg Money World MasterCard 1% cashback on all spending (maximum £200 cashback per year) £1 per month fee applies for this card |
