The best cashback credit cards

The best cashback credit cards

Want to get cashback when you use your credit card? We reveal the best cashback credit cards on the market.

lovemoney staff

Banking and Borrowing

lovemoney staff
Updated on 22 September 2023

The best cashback credit cards can be a valuable ally to savvy spenders – provided they're used correctly.

By paying for things you needed anyway with your cashback card and then clearing the debt immediately, you can earn yourself a tidy cash boost.

Unfortunately, like reward credit cards, many cashback cards have been cut (or the cashback on offer) has been slashed in recent years.

We’ll now run through the various top cashback cards available on the market.

But before we do, it’s worth stressing that a cashback credit card is not worth getting if you don't clear your debt each month, as the interest rate will more than wipe out any cashback you earn.

If a credit card isn't quite right for you, the good news is there are loads of other ways to get rewarded for your spending. You can read all about them in our ultimate guide to cashback.

American Express Platinum Cashback Everyday Credit Card

With the American Express Platinum Cashback Everyday Card (representative APR 30.7%), you'll get 5% cashback in the first three months up to a maximum of £100. In other words, you'll need to spend £2,000 during that period to get the top amount.

After that, you’ll earn a tiered rate of cashback, depending on how much you spend.

You’ll get 0.5% cashback on any spending of up to £10,000 and 1% cashback on all sums above that.

While the rates on this cashback card are less generous than other Amex offerings, it is at least fee-free.

Note you need to spend at least £3,000 in a year on the card to ensure your purchases qualify for cashback. This card also gives you access to special offers from a range of companies.

American Express Platinum Cashback Credit Card

The American Express Platinum Cashback Credit Card pays 5% cashback in the first three months up to a slightly higher maximum of £125, while the APR is 36.3%.

You’ll get 0.75% cashback on any spending of up to £10,000 and 1.25% cashback when you spend over £10,000.

With this card, there is also a £25 annual fee to consider, so it's probably only suitable for those who are able to use it frequently (and clear the debt in full).

Like the Everyday card, this credit card gives you access to special offers from a range of companies. 

Barclaycard Rewards Card

The Barclaycard Rewards card (representative APR 27.9%) offers 0.25% cashback on all spending. Plus, you could earn up to 15% cashback when you register your card with the bank's Cashback Rewards website and spend at participating retailers. These retailers will be personalised to you depending on your shopping habits.

The card could be a decent option if you plan to use your credit card abroad. You can avoid non-sterling purchase fees as long as you pay in the local currency. This credit card doesn’t charge interest on cash withdrawals overseas if you pay off your balance in full every month.

With Barclaycard Rewards, you’ll also get up to five months free of Apple TV+, Apple Music, Apple Fitness+, Apple News+ and Apple Arcade, but you should make sure this credit card is right for you.

The best fee-free travel credit cards to use abroad

NatWest/RBS Reward Credit Card

NatWest and Royal Bank of Scotland both offer the Reward Credit Card, which is only available to those who earn at least £10,000 a year.

It pays 1% cashback on all spending at supermarkets (0.25% at their petrol stations and everywhere else).

You'll also get at least 1% cashback and potentially up to 15% cashback at MyRewards partner retailers.

This card should always be paired with a NatWest/RBS Reward current account, otherwise, you'll have to pay an annual fee of £24, which makes breaking even difficult. The representative APR is 31%.

Santander All in One Credit Card

The Santander All in One Credit Card offers 0.5% unlimited cashback on spending, but you need to have an income of at least £10,500 a year to apply. 

It also comes with 0% on balance transfers for 15 months (with no fee), interest-free purchases for 15 months and no foreign transaction fees on purchases overseas.

But it charges for cash withdrawals and the card attracts a £3 monthly fee, meaning you'll need to spend £600 a month on this card to break even.

The representative APR is 29.8%.

Money laptop (Image: lovemoney - Shutterstock)

Making the most of cashback cards

To make the most of your cashback card, put as much of your spending on it as you possibly can but always clear the balance at the end of the month.

Setting up a Direct Debit payment to do this is the easiest way to make sure you don't have to pay any interest charges.

As with any credit card, using it will give you the legal protection offered by Section 75 of the Consumer Credit Act 1974.

Never use these credit cards to withdraw cash. The charges are horrendous, and your withdrawals won't qualify for cashback. Balance transfers also aren't eligible for cashback.

If you'd prefer rewards to cash, a reward credit card may be a better option.

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