Cashback credit cards earn a small percentage of your purchases back, recoverable in the form of statement credits, direct deposits, gift cards, and more. Various cashback credit cards earn cashback on eligible stages automatically.
The best cashback cards offer high cashback rates and flexible reward categories.
So, these cards allow you to earn from 1 per cent to 6 per cent cashback on common purchasing items such as groceries, travel, gas, and more.
So, if you are interested to learn more about cashback credit cards in the UK then you are on the right path.
Here, in this article, I am going to put together what cashback credit cards UK, and the 7 best cashback credit cards UK.
check out my list!
What are cash-back credit cards?
A cashback credit card is a type of reward credit card that pays back a percentage of what you have spent.
Generally, you can receive things as a credit on your bill, also in some cases it will directly go to your bank account on a monthly, quarterly, or yearly basis.
Cashback is a deal between the credit card company and the retailer.
For every purchase, the online retailer needs to pay a percentage to the credit card company, and then the banks opt to share a portion of these earnings with the customer.
7 Best Cashback Credit Cards in the UK, 2024
1. American Express Platinum Cashback Everyday card
- Representative APR (variable): 31% APR
- Account fee: 0 Pound
- Cashback: 5% for 3 months, then up to 1%
The standard interest rate on purchases is 31% p.a. (variable).
Additional Information
- 0.5% cashback on spending up to 10,000 Pounds and 1% cashback on spending over 10,000 Pounds
- there is no limit to earning the amount of cashback in a year
Eligibility
- You have to be 18 or older
- need to have a current UK bank or Building Society account
- You need to have a permanent UK residence home address
- Have no County Court Judgements
2. Barclays Rewards Credit cards
- Representative APR (variable): 28.9% APR
- Account fee: 0 Pound
- Cashback: Up to 0.25%
The standard interest rate on purchases is 28.9% p.a. (variable)
Additional Information
- 0.25% cash back on all your spending
- No fees on purchases abroad, as long as you pay in the local currency, and then you are not required to pay fees on non-sterling purchases
Eligibility
- Need to be a permanent UK resident
- You have to be 21 or older
- Not have had any individual Voluntary arrangements
- Not already hold a Barclaycard Credit card
3. American Express Platinum Cashback Credit Card
- Representative APR (variable): 36.7A% apr
- Account fee: 25 Pounds
- Cashback: 5% for 3 months, then up to 1.25%
The standard interest rate on purchases is 31% p.a. (variable).
Additional Information
- 5% cashback in your first three months up to 125 Pounds
- There is no limit to the cashback you can earn in a year
- 0.75% cashback on spending up to 10,000 Pounds and 1.25% cashback on spending more than 10,000 Pounds
Eligibility
- You have to be 18 or older
- You need to have a current UK bank or Building Society account
- You need to have a permanent UK home address
- Have no County court judgments
4. Lloyds Bank World Elite Mastercard
- Representative APR (variable): 55.0%
- Account Fee:15 Pounds monthly account fee
- Cashback: Up to 10% cash back on every purchase in your first three months
The standard interest rate on purchases of 22.94% p.a. variable, and you will receive a 55% APR representative variable.
Additional Information
- 0.5% cash back on purchases totalling up to and including 15,000 Pounds in each anniversary year from the day of account opening.
- 1% cash back on purchases over 15,000 Pounds in each anniversary year from account opening
- Travel benefits include Airport Security Fast Track and Priority Pass.
Eligibility
- You need to have an excellent and good credit score
- need to have a permanent UK residence home address
- You need to have a current UK bank or Building Society account
5. Santander All-in-One Credit Card
- Representative APR (variable): 29.8% APR
- Account fee: 3 Pound Monthly account fee
- Cash Back: Earn 0.5% (from January 30, 2024) the maximum cashback you can earn each month will be 10 Pounds
Additional information
- 0% interest on purchases for 15 months
- 0% interest on balance transfer for 15 months without any balance transfer fees
- No foreign exchange fees on purchases overseas
Eligibility
- You have to be 18 and older
- You need to have a permanent UK home address
- You need to have an income of 10,500+ Pounds per year
- You do not already have an all-one credit card from Santander
6. Halifax Cashback Credit Card
- Representative APR (variable): 22.9% APR variable
- Account fee: No monthly account fees
- Cash Back: 0.25% cash back on card purchases
The standard cashback interest rate on purchases is 0.25%.
Additional Information
- Cash Back is applied to your account every January
- Cashback on the spend of 5,000 pounds in the first year is 12.50 Pounds
- Cashback will not be treated as a payment. You need to make the minimum monthly payment on time each month.
Eligibility
- You need to have a permanent UK home address
- be 18 or above
- You should have a current UK bank or Building Society account
7. Smile classic
- Representative APR (variable): 23.9% APR Variable
- Annual Fee: 0 Pounds
- Cash Back: 0.25% cash back on purchases
The Standard cashback interest rate: For Smile Current account holders according to the assumed credit limit is 1200 Pounds and a purchase rate of 19.9% per year Without Smile current Account- according to the assumed credit limit of 1200 Pounds and a purchase rate of 23.9% per year
Additional Information
- minimum 200 Pounds credit limit
- 19.9% interest per annum on purchases and balance transfer
Eligibility
- You must be 18 or older
- You must be a UK resident
- Earning a minimum Gross Annual Income of 10,000 pounds
FAQ
Is there any credit card that gives you 5% cash back?
Ans: The Chase Freedom Flex℠ card is good for giving you 5% cash back.
Which cash-back credit card is best in the UK?
Ans: Various providers in the UK offer cash-back benefits on purchases. Some of the top-ranked cash back credit cards available in the UK are the American Express Platinum cashback everyday card, Lloyds Bank World elite cash back credit card, Santander All in One Credit card, and more.
Who should be applying for a cash-back credit card UK?
Ans: If your goal is simply to make all your purchases a little cheaper, a cashback credit card is an option for you to choose from. Choosing one of the best cashback credit cards gives you the ultimate freedom to shop around!
How to compare the cash back credit cards and select the right card for you?
Ans: There are a few factors that you can consider before going forward with a cashback credit card. These include:
- Annual fee
- Spending habits
- Future goals
- Welcome bonus
What are the pros and cons of cashback credit cards?
Ans: The biggest pro of cashback credit cards is the flexibility. You can use a credit card to pay your rent, gas, etc. These are things that you can not pay with rewards. One of the main cons of cashback credit cards is there value of the cash you get back is fixed.
Conclusion
Cashback credit cards provide customers with a certain percentage of spending on the card. This means, the more you spend on the card, the more you receive on your account as a lump sum. you can receive the amount as monthly, or yearly. If you use the card on your day-to-day spending, pay the balances each month on time.
Well, here, I have wrapped together the 7 best cashback credit cards in the UK, you just have a glance at these. Then, compare all the cards and choose the right one that suits you well. Enjoy a cashback benefit on your spending using the credit card.
