The best credit cards for rewards and cashback

Choosing the right card can be a difficult task so Moneywise has sifted through the plastic to find the very best credit cards that reward you for your spending.

If you are going to spend large amounts and don't plan to clear the balance each month, any rewards will quickly be undone by interest payments. Instead, a credit card offering 0% on purchases would be better, ideally one offering a long introductory 0% period, which reverts to a reasonable rate of annual interest thereafter.

If you already have credit card debt, you might want to find the best credit card for balance transfer deals - preferably one charging 0% on balance transfers. But don't forget to look out for the fees too.

In this article we highlight our Moneywise Best Buys - the top credit cards for rewards and cashback.

Best credit cards for rewards

Unlike most financial products, these cards reward you for spending with one specific retailer. They also pay out points and vouchers rather than cold, hard cash. The card that's best for you will depend on where you usually shop.

Tesco Bank Clubcard Credit Card
Earn points as you spend, representative 18.9% APR variable

The gives five points for every £4 you spend in Tesco (a point is worth a penny), and one point for every £8 you spend elsewhere. If you spend £6,000 a year in Tesco you’ll earn rewards worth £75, equivalent to 1.25% of your total spend.

Asda Money Cashback Credit Card
Earn vouchers as you spend, representative 19.9% APR variable

Despite the name, you’ll earn vouchers when you spend using this card – rather than cash. You earn 1% on shopping at Asda plus 0.5% when you shop elsewhere. Once you have accrued £2.50 you can convert this to a voucher to spend in Asda. 

If you spend £6,000 a year on this card then you'll earn the equivalent of £60 in vouchers.

John Lewis Partnership Card
Earn points as you spend, representative 16.9% APR variable

John Lewis and Waitrose shoppers can take advantage of the Partnership Card which offers one point per £1 spent in both shops, plus a point for every £2 spent elsewhere. This would earn £60 in vouchers based on a £6,000 yearly spend in either John Lewis or Waitrose.

M&S Bank Shopping Plus Credit Card
Earn vouchers as you spend, representative 18.9% APR variable

Regular shoppers in Marks & Spencer can earn vouchers as they spend using the Shopping Plus Credit Card. Users earn one point for every £1 spent in M&S and one point per £5 spent elsewhere.

Collect 500 points and you will earn a £5 M&S gift voucher. So if you spend £6,000 a year on your card in M&S then you'll earn vouchers worth £60.

Sainsbury's Bank Nectar Purchase Credit Card
Earn points as you spend, representative 18.9% APR variable

If you shop in Sainsbury’s then this card will give you two points for every £1 spent in store and one point for every £5 spent elsewhere. If you spend £6,000 a year on your card in Sainsbury's then you'll earn the equivalent of £60 (500 points = £2.50).

Amazon Platinum Credit Card
Earn vouchers as you spend, representative 21.9% APR variable

Offers 1.5 Amazon reward points for each £2 you spend at Amazon, and one point for every £2 spent elsewhere. Once you’ve earned 1,000 reward points, a £10 gift voucher will be credited to your Amazon account. There is no annual fee and new customers will also receive a £10 Amazon gift voucher when they first sign up.

This card has an effective cashback rate of 0.75% for Amazon purchases and 0.5% on other spending. Spend £6,000 a year on your card at Amazon then you'll earn the equivalent of £45.

Best credit cards for cashback

If you're not a member of any retailer's loyalty scheme then a cashback deal could work out better for you. These cards pay out cash on all spending.

American Express Platinum Cashback Everyday Card
Get cashback as you spend, representative 22.9% APR variable

This card has an introductory offer of 5% cashback on spending up to £100 for the first three months. After that cardholders will earn 1% cashback on spending over £5,001 per year and 0.5% if you spend below this amount. You’ll need to bear in mind that American Express is less widely accepted than other types of credit card.

Aqua Reward Credit Card 
Get cashback as you spend, representative 34.9% APR variable

Customers will receive 0.5% cashback on all spending up to a limit of £100 per year. This card is designed for those with a poor credit history (although anyone can apply) so beware of the high interest rate. Pay this card off in full every month to avoid paying a high rate of interest on your balance.

To see more credit cards on the market today visit the Moneywise credit card comparison tool.

Published: 18 June 2014
Last updated: 17 July 2017

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