New and existing TSB customers can earn 1% cashback on the first £500 of credit card spending each month from today.
This means you can effectively earn an extra £5 per month – so up to £60 per year.
To get the cashback, which is available on purchases made until 30 September 2017, you need to have one of the following TSB MasterCard credit cards: Platinum, Advance, Classic or Student.
You must also have TSB’s Classic Plus current account.
You don’t need to do anything to get the offer; it’ll be activated automatically, and the cashback won’t affect any existing features of your card.
TSB Avios, Premier Avios, TrustCard, Visa and TSB business credit card customers are excluded from the offer.
Many credit card providers have recently axed or scaled back cashback and reward schemes following EU changes to the ‘interchange rate’, which caps the amount of money credit card companies can cream off retailers when people pay with plastic at the tills.
So it’s encouraging to see TSB launch a cashback offering. However, it can be beaten.
The AA FuelSave card, for example, pays 2% cashback on fuel, rising to 4% if you spend more than £500 a month.
For non-fuel spenders, American Express’s Platinum Cashback card pays 1.25% on all spending, plus 5% cashback on spending up to £2,500 over the first three months – although there is a £25 annual fee.
While Santander’s 123 card pays up to 3% cashback on certain spending capped at £9 per month – or up to £72 a year once its £3/month fee is taken into account.
- See our Best cashback and reward credit cards guide for the full information.
That said, for existing TSB credit card and current account customers this is a nice bonus. TSB’s Classic Plus current account is one of our best buys paying 5% interest on balances up to £2,000 if you pay in a minimum of £500 a month, register for internet banking, paperless statements and paperless correspondence – so you’re already onto a good deal here.
Classic Plus customers can also earn 5% cashback on the first £100 of contactless spending every month – so effectively, up to £5 per month.
- See our Best current accounts guide for a full roundup.