A cashback credit card pays you every time you spend money with your credit card. It’s a simple deal really. You can potentially make a lot of money by using these cards, particularly if you pay off your balance at the end of each month so you avoid paying interest…
They are essentially a reward scheme, but instead of points and prizes and all that other nonsense you get from some credit cards, with a cashback credit card you get cash; lots of lovely cash! So which ones are best at the moment?
N.B It is important to note that this advice and evidence is correct on the day of publication. Interest rates and offers vary all the time and these can change quite dramatically.
The reason they offer the cashback is simple really; they want you to spend money and create a large debt for which they can charge you ridiculous amounts of interest on. What else would they give you money for?
The one that stands out from the crowd here in the UK is of course American Express. This card has always been an elite card that has offered great deals ever since its beginning, and now it’s no different. This great credit card is offering you an introduction offer of 5% cashback on purchases (just to get you spending!) and a whopping 1.25% after that. Now if you can afford to pay off your monthly credit card bill then you could be well on the way to making an awful lot of money!
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