Thrifty Loans

If you would like some cash back on your credit cards after your Christmas spending, then now is the time to get your application form in. Applications now should see your card arrive in time to do some spending, and give you cashback at a later date on your spending.

It should be noted that cashback and reward cards are only suitable for people who pay back their monthly balance in full, because interest rates on these cards can be higher and cost more than the rewards you get.

You may not even get the card you’re applying for as card companies have become more stringent in use of the rules governing card issue following the summer credit crunch. To get such a card you will need an excellent credit rating.

For the first three months the American Express Platinum Moneyback card pays 5% to a maximum of £200. After that the amount earned will depend on your annual spending. You will get 0.5% cashback on your first £3,500 of spending after the offer period, then 1% for spending from £3,501 to £10,000, and after that 1.5% return without limit. You get the cashback annually on the anniversary of the account opening date.

Capital One’s Cashback card pays 4% back in the first three months, then 1%, the cash being sent back every year in January. This card also comes with annual travel insurance.

Egg Money pays 1% cash-back on most purchases, up to £200 per year, paying up to 20% with a small number of retailers, such as Buyagift.com.

Other options include cards giving in-store vouchers back, or, of course the ever-popular airmiles. Lloyds TSB has an Airmiles Duo card where you get two cards: an Amex and Mastercard. On the Amex card, you get one mile for every £10 spent but only one for every £50 on Mastercard. If you apply through www.airmiles.co.uk, you get 500 free airmiles on your first Amex spend