Written by Karen Bryan
The My Money Podcast #22 discusses using cashback credit cards. I’m prepared to put in a bit of effort to reap the rewards of this money for nothing, so listen to my money tips for getting the maximum cashback on your spending. Just make sure that you only buy things that you would buy anyway and pay off the full credit card balance every month. If you combine this with using cashback sites to do your shopping, you can save a good few hundred pounds a year on your living expenses. It’s always worth checking a credit card comparison site to find the best cashback cards available at that time. But remember to keep an eye on the level of cashback, as the card companies may reduce the amount of cashback payable.
More tips on the best cashback credit cards.
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The currently available cashback credit cards analysed in the podcast are:
Aqua Reward Credit Card – pays 3% cashback up to maximum of £100 a year, but you absolutely must pay off the full balance every month as the minimum rate of interest is 34.9%.
Santander 123 Credit Card – a £24 annual fee unless you have a Santander 123 Current Account. It only pays cashback on fuel, department store and supermarket purchases. However there seem to be some anomalies such as M&S being classified as a supermarket and Aldi not being on the participating supermarket list.