Take advantage of cash back credit cards

While the number of cash back credit cards has dwindled over recent years, their complexity has increased, making it more and more difficult for them to be compared, claims Defaqto in its latest report “Credit cards in the UK”.

Consumers are now faced with an array of different incentives and conditions. These include: introductory enhanced rates; tiered earning rates; maximum qualifying spends and enhanced earnings at specific retailers, such as supermarkets and petrol stations, making ready comparisons between cards extremely difficult.

David Black, Principal Consultant - Banking and author of the report, said: “ Despite their complexities, cash back credit cards offer a genuine return for card holders but are only appropriate for those people who always pay off their entire balance every month.

“This is another example in the credit card industry where consumers can take advantage of the offers by having more than one card and using each selectively to maximise cash back earnings.”