Rewards Scheme Cards
Reward Scheme cards give you a small percentage of your spend back in the form of a cash reward - often paid monthly or annually to you.
Such credit cards are ideal if you pay your balance off in full each month. This way you will receive a small percentage back for every pound you spend, and you will pay no interest - so a money back credit card can be a good option..
Rewards Scheme Cards:
| Card | Balance Transfer Rate | Interest Free Period | Typical APR | |
|---|---|---|---|---|
| Morgan Stanley Buy and Fly! MasterCard | 0% / 9 months | 55 days | 16.90% | CONTINUE» |
| MBNA Europe Platinum Rewards Card | 0% / 12 months | 56 days | 15.90% | CONTINUE» |
| American Express Nectar Credit Card | None | 56 days | 12.90% | CONTINUE» |
| MBNA Europe Rewards American Express Credit Card | 0% / 12 months | 56 days | 15.90% | CONTINUE» |
| BMI Classic Platinum MasterCard | 1% / 9 months | 56 days | 15.90% | CONTINUE» |
| Thomas Cook Platinum Plus MasterCard | 0% / 9 months | 56 days | 16.90% | CONTINUE» |
| Thomas Cook Platinum Plus Visa | 0% / 9 months | 56 days | 16.90% | CONTINUE» |
| MBNA Europe Travel American Express Credit Card | 0% / 6 months | 56 days | 31.50% | CONTINUE» |
| Virgin Money Virgin Atlantic Black Card | 0% / 6 months | 46 days | 37.10% | CONTINUE» |
| Virgin Money Virgin Atlantic White Card | 0% / 6 months | 46 days | 17.90% | CONTINUE» |
If you don't pay off your balance in full each month, then a reward scheme credit card is probably not the best selection for you, as these cards do not usually offer a competitive interest rate on balances. You might be much better off by choosing a credit card with a lower interest rate rather than by applying for a cash or money back credit card.
You should also be wary of using any reward scheme credit card for balance transfers as any payments to the card often go against balance transfers rather than purchases. This means if you don't pay the balance off in full, you might incur some fairly high interest charges, while your repayments go into paying off the transferred amount.
The amount of cashback that you receive varies from provider to provider and from card to card and you should check out the latest money back rates before you decide to apply for a money back card.
