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Cashback & Rewards Cards

Credit experts will tell you that paying off your credit card statement in full is the best way to use your credit wisely. This helps keep your credit rating up and eliminates interest payments. This is also where cash back and reward cards really come into their own.
If you habitually pay off your statement, every single month, you can actually benefit - even make money - by using your credit card.

Cash back and reward cards often have higher interest rates, but if you're not carrying a balance the interest rate doesn't matter. If you do carry a balance, a lower interest card may be better for you.

In general, cash back credit cards offer money back for every pound you spend, where reward cards offer points that can be redeemed for various rewards. In either case, the more you spend, the more cash back or reward points you earn.

Following is a comparison chart of cash back and reward cards:

Cashback Credit Cards

	Cash Back Earned	Standard APR	Annual Fee	Application
American Express Blue Card	Up to 2% for 3 months Up to 1% thereafter	Typical 14.9% APR Variable	None	Details
American Express Platinum Card	Up to 2% Cash Back	Typical 14.9% APR Variable	None	Details

Reward Credit Cards

	Rewards Earned	Standard APR	Annual Fee	Application
Nectar Credit Card	4 points per £1 spent at sponsors 1 point per £1 spent elsewhere	Typical 12.9% APR Variable	None	Details
GM Card	3 points per £100 spent 6 points at partners	Typical 14.9% APR Variable	None	Details