Innovation fuels credit card savings
Esther James, analyst at Moneyfacts.co.uk, comments:
“In a world where consumers are facing rising prices at every turn, there are still opportunities to save money.
“Balance transfer and introductory deals are great for those who cannot pay their balance off in full. For those who are able to keep on top of their finances and pay off their credit card balance each month, there are cards available which can offer various benefits.
“One group hardest hit over the last year is motorists, with sharp increases in road tax planned and petrol prices going through the roof. A litre of unleaded fuel can now cost around 116 pence and with no sign of any let up, consumers may need to consider any money saving options that are available to them.
“Credit cards issued by Shell and ASDA offer fuel incentives which could provide a substantial discount for Britain’s hard hit families.
“The Shell MasterCard currently offers a 3% rebate on Shell fuel purchases with 1% on all other spending. This is alongside a 0% balance transfer deal that runs for twelve months.
“When paying for fuel at ASDA with their ASDA MasterCard, customers can receive a rebate of two pence per litre. The card also offers a 0% balance transfer deal for nine months.
“Rebates on both cards have to be redeemed in a Shell or an ASDA petrol station respectively. However, in today’s market, even a small saving can make a big difference, so consumers should be looking for any opportunity to relieve their money pressures.
“Alternatively, it may be worth considering a cashback card. If you pay the balance off in full, you can make money from your card providers which can be redeemed against anything from a relaxing weekend to money off your weekly shopping.”
Card |
Cashback Deal |
Purchase APR |
American Express Platinum Moneyback Credit Card |
Introductory 5.00% for 3 months on spend up to £4,000 per year. Standard 0.50% on spend up to £3,500 per year. 1.00% on spend between £3,501 - £10,000 per year. 1.50% on spend over £10,001 per year. |
18.9% |
Barclaycard Platinum Cashback MasterCard/Visa |
Introductory 4.00% until 31/07/2008 on spend up to £750 per month. Standard 0.50% on spend up to £6,000 per month. 0.5% cashback on supermarket and petrol spend until 1.1.10. |
15.9% |
Capital One Platinum Cashback World MasterCard |
Introductory 4.00% until 01/09/2008 on spend up to £1,500 per month. Standard 1.00% on spend up to £1,500 per month. |
15.9% |
Leeds BS MasterCard |
Standard 0.50% on spend over £1 per year. Cashback payable as cheque or account credit. |
17.9% |
Egg Money MasterCard |
Standard 1.00% per year. Minimum cashback payment is £5. |
7.9% |
Smile Classic Visa |
Standard 0.50% per month. |
20.9% |
Source: Moneyfacts.co.uk 9.6.08 |
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Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
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