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Credit Card News American Express Cashback Credit Card + Santander Current Account = £500 In Rewards 18471036


American Express cashback credit card + Santander current account = £500 in rewards

American Express cashback credit card + Santander current account = £500 in rewards

05 July 2010 / by Rachael Stiles

Consumers could be missing out on earning hundreds of pounds by not using a cashback credit card and a high interest paying current account in tandem.

moneysupermarket.com has calculated that funding every day expenditure with a cashback credit card and then paying it off in full each month could earn hundreds, and they could deposit their salary in an interest-paying account to make it even more rewarding.

Consumers who shop on a cashback credit card and pay their salary into a competitive current account could earn as much as £549 a year, from the cash bonus they get from spending on their cashback credit card, and in interest from a high paying current account.

Someone spending £2,500 a month on an American Express Platinum credit card could earn £424 a year in cashback, combined with a potential £125 a year in interest from putting the same amount per month into a Santander current account, which is currently paying five per cent on in-credit balances.

Providing the credit card balance is paid in full each month and no payments are missed, this is a “double header” of interest and cashback, says moneysupermarket.

Kevin Mountford, head of banking at moneysupermarket.com, said that “There are so many ways to earn more from your savings; consumers just need to be clever with their finances, and take advantage of free cash.”

Using a cashback credit card and saving monthly wages is a “simple and effective way of earning extra cash,” he said.

“Whilst the decision to borrow should never be taken lightly, when used responsibly, a cashback credit card can be a great way to make your money work harder.”

But, he warns that the cashback credit card system does not necessarily work well for all consumers, as failing to repay the balance each month will result in the balance accruing interest, negating any financial gain from potential cashback earned.

© Fair Investment Company Ltd
 



Provider Account Set Up Fee Fee per month Features Apply
N/A £12.50 No credit checks.** Prepaid MasterCard. No account opening fee. More Info >
£4.95 £9.95 No credit checks**. Prepaid MasterCard. Credit Building facility. More Info >
£4.95 £9.95 No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard. More Info >

**See Terms and Conditions

Provider Account Set Up Fee Fee per month Features Apply
N/A £12.50 No credit checks.** Prepaid MasterCard. No account opening fee. Apply Now >
£4.95 £9.95 No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard. Apply Now >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. More Info >
3.0%* 0% for first £250 No minimum £13 3.0% INTEREST on balances up to £2,500 More Info >
1.50%* Up to £3 per day £500 per month £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. More Info >
N/A 0% for first 3 months No minimum N/A 3 months interest-free overdraft and no monthly account fee More Info >
N/A 0% for first £250 No minimum Free if funding £1,000 or £10 below £1,000 Switch your current account and you’ll get a free gift worth up to £150. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee – £100 if you leave within 6 months More Info >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. Apply Now >
1.50% AER* Up to £3 per day £500 per month £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. Apply Now >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. More Info >
3.0%* 0% for first £250 No minimum £13 3.0% INTEREST on balances up to £2,500 More Info >
1.50%* Up to £3 per day £500 pm £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. More Info >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
N/a £500 Interest Free increasing to £2000 No minimum N/a Choose 1 of 3 great offers: Amazon Prime Student subscription, National Express Coachcard, or Tastecard More Info >
1% Overdraft limit of £1,000 increasing to £3,000 in year three £500 every academic term N/a The UK’s only fee-free student current account. Interest-free and fee-free overdraft More Info >
Up to 3% £1500 Interest Free increasing to £2000 £500 every academic term N/a A free 4-year Santander 16-25 Railcard which could save you 1/3 off rail travel in Great Britain More Info >


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