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Monday 07th of December 2009
October 19, 2007    

Cashback deals at Christmas

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by Kay Murchie

With just over 9 weeks to go until Christmas, you will see that many shops are already preparing for the festive season so this is a good time to look at personal finances and find the best credit card deals so you can profit from Christmas spending.

According to Moneyfacts.co.uk, last Christmas the average Briton spent over £500 on presents. However, smart shoppers don’t get into debt make money out of their purchases.

You can make your money work for you and earn cashback on spending. With a variety of credit cards in the market that offer cashback, it’s about finding the right deal. Cashback deals are usually worthwhile but only if you pay your balance off in full each month, otherwise the interest charged will outweigh the benefits.

A good deal on offer currently is the cashback deal from Capital One. It is offering 4% back on all purchases for the first 3 months followed by 1% after that. By putting all your normal outgoings and Christmas presents on the card, you will maximise your payout.

For example, spend £2,000 a month and you will receive £240 a year back. However, as cashback payments are made in January, it is unlikely that you have managed 3 months of spending by that time.

The Capital One card is only available to borrowers with clean credit records who already have a credit card with a limit of at least £5,000.

Another deal is the one from Abbey, who are offering 5% cashback, however, it’s only on up to £1,000 spent in major supermarkets until the end of January, with a maximum payout of £50.

Tesco is offering an interest rate of 0% for the first 3 months and there’s 0% on balance transfers for 12 months with a fee of 2.5%. The interest rate is 15.9% after the initial period.

Moneyfacts.co.uk recommends shopping around for the best deals in order to profit from spending this Christmas.

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