Rise in number of credit cards offering cashback

| November 6, 2012
Rise in number of credit cards offering cashback

The number of credit cards offering a cashback reward has doubled over the past two years, according to a new report commissioned by card provider Capital One.

Research carried out by Defaqto on behalf of Capital One identified 245 different credit cards available in the UK, of which 9 per cent offer cashback.

Around 75 per cent of the cards are standard, rather than platinum or gold, cards.

Points schemes and shopping rewards are offered with 20 per cent of cards, making them the most common type of reward scheme, while ten per cent of the cards offer air miles.

Cashback, which is the only type of reward to show a significant increase, is accrued each time a customer uses their credit card and is automatically paid to the credit card either annually or monthly.

The amount of cashback offered varies from card to card but to gain the maximum benefit from the reward, a customer would need to use the card for their everyday spending.

In related news, Skype has today launched Skype-branded prepaid credit cards which can be used at 1,400 UK retail outlets.

The cards come in £10 and £20 denominations and can be used to top up a Skype account online, or they can be used as gift.

Skype has partnered with Asda, Currys, PC World, Sainsbury’s and WHSmith to launch the new cards as part of a global expansion strategy following its takeover by Microsoft.

Skype’s head of market development EMEA Enrico Noseda said: “We see Skype Prepaid Cards as yet another option for users to get more out of the Skype experience, either as a way to add Skype Credit to their account or as a perfect gift for friends and family to allow them to keep in touch more easily.”

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