Your credit card is more than just the key to your cash on the go, wallet-ornament, or emergency lock pick (not recommended) – it’s also a great way to earn while you spend. Whether your cash is regularly flashed, or your card is used only for those must-have purchases, there’s a reward scheme in place to thank you for spending.
For the regulars
One of the most attractive of reward schemes is cashback, which commonly offers 0.5%-2% of your credit card spend as a cash return. Cashback credit cards are best suited to people who use their credit card as their primary payment method, rather than cash – and who pay off their bills quickly to avoid interest accruing.
For the loyal customers
If there are certain stores you visit regularly, you may find that reward schemes partnered with your favourite outlets are most valuable to you. A good example is the American Express Nectar Credit Card (Representative 25.0% APR variable), which collects two nectar points for virtually every pound spent, and four points for every pound spent at Nectar’s partner stores. If your favourite retailer isn’t on the Nectar programme, similar cards are available for other stores that offer generous rewards for your loyalty.
For big-spenders and jet-setters
Credit cards are often whipped out for those big purchases, and there are reward schemes that give you bonuses for splashing out, too. For example, if you mostly spend on travel, American Express offer credit cards which earn you British Airways Avios points for every pound you spend, as well as offering perks such as travel and shopping protection.
For ‘just-in-case’ spenders
Even if your credit card is mainly there for ‘if all else fails’ situations, you can still benefit from reward cards. The first step is to check whether providers offer bonus rewards when you sign up – a generous bonus can give your reward points balance a rather nice lift. Some reward cards also come with supplementary services and special perks that don’t require you to build up points. The Amex Rewards range includes Preferred Seating, which gives all customers exclusive access to concerts, live shows and special events. So, it pays to see what’s on offer.