How does the cashback card compare?
Asda’s credit card will earn you money back when you shop, with more points on offer for spending at the supermarket than elsewhere.
So if you’re a regular at Asda should you get it? And what about for broader spending?
With the reward rate dropping, here’s my analysis.
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How much do you earn with the Asda Money Credit Card?
There are two different cashback rates with the card. If you shop online or in-store at Asda you’ll get 0.75% back. This includes George and petrol from Asda petrol stations. This dropped in August 2024 from 1%.
At any other retailer you’ll get 0.2% back. This also dropped, falling from 0.3%.
As with all cashback cards, you won’t earn any money back on things like cash withdrawals or currency purchases.
The money earned will also be rounded up or down to the nearest full penny. So you need to spend at least 68p to earn anything at Asda and £2.51 elsewhere.
There’s usually a special offer when you first apply, ranging from £20 to £100. You’ll find the latest one in our credit card offers page.
How is the cashback paid?
Money earned with this card will appear as Asda Pounds in your account. You’ll then have to transfer the balance to an “Asda Pounds Cashpot”, which is accessed via the Asda Rewards app. This is Asda’s loyalty scheme and you can also earn money back when buying certain products.
How to use your Asda Pounds?
You can only spend the money you make with this card at Asda – and you need to sign up for the Asda Rewards scheme, which is app only. Within this app you can convert the money into vouchers to spend at Asda.
The terms and conditions say there are incremental thresholds for converting Asda Pounds into vouchers. I’ve checked with Asda who say these are £10 thresholds, so you’ll need to earn £10 worth of points before you can redeem them.
That means, at 0.75%, you’ll need to spend £1,333 before you get enough points to convert, though you might earn additonal points from other purchases in store.
You will need to spend the full amount of the voucher in one go, so it might be best to trade over £10 increments of your balance each time rather than larger amounts – unless you’re sure you’re going to spend them all at once.
There are also exclusions on where you can use the vouchers, with petrol, gift cards, tobacco, lottery, stamps and infant formula all ruled out.
Asda says they will at times offer “Boost campaigns” which could increase the value of the voucher you get when you swap over your Asda Pounds, though these could have restricted timelines and other conditions.
Does the cashback expire?
Unlike other cashback schemes, you’ve got to be on top of using the money you earn. First, if you don’t move Pounds over from your card to the Rewards wallet within 12 months they’ll expire.
You’ve then got six months to convert Asda Pounds into vouchers. Then each voucher will have an expiry date of 30 days. So if you’re not careful there are three different deadlines where you could lose your cashback.
Summary
Asda Money Credit Card
| Fee | £0 |
| Card issuer | Visa |
| Ongoing reward | 0.75% back on Asda spending |
| 0.2% back elsewhere | |
| Welcome bonus | Often between £20 and £100 |
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How does it compare to other cashback cards?
I’ve written in detail about the best cashback and reward credit cards, but here are the key competitors to the Asda Money card.
- Chase Bank debit card – 1% back
- American Express Nectar credit card – 2 Nectar points per £1 spent (1% equivalent)
- American Express Cashback credit card – 0.75% back on the first £10,000 spent / 1.25% back on spending over £10,000
- Barclaycard Avios credit card – 1 Avios per £1 spent (0.5% equivalent as Nectar points)
Check out my list of the best credit card offers and promotions
Should you get it?
Andy’s Analysis
Now the rate has been cut from 1% to 0.75% there’s really no point having it over the 1% Chase debit card for your spending at Asda.
I’m also not a fan of the £10 minimum needed to swap for vouchers, along with the various deadlines that could mean you lose all your points. And unless the Asda Pounds boost offers are spectacular (if and when they run), there are other cards which offer the same return at the supermarket and beat it elsewhere.
If you’re eligible for a welcome bonus from either American Express or Barclaycard Avios then I’d prioritise those as your main spending card. These can be worth more than £125, and potentially £250+ if you join when these deals are temporarily increased.
Or, if you can’t get that I’d go for the Chase Bank debit card paying 1% for 12 months for most of your purchases, and look at any of the Amex cards for when you want to get Section 75 protection on purchases over £100.