Asda Money credit card review: Earn cashback on your shopping

How does the cashback card compare?

Asda has launched a new credit card that’ll earn you money back when you shop, with more points on offer for spending at the supermarket that elsewhere.

So if you’re a regular at Asda should you get it? And what about for broader spending? Here’s my analysis.

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 1% back. This includes George and petrol from Asda petrol stations.

At any other retailer you’ll get 0.3% back. 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 51p to earn anything at Asda and £1.67 elsewhere.

There’s a special offer to coincide with the launch of the card. If you get the credit card before 28 August 2022 you’ll actually get 2% back at Asda in the first 60 days. There doesn’t seem to be a cap on the amount you can earn in this time, though I’ve asked Asda for confirmation of this and will update if they respond.

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 new loyalty scheme which is being rolled out across the UK in the summer of 2022

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 1%, you’ll need to spend £1,000 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.


Asda Money Credit Card

Card issuerVisa
Ongoing reward1% back on Asda spending
0.3% back elsewhere
Welcome bonus2% at Asda for 60 days (if you apply before 28 August 2022)

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 for 12 months
  • American Express Nectar credit card – 2 Nectar points per £1 spent (1% equivalent)
  • American Express Platinum 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 (0.8% equivalent as Nectar points)

Should you get it?

Andy’s Analysis

There aren’t many cards that provide 1% cashback, which places the Asda card near the top of the list for those who do a lot of spending at the supermarket.

So you’re a regular Asda shopper you might think this sounds pretty good. And the 0.3% you can earn elsewhere beats the rate you’ll get with most other store-specific cards.

But I’m 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.


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