June 2022’s credit card news & round-up

The latest news to help you get the most from your credit card.

Here’s my monthly update sharing changes for leading UK credit cards, as well as some of the relevant articles you might have missed on the blog.

June’s credit card update video

I go into more detail on some of this month’s updates in this video.

June’s credit card news

New M&S and Halifax credit card welcome bonuses

There are a couple of new cashback/voucher deals if you open up a new credit card, worth £20 and £30.

The first is for the M&S Reward credit card. If you apply via a specific link (find it here, along with more details) and spend £100 on at least three transactions over 90 days you’ll get sent a £30 M&S e-gift card.

Or if you fancy a fee-free card to use abroad (though interest is charged on cash withdrawals), new Halifax Clarity card get £20 back after a single purchase. You don’t have to use it overseas to get the cashback. More details here.

Virgin Atlantic Reward+ card boost

There’s not long left for this one (until 6 June 2022). New Virgin Atlantic Reward+ cardholders who spend £3,000 in 90 days of opening their account will get 30,000 Virgin Points rather than the usual 15,000. You’ll be eligible if you cancelled a previous card at least six months ago.

Points can be used for flights and holidays, but they’re also redeemable at places like Virgin Wines, Virgin Experiences and Greggs. You’ll also earn 1.5 points for every £1 you spend (more on the points here)

The card is fee-free to use in Europe, and if you spend £10,000 in a year you get an upgrade or companion voucher for Virgin Atlantic flights.

There’s an annual fee for the card of £160, so do factor that in when working out if it’s worthwhile. Check your eligibility here.

Amex Shop Small dates confirmed

This promotion, where you get £5 back for every £15 spent in participating small retailers, is back from 20 to 26 June 2022. There’s a five shop limit (£25), but if you have additional cards in your name or supplementary ones in your partner’s name then you can increase your return.

However, at just seven days it’s the shortest running Shop Small yet, and that’ll limit how many times you can use your cards. Here’s my full analysis and the tricks I use to make the most of it.

Last chance for Amex boosts referral deals

Until 7 June 2022 (and 19 July for one card) there are some increased refer-a-friend bonuses on some American Express cards – and they can be huge. Here are the details of all the offers and a referral link.

My pick for existing Amex cardholders (as long as you’ve not had the Gold or Rewards card in the last two years) is the Platinum card. You’ll get 65,000 Amex Reward points and could be worth £568 in Nectar points if you spend £6,000 in six months. However it does come with a £575 annual fee (cut in half if you cancel once you get the bonus). There’s also £50 credit at Harvey Nicholls twice a year and free travel insurance. Here’s my review of the Platinum card.

For those new to Amex who are unlikely to go for a second card, then the American Express Preferred Rewards Gold card, which will earn 35,000 points via a refer-a-friend link if you spend £3,000 in three months. Converted to Nectar points (via Avios) and it’s worth £280. This runs until 19 July 2022. Here’s my review of the Gold card.

The other boosted offers aren’t that special so it’s worth comparing them with rates on offer from cashback sites like Quidco and TopCashback.

John Lewis closes Partnership card applications – for now

In May, John Lewis paused applications for its Partnership credit card, ending it’s relationship with HSBC. There’s no change (for now) if you’re an existing cardholders, and you’ll be able to keep using it and earning points.

A new card will be launched later this year, in partnership with NewDay (who currently run the Amazon cards, due to end in January 2023), so I’ll update you once more is revealed.

The card is a decent bet for regular John Lewis and Waitrose shoppers, offering 1.25% back (in vouchers) at those shops. Elsewhere you can get 0.25% back, which can be beaten.

Just a reminder, there are also plenty of better cashback and reward cards for your spending.

Credit card use see a surge – again

In April I reported how credit card use was at an all-time high of £1.5billion pounds. Well, this trend has continued, with annual growth for credit card borrowing reaching 11.6%. That’s the fastest rise in 17 years, a sign that more people are turning to cards to cover essentials as prices rise everywhere.

If you do have credit card debt you can’t clear, then it’s vital to look at 0% balance transfer cards, or for new spending a 0% purchase card – though be careful with the latter that you don’t build up unmanageable debts.

This month’s best credit cards

As always when talking about credit cards the best credit card for you will depend on your credit report and why you need one.

Make sure you read my rules for having and applying for a credit card. You’ll also find my list of the latest offers in the same article.

But assuming you’ve got a great credit report, don’t need one to clear existing debts and will clear the balance completely each month, these are my top picks: