The best cashback and reward debit and credit cards (September 2022)

Earn as much as 5% back when you spend from the likes of American Express, Chase, Amazon and John Lewis.

Pretty much every time I spend money I am earning money. Ok, only a little bit but it all adds up. Don’t roll your eyes. It really does. The way I do this is through a cashback credit or debit card, or more accurately, through a couple of these cards.

Rates aren’t as good as they were a few years ago, and there are fewer cashback cards available, but even if you’re only getting 0.25% I think it’s worth having one or two in your wallet. Fortunately, it’s possible to get as much as 1.25% – and more on top with introductory offers.

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Best cashback debit cards

Chase Bank

There’s only really one debit card that offers cashback and it’s Chase Bank. You’ll get 1% back on most of your purchases – but only for 12 months. Check out my full review here.

What you can earn:

• 1% on most purchases for 12 months

Fees, details and how to apply:

• No annual fee
• Mastercard
• Read my Chase Bank review

Best cashback credit cards

Cashback credit card rules

Below you’ll be able to read more about the best cashback and reward cards, and I’ll keep coming to this page to and updating it as deals change. But first, a really important rule if you are using a cashback credit card.

Always pay off the balance in full every month

There’s no point using a cashback credit card if you’re going to get charged interest on your purchase. So make sure you set up a Direct Debit to clear the full balance.

If you can’t afford to do that, then a credit card probably isn’t your best option except for emergencies. I’ve written more about clearing credit card debts, so do read that.

It’s also worth doing an “eligibility check” before you apply if you can. This gives you a sense of whether you’ll be accepted, though not a guarantee.

Keep reading or watch this video from my YouTube channel

Best cashback credit card brand

I’d go for an Amex card as your main spending card. Not only can you get a huge welcome bonus and the best ongoing cashback/rewards rates, you’ll also get access to other offers such as Shop Small.

I always try to use an Amex to pay. But try is the operative word there, as some retailers still don’t accept the card.

So I make sure I’ve also got an alternative cashback credit card on me that’s either Visa or Mastercard.

Best welcome bonus

There is a way to get multiple welcome bonuses, though it depends on which card or cards you already have. More on how this works in this article. Below are the highest paying offers if you only want one card.

American Express (Amex) Preferred Rewards Gold Credit Card

Up to £186 bonus and up to 0.8% back

Best for welcome bonus

If you’ve not had an American Express reward or cashback card in your name for two years then you are entitled to a welcome bonus – and this card gives the biggest cash bonus in year one.

You need to spend £3,000 in the first three months to earn 20,000 bonus points. You’ll also earn a point per £1 spent, giving you 23,000 points. This converts to a gift card valued at £115.

But if you’re willing to exchange those points for Avios points and then switch them again to Nectar points, the value increases to £184.

The £140 annual fee (increasing to £160 from 12 October) is waived in year one, so it makes sense to cancel this card after 12 months and switch to a different card. Here’s my full review of the Preferred Rewards Gold card.

Best ongoing reward rate

For other American Express cards, make sure you check out my guide to the best Amex options. Here’s a quick summary.

American Express (Amex) Nectar Credit Card

£100 bonus and 1% back

This card is worth 1% as you’ll get two Nectar points back for every £1 spent. However, you are limited where you use your points to just Nectar partners.

The points can be used at face value in these and a few other shops. Here are the best ways to use Nectar points.

There’s also a bonus worth £100 if you spend £2,000 in the first three months. Unlike the cashback Amex welcome deals this is on top of the points you’d earn for this spend – potentially worth another £20 or £30.

A £25 fee is waived in the first year but will cut into your return from year two onwards.

What you can earn:

• Bonus 20,000 Nectar points when you spend £2,000 in your first three months – worth £100
• 2 point for every £1 spent (equivalent to 1%)

Fees, details and how to apply:

• Points claimed via Nectar account
• £25 annual fee (free in your first year)
• Get a bonus £30 cashback when you apply via TopCashback or similar via a referral link.
• Not joined a cashback site? Get an extra £10 to £17 bonus when you sign up

Alternative Amex cashback credit cards

If you’d rather have actual cashback rather than Nectar points then you can choose between a couple of Platinum Cashback Amex cards. The rate changes in early August 2021. You’ll only get the welcome bonus once, unless you’ve not held any Amex in your name for two years.

American Express (Amex) Platinum Cashback Credit Card

Up to 1.25% back

Great for the highest cashback rates

This card will earn you 0.75% for every £1 you spent, increasing to 1.25% once your annual spend goes over £10,000.

You’ll get paid in cash rather than points for spending on this card, giving you the flexibility to use the money saved through it how you want. It’s credited to your card around your 12 month anniversary.

Though this card comes with a £25 fee, you’re able to get £20 (at the time of writing) extra through applying for the card via cashback site Quidco.

The welcome bonus is 5% on the first £2,500 spent in the first three months, making it better than the Gold option if you don’t think you’ll spend £3,000 in that time.

What you can earn:

• 5% for the first three months (up to £2,500 spend) – worth up £125
• 0.75% on spend up to £10,000 – worth up to £75
• 1.25% on spend over £10,000 – no cap
• Additional cashback offers you can add to your card throughout the year via your account
• More on this and other American Express credit cards

Fees, details and how to apply:

• £25 annual fee
• Get a bonus £20 cashback when you apply via Quidco
• Not joined a cashback site? Get an extra £17 bonus when you sign up
• Got a friend with one? See if they’ve got a referral code to earn you both some cash

American Express (Amex) Platinum Cashback Everyday Credit Card

£100 bonus and up to 1% back

Good for lower spenders

Very similar to the Amex Platinum Cashback card except you get lower rates in exchange for no card fee. This could be a better option if you are likely to spend less than £5,000 a year on the card.

What you can earn:

• 5% for the first three months (up to £2,000 spend) – worth up £100
• 0.5% after on spend up to £10,000 – worth up to £50
• 1% on spend over £10,000 – no cap

Fees, details and how to apply:

• No annual fee
• You must spend at least £3,000 a year to qualify for cashback
• Get a bonus £15 cashback when you apply via TopCashback
• Not joined a cashback site? Get an extra £10 to £17 bonus when you sign up

Read more about other American Express cashback credit cards here.

Mastercard reward and cashback cards

I’ve gone with the John Lewis Partnership card but the best one will really depend on where you tend to shop the most.

Barclaycard Avios credit card

Equivalent of 0.8% back in Nectar points & £48 welcome bonus

This card earns Avios points, but swap them for Nectar and you’re getting a decent cashback rate. Here’s full details of how it and the paid for Barclaycard Avios Plus work.

What you can earn:

• 1 Avios point per £1 spent

Fees, details and how to apply:

• No annual fee
• Bonus 5000 Avios if you spend £1,000 in the first three months
• Mastercard
• Apply for a Barclaycard Avios credit card

Lloyds / Halifax Cashback credit cards

Up to 0.5% and £20 bonus

A decent card (it’s the same whether you get it from either Lloyds or Halifax) offering 0.25% on the first £4,000 spent. Though you can earn double this cashback on spend above this each year, I think that’ll be unlikely for most if you’re using an Amex too. Here’s my full Lloyds cashback card review with all the details and comparisons.

What you can earn:

• 0.25% on the first £4,000 spent
• 0.5% on anything over £4,000 each calendar year

Fees, details and how to apply:

• No annual fee
• Bonus £20 if you spend £1,000 in the first 90 days
• Mastercard
• Apply for a Lloyds cashback credit card

John Lewis Partnership card

Up to 1.25% back

Great for John Lewis and Waitrose shoppers

* This card will close to new applicants on 9 May 2022 and relaunch in the summer. There’s no change (for now at least) if you’re an existing customer*

Every 500 points you earn are converted to £5 John Lewis vouchers, which can also be spent at Waitrose. They’re sent in the post up to three times a year – so you will have to wait to spend your rewards.

The card is also interest-free for the first nine months and you can use it as a balance transfer card too for 18 months (2.9% fee).

From time to time there are welcome bonuses and double point events.

There’s no eligibility checker if you go direct, so it makes sense to go via a comparison site such as Money Saving Expert.

What you can earn:

• 4 point per £5 spent at JL or Waitrose (worth 1.25%)
• 1 point per £4 spent elsewhere (worth 0.25%)

Fees, details and how to apply:

• No annual fee
• Bonus £20 voucher from time to time (usually January)
• Mastercard
• Apply for a John Lewis credit card

Amazon Platinum Credit Card

Up to 1.5% back and up to £40 voucher

Great for Amazon Prime members

** The Amazon cards will close in January 2023 and be replaced with a New Day pulse card**

A really decent deal if you spend at Amazon and are an Amazon Prime member (if you’re not you can join free for 30-days then £79 a year).

The points you earn are converted to Amazon vouchers and are directly applied to your account. You get points back on every penny spent, not just full pounds, which is great.

A joining offer comes and goes, but usually there is an extra £10 or £20 Amazon voucher for successful applicants, so take a look. It went up to a huge £40 over Black Friday.

What you can earn:

• Prime members: 3 Amazon reward points for every £2 spent at Amazon (equivalent to 1.5%)
• Prime members: 0.5 Amazon reward points for every £2 spent elsewhere (equivalent to 0.25%)
• Everyone else: 1.5 Amazon reward points for every £2 spent at Amazon (equivalent to 0.75%)
• Everyone else: 0.5 Amazon reward points for every £2 spent elsewhere (equivalent to 0.25%)
• 1,000 points = £10 Amazon voucher
• No cap on annual rewards you can earn

Fees, details and how to apply:

• No annual fee
• Bonus £20 if your application is successful
• Mastercard
• Check your eligibility for an Amazon Platinum Credit Card
• Get Amazon Prime for free for 30 days to get the boosted cashback 

M&S Bank Rewards

Up to 2% back & £30

Great for regular M&S shoppers

If you shop lots at M&S you will get double points there for the first year, making it the equivalent of 2% cashback. That’s very good if you regularly shop at Marks. There’s also a membership scheme for customers with extra rewards. Here are more details in my M&S Club Rewards review.

But the Amex and John Lewis cards are better options for spending elsewhere. There’s also another fiver you’ll get with your card.

What you can earn:

• £30 M&S e-gift card (with conditions, see deal box below)
• 2 points (i.e. 2%) per £1 spent at M&S for the first 12 months, then 1 point per £1
• 1 point per £5 (i.e. 0.2%) spent elsewhere
• 0% purchase for first 12 months
• No cap on annual cashback you can earn

Fees, details and how to apply:

• No annual fee
• Mastercard
• Apply for a Marks and Spencer Bank credit card

Visa reward and cashback cards

Barclaycard Rewards

0.25% back

Great for regular travellers

There are a couple of benefits to this Barclaycard. First, you will earn the cashback and pay no fees on transactions abroad as well as in the UK.

Second it’s a Visa rather than Mastercard. That shouldn’t really matter, but in the past I’ve been to countries where for some reason only Visa worked.

What you can earn:

• 0.25% on every £1 spent
• No fees for using abroad
• No cap on annual cashback you can earn

Fees, details and how to apply:

• No annual fee
• Visa
• Check eligibility for the Barclaycard Rewards credit card

Reward points & air miles vs cashback credit cards

There are two types of card which earn you money as you spend. Cashback credit cards pay you back in cold, hard cash. Well, it’s usually credit to your card, but you get to spend that as you want. 

Reward cards are slightly different as you get points, which are usually then transferred into vouchers at the linked retailer.

Sometimes the points are for airline schemes and you use them to get cheap flights or upgrades. However these come with restrictions so unless you fly regularly and rack up lots of these I think you’re better off avoiding these, or in the case of Avios, converting them to Nectar.

More on the points vs cashback question here.