PRN: Be a Jubilant Cashback Queen

28/mag/2012 17.26.36 PR Newswire Turismo Contatta l'autore

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Be a Jubilant Cashback Queen

 
[28-May-2012]
 

CHESTER, England, May 28, 2012 /PRNewswire/ --


  • Save up to £375* a year on cashback purchases
  • HM The Queen could earn a staggering £375,000 by putting annual spending on plastic

In the lead up to the Jubilee celebrations, MoneySupermarket calculated Her Majesty The Queen could generate a whopping £375,000 a year if she were to put her £32 million annual household expenditure** on a cashback credit card.

However; it is not just The Queen that can enjoy the royalties of a cashback card; shoppers can make big savings when considering a reward credit card for their purchases. For example, Brits spending £1,000 a month on the American Express Platinum Card (which offers five per cent cashback on up to £2,000 of purchases in the first three months, and 1.25 per cent cashback on everything bought after three months) could gain an extra £225 cash back in a year, increasing to £375 a year when spending £2,000.*

Alternatively, if you are a keen traveller you may benefit more from the American Express British Airways Card which gives you air mile points on spending. It offers 1,000 bonus Avios air mile points when you spend £500 in the first three months, and one point for every pound subsequently. Royal travel expenditure could benefit too- the £6million** spent on travel by The Queen in a year would generate six million Avios air mile points - enough for 11 First Class return flights to one of the furthest Commonwealth countries, New Zealand- or 33 return flights if traveling economy!

Kevin Mountford, head of banking at  MoneySupermarket.com, said: "As a summer of celebrations approach with the Diamond Jubilee and the Olympics, Brits may be looking for ways to feel jubilant about their own finances. Those who use a credit card for spending could make a right royal saving by considering a reward card with a broad range of incentives on offer, including cashback, air miles and loyalty club points. For those who pay off their debt in full each month using a cashback and reward card is a no brainer."

In addition to cashback, there are also a number of cards designed to give shoppers benefits from their weekly grocery or fuel shop- The Tesco Clubcard Credit Card at 16.9 per cent APR for example offers zero per cent on balance transfers for eighteen months or zero per cent on purchases for sixteen months. In addition, points accrued from shopping and petrol are rewarded with five points for every £4 spent in Tesco or one point if spent elsewhere. Whereas NatWest's Your Points MasterCard has a slightly higher APR of 17.9 per cent but offers zero per cent on purchases for eighteen months and has a points system for every pound spent, which can be used towards flights, holidays and even on certain brands such as M&S, Boots and Amazon.

Kevin Mountford continued: "Those looking to use a reward card should shop around first and consider the best card for their own circumstances. If you are a regular shopper it makes sense to look at a card which gives you money off your next shop, or a frequent traveller may benefit more from a card with air mile points for example. Many schemes are tied in to certain retailers and purchase types, and if you don't use them regularly in the right place your card will become redundant.

"Anyone thinking about taking out a reward card needs to ensure they are can pay off the full balance each month, ideally by a direct debit, to avoid getting stung by interest charges. However, if you intend not to repay your debt in full each month then I would recommend you should avoid reward cards and opt for a card with a lower interest rate instead."

Notes to Editors:

*Table to show top three cashback credit and reward cards

Sourced by MoneySupermarket.com 11.05.2012

                                             Annual           Annual           Annual                                         Cashback/Rewards Cashback/Rewards Cashback/Rewards                                           based on         based on         based on               Rep   Introductory        GBP1,000 monthly GBP1,500 monthly GBP2,000 monthly     Provider  APR      Period    Benefits        spend            spend            spend                                 1,000 bonus                                   Avios                                points when                                 you spend                                 GBP500 in                                the first 3  13,000 points    19,000 points    24,000 points     American                     months     Express                     1 Avios    500 points = a   500 points = a   500 points = a     British                    point for   one way flight   one way flight   one way flight     Airways                   every pound from Manchester  from Manchester  from Manchester     Card     19.9%      N/A      spent        to Paris         to Paris         to Paris                                5% cashback                                 on up to                                  GBP2,000 of                                 purchases                                  in the                                 first 3                                 months                                  1.25%                               cashback on                               everything  5% x GBP2,000 =              18.5%              you buy        GBP100      5% x GBP2,000 =  5% x GBP2,000 =     American (based             Double        1.25% x           GBP100           GBP100     Express    on             cashback of   GBP10,000 =        1.25% x          1.25% x     Platinum annual            2.5% for        GBP125         GBP16,000=      GBP22,000 =     Cashback fee of            one month      Total =           GBP200           GBP275     Card     GBP25)     N/A   every year     GBP225.00      Total = GBP300   Total = GBP375                               5% cashback                                 in the                                 first 3                                months up                                 to max                                 GBP100                                  0.5%                               cashback on                                   all                               subsequent                                purchases                                up to the                                  next                              GBP5,999.99                              1% cashback                                   5% x GBP3,000 =                                on all                                           GBP100                               purchases                                         0.5% x                                 from     5% x GBP3,000 =  5% x GBP3,000 =   GBP5,999.99 =                               GBP6,000 to      GBP100           GBP100          GBP29.99                              GBP9,999.99      0.5% x           0.5% x      1% x GBP9,999.99                                 1.25%     GBP5,999.99 =    GBP5,999.99 =      = GBP99.99                              cashback on     GBP29.99         GBP29.99         1.25% x                                  all     1% x GBP3,000.01 1% x GBP9,000.01  GBP5,000.02 =     Aspire                    purchases     = GBP30.00       = GBP90.00        GBP62.50     World                        from         Total =          Total =          Total =     Card     19.9%      N/A   GBP10,000     GBP159.99        GBP219.99        GBP292.48 


                                                Annual           Annual           Annual                                           Cashback/Rewards Cashback/Rewards Cashback/Rewards                                               based on         based on         based on                  Rep Introductory          GBP1,000 monthly GBP1,500 monthly GBP2,000 monthly      Provider    APR   Period  Benefits        spend            spend            spend                              Earn 1 point                               for every                              GBP1 spent                             at M&S and 1                              point for                              every GBP2                                spent                              elsewhere.                              Four times                               per year                                points                             earned will                             be converted  M&S shopping x   M&S shopping x   M&S shopping x                               into M&S   GBP6,000 = 6,000 GBP6,000 = 6,000 GBP6,000 = 6,000                                Reward         points           points           points                               Vouchers       Petrol x         Petrol x         Petrol x                              which can be GBP3,600 = 1,800 GBP3,600 = 1,800 GBP3,600 = 1,800                              used as full      points           points           points                                or part    Spend elsewhere  Spend elsewhere  Spend elsewhere                               payment on    = GBP2,400 =     = GBP8,400 =    = GBP14,400 =                               M&S goods.    1,200 points     4,200 points     7,200 points                      0% for 15 100 points =  Total - 9,000    Total - 12,000 Total - 15,000     M & S            months on   GBP1 reward    points/GBP90  points/GBP120   points/GBP150     Credit Card 15.9% purchases     voucher      voucher          voucher          voucher                      A choice   5 points for                      between:    every GBP4                      0% for 16     spent in                  months on   Tesco stores Tesco shopping x  M&S shopping x M&S shopping x                  purchases 5 points for GBP6,000 = 7,500 GBP6,000 = 7,500 GBP6,000 = 7,500                        or;       every GBP4       points           points           points                      0% interest    spent on     Petrol x         Petrol x        Petrol x                  on balance  Tesco fuel  GBP3,600 = 4,500 GBP3,600 = 4,500 GBP3,600 = 4,500                      transfers   1 point for     points           points           points                  for 18     every GBP4  Spend elsewhere  Spend elsewhere  Spend elsewhere                      months     spent     = GBP2,400 = 600   = GBP8,400 =    = GBP14,400 =                      (3.95%     elsewhere     points        2,100 points     3,600 points     Tesco            balance 150 points =  Total - 12,600   Total - 14,100  Total - 15,600     Clubcard         transfer fee  GBP1.50    points/GBP84     points/GBP94  points/GBP104     Credit Card 16.9%  applies)     voucher      voucher          voucher       voucher                              Receive                              double                              Nectar card                              points on                              shopping in                              store,                              online and                              in petrol                              filling                              stations for                              2 years.                              This means                              you will                              receive 4                              points per                              GBP1 spend                                  in                              Sainsbury's,                              2 points per                              1 litre of   Sainsbury's    Sainsbury's      Sainsbury's                              Sainsbury's  shopping x     shopping x       shopping x                              fuel and 2   GBP6,000 =     GBP6,000 =       GBP6,000 =                              points per   24,000 points  24,000 points    24,000 points                              GBP5 spent   Petrol x 2,664 Petrol x 2,664   Petrol x 2,664                              elsewhere    litres = 5,328 litres = 5,328   litres = 5,328                              Customers    points         points           points                              must be a   Spend elsewhere Spend elsewhere  Spend elsewhere     Sainsbury's              Nectar Card  = GBP2,400 = 960   = GBP8,400 =    = GBP14,400 =     Finance                  holder to        points        3,360 points     5,760 points     Nectar Card              obtain this   Total - 30,288   Total - 32,688   Total - 35,088     Credit Card 12.9%     N/A  card.      points/GBP150   points/GBP162.50  points/GBP175                             1% cashback                                on                             supermarket                                spend       Supermarket      Supermarket      Supermarket                             2% cashback  spend x GBP6,000 spend x GBP6,000 spend x GBP6,000                                 on          = GBP60          = GBP60          = GBP60                              department      Petrol x         Petrol x         Petrol x                 22.8%       store spend     GBP3,600 =       GBP3,600 =       GBP3,600 =                 (Based     3% cashback       GBP108           GBP108           GBP108                   on         on fuel    Department Store Department Store Department Store                 annual     spend up to  spend x GBP2,400 spend x GBP2,400 spend x GBP2,400     Santander   fee of     GBP300 per      = GBP48          = GBP48          = GBP48     123 Card    GBP24)  N/A   month      Total - GBP216   Total - GBP216   Total - GBP216                              1 point                           received per   Supermarket      Supermarket      Supermarket                            GBP1 spent.  spend x GBP6,000 spend x GBP6,000 spend x GBP6,000                            Points can   = 6,000 points   = 6,000 points   = 6,000 points                             be used        Petrol x         Petrol x         Petrol x                             towards    GBP3,600 = 3,600 GBP3,600 = 3,600 GBP3,600 = 3,600                             flights,        points           points           points                             holidays and Spend elsewhere  Spend elsewhere  Spend elsewhere     NatWest                 on brands     x GBP2,400 =     x GBP8,400 =    x GBP14,400 =     YourPoints    0% for 18 such as M&S,   2,400 points     8,400 points    14,400 points     World         months on  Boots and    Total - 12,000   Total - 18,000   Total - 24,000     MasterCard  17.9% purchases  Amazon.         points           points           points 


Sourced by MoneySupermarket.com 24.05.2012

**Queens's expenditure in 2011, source: http://www.royal.gov.uk/pdf/annual%20report%201011/66252_Text.pdf

Rewards calculated as follows when using an American Express Platinum Cashback card. (In addition, for the thirteenth month of every year the card awards double cashback of 2.5 per cent back on purchases)

5% cashback up to £2000 for the first three months= 5% x £2,000 = £100

1.25%  x £30,000,000 = £375,000

Total = £375,100

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