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Credit cards glossary

Cashback credit cards

A cashback credit card returns a percentage of what the cardholder spends on the card to the cardholder.

Consumers can typically receive between 0.1 and two per cent of everything they spend back - although higher levels of cashback are generally limited to an introductory period.

The cards are most useful for people who pay off their balance in full each month as they tend to charge slightly higher rates of interest than other credit cards. When used effectively they can provide a tax-free boost to spending cardholders.

However, strict conditions often apply to the cards and cashback is almost never available on ATM withdrawals or credit card cheques. Halifax offers a cashback current account, although no other bank has provided one yet.


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