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Be a Jubilant Cashback Queen

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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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For further information please contact:

Paul Lawler
PR Manager Financial Services
+44(0)1244-370371
+44(0)787-237-9545
paul.lawler@moneysupermarket.com

SOURCE moneysupermarket.com



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