In the run-up to the festive spending season, Moneyfacts.co.uk can reveal that customers could earn hundreds of pounds in cashback thanks to the enticing deals on offer today.

Unlike in previous years, if savvy customers were to switch their current account or use a cashback credit card over Christmas, they could find that the cost of their festive shopping list is reduced, with gifts, food or other expenses being partially covered by the cashback earned. Indeed, switchers and spenders could earn up to £180 cashback in just one month if they plan ahead. However, as the below selection shows, some credit cards and current accounts charge fees, meaning consumers must work out whether they will earn enough cashback to cover the fee and still end up in-pocket.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“These cashback deals mean that customers really can get something for nothing, although this does require careful planning. Consumers need to be aware that some deals charge fees, which can eat into any cashback earned, while others cap the amount you can earn or limit which stores you can earn cashback for.

“Banks are fighting each other to get new current account customers through the doors, so switching now means customers can get a tempting cash injection from Clydesdale/Yorkshire Bank, first direct, Halifax and The Co-operative Bank, while M&S Bank will give new customers a £100 gift card.

“These deals won’t be around forever; we have already seen Capital One, Tesco Bank and NatWest withdraw or change their rewards within the last six months, so if consumers want to take advantage of the deals on offer, they need to act fast.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.

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