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Number of credit card promotions hits record high – are they worth it?
We round up the top introductory offers for cashback and reward cards in June
Promotional offers are now a common incentive used by credit card providers — and the top reason for choosing a card among people who shop around and carry a balance, according to the FCA’s Financial Lives 2024 survey.
In March, half of all credit cards issued came with promotional terms, which is the highest level on record, according to Equifax UK.
But these perks often come with conditions, such as high spending requirements or retailer restrictions, so they won’t suit everyone.
Here, Which? explains how these offers work and highlights the most rewarding cashback and reward deals available now.
What are introductory offers?
Introductory offers are designed to attract new customers. Credit card providers will often offer 0% interest, higher cashback rates or more reward points per pound for a limited period of time.
The offers are generally only available to new customers, or those who haven’t taken out a card with that provider for a set period of time.
For example, American Express New Cardmember offers are only available if you haven’t held an American Express card in the past two years.
- Find out more: best credit card deals June 2025.
Top introductory offers for cashback in June
A cashback credit card is a type of reward credit card that pays you a percentage of what you spend. Usually, you'll get this as a credit on your bill, or in some cases it will be paid straight into your bank account – monthly, quarterly or annually.
The table shows the best introductory offers available for cashback credit cards in June, ordered by cashback rate.
| Card | Introductory offer | Normal cashback rate | Maximum you can earn during promotional period | Annual fee | Rep APR |
|---|---|---|---|---|---|
| Amex Cashback Credit Card | 5% for three months (up to £125) | 0.75%-1.25% | £125 | £25 (free for first year) | 35.6% |
| Amex Everyday Cashback Credit Card | 5% for five months (up to £125) | 0.5%-1% | £125 | £0 | 30% |
| Santander Edge Credit Card | 2% for first year (up to £15 per month) | 1% (up to £15 per month) | £180 | £36 | 29.8% |
| Barclaycard Reward Credit Card | 0.5% until 30 November | 0.25% | No cap on cashback earned during promotional period | £0 | 28.9% |
Correct as of 5 June 2025.
If you’re aiming for maximum cashback in the first year, Santander offers the highest potential return — but only if you spend consistently. You’ll need to spend £750 a month to reach the cashback cap, and the £36 annual fee will eat into those gains. The card is also only available to Santander current account holders.
Both American Express cards offer 5% cashback for new customers, capped at £125, but the offer period and long-term value differ.
The Everyday card pays 5% cashback for five months, so you'd need to spend around £500 a month to reach the cap. It has no annual fee, making it a better fit for lower or more consistent spending.
The Amex Cashback Credit Card offers the 5% rate for just three months, meaning you’d need to spend around £833 a month to hit the cap. However, it has a higher ongoing cashback rate. The £25 annual fee is waived in the first year, which may make it better value for those who spend more.
The Barclays Rewards card pays a lower cashback rate, but offers fee-free overseas spending and cashback on foreign transactions.
- Find out more: best cashback and reward credit cards.
What about supermarket reward credit cards?
These cards offer points based on your spending, often linked to particular retailers, which can be converted into vouchers.
The table shows the best introductory offers available on supermarket rewards credit cards, ordered by representative APR.
| Card | Introductory offer | What you earn after offer ends | Annual fee | Rep APR |
|---|---|---|---|---|
| M&S Bank Reward Credit Card | 5 points per £1 spent at M&S for first six months | 1 point per £1 spent at M&S | £0 | 23.9% |
| Asda Money Credit Card | £20 in your Asda Cashpot | 0.75% back in Asda Pounds | £0 | 27.9% |
| John Lewis Partnership Credit Card | 10 points for every £4 spent at John Lewis and Waitrose | 5 points for every £4 spent at John Lewis and Waitrose | £0 | 28.9% |
| American Express Nectar Credit Card | 20,000 Nectar points if you spend £2,000 in the first three months | 3 points per £1 spent at Nectar partners | £30, but free for the first year | 36.8% |
Correct as of 5 June 2025.
When it comes to supermarket credit cards, the best option often depends on where you shop most often, rather than the size of any introductory offer.
These cards typically reward loyalty with points that can be redeemed in store or with selected partners. But comparing them isn’t straightforward, as each supermarket’s points scheme has a different monetary value, and not all rewards offer like-for-like savings.
If you want to see which supermarket cards offer the best value per pound spent, we’ve broken it down in our full guide to the best supermarket reward credit cards.
- Find out more: best credit card providers 2025.
Should you pick a card just for the intro deal?
A large cashback or points offer can be appealing, but only if it matches your spending habits. If you won’t meet the spending threshold during the promotional period, or if you’re likely to carry a balance and pay interest, the value of the bonus can quickly be wiped out.
It’s also worth weighing up the long-term earning rate, fees and any restrictions. A card with a smaller intro offer may offer better value overall if it suits how and where you spend.
If you're considering a new card, consult our expert guides to find the right deal for you and see which cards are named Which? Best Buys and Which? Recommended Providers.
What if you're already a cardholder?
Introductory offers are typically reserved for new customers, and in most cases, you won't be eligible if you already hold a card with the same provider. However, there are still a few ways existing customers can boost their cashback:
Refer a friend offers
Some providers will reward you for referring a friend. For example, American Express is running an enhanced Invite a Friend offer until 15 July. Holders of the Cashback Credit Card and Everyday Cashback Credit Card can earn £60 and £40, respectively, per successful referral.
If you have the Nectar Credit Card, you'll receive 7,000 bonus points for each friend you refer, which is the equivalent to £35 to spend at Nectar retailers.
Make the most of loyalty partnerships
If you have a supermarket reward credit card, keep an eye out for promotions that can help you boost your points.
For instance, John Lewis Partnership Credit Card holders can earn loyalty points when they book holidays with its travel partner Kuoni.
Extra cashback schemes
Some credit card providers offer additional ways to earn cashback and rewards beyond your regular spending.
M&S Club Rewards is available to M&S Credit Card holders for £10 a month. It gives you £132 worth of M&S vouchers each year, two hot drink vouchers every month and a birthday treat. You also earn triple points on M&S spending, which means three points for every £1 instead of the usual one point.
Santander Boosts is open to existing Santander customers. Once you sign up through online banking or the Santander mobile app, you can access cashback offers, e-vouchers, discounts and prize draws from a wide range of retailers. The deals are updated often, so it's worth checking what's available before you shop.
