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9 Sep 2020

Tandem and Asda cashback credit cards close: what are the best alternatives?

Find out the best ways to get rewarded on your spending

This week marks the very last chance for former Asda cashback credit card users to get their unclaimed vouchers, while Tandem has announced the closure of its credit card range, which includes the popular Journey cashback credit card.

We wrote about the choice of credit products shrinking by over half back in April, but as the UK has since officially slipped into a recession it seems lenders are still withdrawing products. So, for those who want to earn money back on what they spend, what are the alternatives?

Here, Which? reveals the best cashback credit cards that are still on the market, while explaining what Tandem's credit card closure means for existing customers and how to get unclaimed Asda cashback vouchers.

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What are the best cashback credit cards?

Cashback credit cards allow you to earn money back when you use them to make purchases. The cashback you earn is usually paid into your credit card account monthly or annually, reducing the balance you need to repay.

The standard rate of cashback tends to be between 0.25% and 2% of what you spend. We've picked out some of the top deals and some of their features below, but for more head to Which? Money Compare.

The Santander World Elite Mastercard offers the chance to earn 0.5% cashback on purchases up to £3,000 per month, along with 0% interest on purchases and balance transfers for the first 18 months, access to more than 1,000 airport lounges and no foreign transaction fees on spending abroad. However, there's a high representative APR of 49.8% (variable), you'll need a minimum income of £7,500 annually (before tax) to open an account and you'll have to pay a £180 annual fee.

Alternatively, the American Express Platinum Cashback Credit Card offers 5% cashback on purchases for the first three months (up to a limit of £125), which then falls to 1% on purchases up to £10,000 and 1.25% on spending of more than £10,000. There's no cap on how much annual cashback you can earn. Note that there's an annual fee of £25 and a representative 27.3% APR (variable).

You could also consider the Co-operative Members' Credit Card, which pays 1p cashback for every £2 spent in Co-op food shops and 1p for every £3.33 spent elsewhere (not including balance transfers or cash withdrawals). There's no annual fee, but you must earn at least £10,000 a year to apply and it has a representative 18.3% APR (variable).

With all these deals credit is available subject to status and terms apply.

How to get remaining Asda credit card cashback

Asda's cashback credit card closed in mid-July, but 12 September 2020 marks the very last chance for customers to be able to convert their cashback into an Asda voucher - those who miss the deadline will lose it.

The voucher must be spent within 28 days of the date it was made, and is only valid to spend in Asda stores or at George.com.

This option is only available to those who chose to move to a Creation card - a replacement that was offered after the Asda cashback card closed.

Tandem credit cards to close in November

More credit card closures are to come for Tandem customers; its cashback and Journey cards are set to close on 2 November 2020.

This comes a few months after the provider introduced a £5.99 monthly charge for its previously free cashback card that paid 0.5% on what you spent. Although it did offer a few extra perks, such as Tandem's instant-access savings account, no forex charges on foreign transactions and 0% interest on purchases.

The company has since bought Allium Lending Group and says it has withdrawn its credit cards in order to focus on savings products to help their customers fund green home investments.

The provider's instant-access savings account, mortgages and green home loans products are still available.

Tandem has contacted its credit card customers to inform them of the closures. As the decision to close the credit cards was down to the provider, and not a reflection of any customers' credit risk factors or repayment history, Tandem says it will not have a negative impact on anyone's credit score.

Those who have outstanding balances when the cards close on 2 November 2020 will have until 3 February 2021 to pay them off. Anyone likely to struggle with this should contact Tandem to arrange a bespoke repayment plan.

Other ways to earn cashback

Getting paid for spending isn't reserved for credit cards - you could also consider some bank accounts, reward cards and online cashback sites.

Reward cards can be a good option if you regularly spend a lot of money with one particular retailer or retailer group. Schemes such as Tesco Clubcard and Nectar have options for just a reward card, along with their own associated credit card deals with Tesco Bank and Sainsbury's Bank, respectively.

For a wider spread of deals, cashback sites such as Quidco and TopCashback have deals with thousands of retailers, which pay you back a certain percentage of what you spend, which you can save up and claim back as gift vouchers or cash back into your bank account. However, you'll need to remember to go through the site's affiliate links so your purchases can be tracked.

Alternatively, you could earn cashback through your current account. While offers have become less attractive over the past few months due to several rate cuts and cashback caps, the Santander 123 account allows you to earn up to £15 a month just by paying selected household bills and it pays 0.5% AER interest on balances up to £20,000. However, you'll have to spend £5 a month to use it.