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A card with this type of scheme is attractive for the same reasons as a cashback card, spending money equals rewards.
As long as you are sensible and are not tempted to justify extra spending on the basis that you will rack up extra reward points, then these increasingly popular schemes can be of great worth.
As is the case with cashback cards, instant transactions such as cash withdrawals and online gambling deposits will begin to accrue interest straight away and can eat into the relative worth of your annual reward substantially.
Another, more positive, similarity to cashback cards is that cards of this type double up on your reward points, which, depending on the offer, will equate to free AirMiles, or something similar.
AirMiles work on the same basis as a point scheme, where you rack up mileage that you can then exchange for flights to different destinations. You can get AirMiles to work brilliantly for you, but you must be aware of applicable taxes, fees and surcharges that make your 'free'flights not so free. It is also very important that before you sign up to a scheme like this, you ensure that your spending is of a sufficient amount to claim some free flights; otherwise it is a complete waste of time.
Trying to compare these schemes and quantify exactly how much they are worth can be quite a difficult thing to do. However, if you can find a card that suits your spending patterns, with rewards that suit your lifestyle, then it can really work for you.
Remember, if you are planning on signing up for a card like this, to look out for a decent 0% introductory deal too, because they are available and can be a rather welcome added bonus.
Our trained expert advisers have access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable leader and product for your needs.
So Smart Money are specialists when it comes to mortgage and insurance. We have access to the UK’s leading brokers and using their knowledge and skills they'll place you with the most suitable lender and product for your needs.
Speak to an expert for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.
"Matthew at So Smart found me the best deal for my first Mortgage, he was extremely helpful! I would highly recommend this company!"
"I've been looking to switch mortgages recently to secure a better rate and the guys at So Smart Money helped me do just that."
"My mortgage enquiry was dealt with swiftly and professionally. I would highly recommend So Smart Money to others."
"I've used sosmartmoney a couple of times now, I checked my old mortgage with them and it encouraged me to get a better deal."
Winner of AI Finance awards 2015 for:
Best personal finance comparison site &
Best online price comparison platform