The Capital One World MasterCard is one of the best cash back cards in the UK.
This card gives you a massive 5% for the first 99 days (max £100 cashback during that time). That makes it a great option if you have large up-coming spends e.g. in preparation for Christmas, moving home, etc.
After the introductory period, the spend on the card resets and you are placed on their tired payouts.
Tiers are as follows:
- 3 months @ 5% (max £100).
- 0.5% up to to £6k spending.
- 1% up to £6k-10k.
- 1.25% above £10k.
So the first £6k you spend after the introductory 3 months will be at 0.5%. It gradually moves up to 1.25% which is one of the best rates out there.
This card is great if you’re going to spend up to £2,000 is the next three months (any more and you won’t earn cash back due to the £100 cap) and continue to spend pretty heavily after that so you can break through to the upper tiers.
The card has no annual fee and as it’s a MasterCard, it’ll be accepted everywhere. However, the acceptance criteria is strict – you’ll need to have earn £20k+ and own your own home!
Here’s an example of the cash back you’ll get for varying spend levels:
| Annual spend | £3,000 | £5,000 | £10,000 | £20,000 |
|---|---|---|---|---|
| Year one cashback | £49 | £81 | £145 | £233 |
| Years two+ cashback | £15 | £25 | £70 | £195 |
Here’s the eligibility criteria as per the Capital One website:
- You’ve had credit cards in the past
- You’re aged 21 or over
- You’re a home owner
- You have an income of more than
£20,000 p.a.
- You have missed repayments in the past
- You’ve never had credit in the UK before
- You’ve had any CCJs or defaults
