The amount of money that can be claimed back from using cashback credit cards is generally capped at a fixed amount. But this is not the case for the new MySpree Prepaid MasterCard Travel Money Cards.
Providing unlimited cashback at selected stores, it is said to have earned 100,000 employees a whopping £13.6 million.
By using the MySpree prepaid debit card at participating retailers, cardholders can potentially earn £569 in cashback over a year.
The MySpree Prepaid MasterCard Travel Money Cards, introduced by P&MM, is offered as an employee benefit at certain stores, including John Lewis.
Some 40 companies have signed up to the scheme so far, such as John Lewis, Marks and Spencer, Debenhams, Sainsbury’s, Asda, House of Fraser, HMV, Marriott and Homebase.
Cardholders can earn 3% cashback on grocery shopping at Sainsbury’s and Asda, and 5% at every other participating store.
Although cashback is obtained by paying for goods with the MySpree card at one of the 40 firms, it can be used at any store which accepts MasterCard.
With no interest to pay on purchases, P&MM claims that families can earn £569 in cashback in just one year, based on the average spend per family in the UK – which offsets by far the £4.99 one-off fee for the card itself.
While these cards are only available for employees at select companies, there are a number of excellent cashback credit cards out there for everyone.
This includes the American Express Platinum Cashback card – which featured in our recent article detailing the best reward and cashback credit cards for Christmas.
This Prepaid MasterCard Travel Money Cards allows cardholders to earn 5% cashback for three months on the first £2,500 spent on the card, which drop to 1.25% after the initial three month period.
However, during the anniversary month when you first took out the card, the amount of cashback you can earn rises to 2.5%.
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