Martin Lewis is telling people who use prepaid supermarket credit cards like those offered by Tesco, Sainsbury’s or Asda they can switch to ‘better’ options from leading credit card firms.
Money maestro Martin heard from one of his fans who swears by using supermarket credit cards because they offer better rates on loyalty points which can then be converted back into money off your food shopping.
Martin told them that the best of these is Tesco, which can be ‘quite lucrative’ for converting Clubcard points into money off vouchers.
Martin heard from a fan who said they use supermarket credit cards – like those offered by Asda, Tesco and Sainsbury’s.
The man, Matthew, asked: “We use credit cards for everything and clear them every month.
“At the moment we use supermarket points since the loyalty points can generally be cashed in for a higher value token. Is there a better way to make more cashback?”
Martin then told them: “Well if you’re using the supermarket points let it be Tesco points you’re converting into Tesco Clubcard deals, they can be quite lucrative.”
But Martin added there are ‘two ways’ which are better and you can use to ‘really up the cashback’.
He told his BBC Sounds Martin Lewis Podcast listeners: “You’ve got Chase which is 1% cashback up to £15 a month… but two others I’d point out, the American Express Platinum Express Card which gives you 5 percent cashback for the first three months, that’s pretty good if you’ve got purchases coming in the three months.
“And this is ending soon, it’s the HyperJar prepaid Mastercard which anybody can open. It is giving you 2% cashback on spending via Google Pay or Apple Pay until October 31.
“The interesting thing is, the cashback is capped at a huge £200 a month. £200 a month cashback.
“Now at the 2 percent level that’s £10,000 of spending.
“To get it in time you have to order it now, order a physical card when you do it and spend on the card by June 21.
“But as it’s a prepaid card, although it has chargeback protection, unlike a credit card it doesn’t have Section 75 protection, but those who spend a lot on Google Pay or Apple Pay, that 2 percent cashback uncapped, is quite a deal.”