Asda Money boosts cashback offer on credit cards - how does it compare?

Asda Money has launched an introductory cashback rate of 5% on its range of credit cards. Asda Money CAsda Money Select Credit Card

Here, Which? takes a closer look at the new offer and how the Asda Money credit cards compare to other deals on the market.

What do the Asda Money credit cards offer?

The Asda Money Credit Card, which is powered by Jaja Finance, offers 1% cashback in Asda Pounds when you use it to buy groceries, fuel and other Asda services, including travel insurance and 0.3% cashback on purchases made elsewhere.  The card has a representative APR of 25.9% (variable) and no annual fee.

Asda Money Select Credit Card

The new introductory rate boosts your cashback rate to 5% in Asda Pounds on spending up to £1,000 in Asda stores or online in the first 90 days of opening the account. 

After your account has been open for 90 days, or you earn the maximum £50 in Asda Pounds, you’ll earn Asda Pounds at the regular rate of 1%. 

The offer is valid until 28 September 2023, and excludes cash transfers and balance transfers.  To keep the promotional rate you’ll have to continue making your minimum payment each month. 

The offer is only available to new customers and you can’t have held an Asda Money credit card within the last 12 months.

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How to use Asda rewards

Shoppers will be rewarded through Asda’s loyalty programme, Asda Rewards.

To get the cashback you've earned, you’ll need to download the free Asda Rewards app and link it to your credit card. 

Your Asda Pounds can then be spent by moving them to your Cashpot, where they can be converted into an Asda voucher. 

Vouchers can be scanned at the checkout on your mobile. 

The app also has other ways you can earn rewards. For example, shoppers can earn Asda Pounds by scanning items, buying star products and completing ‘missions’, such as buying a certain number of items from one department.

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How does the Asda Money Credit Card compare?

Asda Money isn’t the only supermarket to have a reward credit card that allows you to earn reward points or cashback. However, the best card for you will often depend on where you shop the most. 

American Express John Lewis Partnership Credit CardTesco Bank 

The John Lewis Partnership Card allows you to earn five points for every £4 spent at John Lewis and Waitrose. Similarly, any Tesco credit card lets you earn five Clubcard points for every £4 spent at Tesco. 

However, if you include introductory offers you could earn £95 with the John Lewis card as new customers can get triple points for the first three months. 

Using the Asda Money Credit Card, you could earn £52 in a year when doing your weekly shop at Asda in-store or online. If we take the new introductory offer into account, this boosts your cashback in one year to £90 when spending £100 a week in-store.

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Is Asda Money a good provider?

Which? has surveyed thousands of credit card customers in April 2023 to find out how satisfied they were with their providers.

We also asked them to rate the companies across a range of customer satisfaction categories, from the application process right through to the ease of banking online and customer service.

Asda Money achieved a customer score of 65% - the third-lowest of 29 providers. However, customers gave it four stars out of five for the application process, transparency of charges, and ability to manage online or via a mobile app.

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source https://www.which.co.uk/news/article/asda-money-boosts-cashback-offer-on-credit-cards-how-does-it-compare-aivT88g2jMja