Best cashback credit cards linked to a bank account

Congratulations, you’ve been pre-approved for your bank’s latest credit deal reserved ‘exclusively’ for existing customers. But is it any good?

There are a handful of credit cards on the market offered by banks solely to current account holders.

While it’s a blatant cross-selling tactic, there are a few advantages to having the same provider for your current account and credit card – namely convenience and easy application.

Then there are the extra perks some banks throw in such as discounted fees or cashback on spending.

While it’s difficult to rank such offers because they all come with a different combination of perks, if you compare the card deals against top offers on the market available to everyone you should be able to check whether you’ll get value for money by signing up.

Here’s a list of the top exclusive deals available to customers compared to what the bank offers everyone else. 

TSB 

Anyone can apply for the TSB Platinum Purchase credit card but if you have a Classic Plus account (which features in our top current account round-up) it comes with an extra cashback perk.  

You get 1 per cent back on the first £500 of monthly spending on the card (worth £5) but this only lasts until June 30 2018.

It also comes with 20 months’ 0 per cent on purchases and balance transfers made within the first 90 days (2.95 per cent handling fee applies). After that you are charged the standard rate of 18.9 (APR) per cent.

This is Money verdict: A good all-round offer but you can get more generous interest-free deals elsewhere and the cashback perk is only worth a maximum £45.

Nationwide

It pays 0.5 per cent cashback on any spends on its Select Credit Card, offered exclusively to its Flex Account range customers.

The Flex Plus deal is one of the top packaged accounts on the market and the building society’s flagship FlexDirect account also appears in This is Money’s round-up of the top interest-paying accounts with a 5 per cent rate on up to £2,500 for the first year.

The card comes with 12 months’ 0 cent interest on balance transfers (no handling fees if made within the first three months) and purchases.

Another useful perk is you won’t pay commission on any purchase made on the credit card while abroad. However, there is a 2.5 per cent cash withdrawal charge. 

This is Money’s verdict: The Select card comes with some of the best perks of all the credit cards linked to a bank account, and a lower than most APR of 15.9 per cent. We also like that cashback is unlimited and there are no monthly fees. Plus its Flex Direct and Flex Plus accounts are worth considering anyway for their in-credit interest.  

Loyalty perks? Credit cards linked to your bank account often come with cashback on spends

NatWest

Its Reward Credit Card is available to everyone, but the £24 annual fee is refunded for those with its Reward current account.

The account pays 2 per cent back on your household bills for a £2 monthly fee.

The credit card pays 1 per cent back on any supermarket spends (0.5 per cent at supermarket petrol stations) and any spends with its MyRewards scheme retailers earn the same rate. These include The Body Shop, Jamie’s Italian, EuropCar and Charles Tyrwhitt. All other spending, including abroad, earns 0.5 per cent.

There are no 0 per cent interest deals attached and the card comes with an APR of 23.7 per cent, or 18.9 per cent per year on purchases.

There is also a Reward Black version with free overseas spending thrown in. This is offered for free to anyone with its corresponding Reward Black bank account.

This is Money’s verdict: The MyRewards retailers aren’t much of a draw but a higher rate on supermarket spends means this card could earn slightly more than rivals. A £300 spend per month in supermarkets, plus a £700 spend elsewhere, would earn a total of £78 over the year.  

Santander 

The bank has a couple of deals for existing current account holders. Its World Elite MasterCard option is only available to those with its Select or Private banking services but it comes with airport lounge access, discounts on travel insurance, no foreign exchange fess for purchases abroad and 0.5 per cent cashback on up to £3,000 worth of spending each month.

You also get 0 per cent on balance transfers and purchases for the first 18 months with no handling fees. The card comes with a £15 monthly fee. 

If you are a Santander 123 account holder it will waive the £3 monthly fee on its All in One credit card for six months. The card comes with 43 months’ 0 per cent interest on balance transfers – the longest deal available – with no handling fees.

You also get six months’ interest-free purchases, 0.5 per cent cashback on all spending, free overseas spending and access to the Retailer Offers scheme that pays cashback of between five and 25 per cent.

This is Money’s verdict: The World Elite card is a premium service, and you will need a £5,000 monthly deposit into your current account, £75,000 in investments or savings with the bank, or at least a £500,000 Santander mortgage in order to get it. For anyone that does fit the criteria, it’s definitely a good deal. 

The All in One card does what it says on the tin – it offers a best of all approach. But unless you use it for all of your spending, it many not be worth the monthly fee that kicks in after three months.  

Any others?

First Direct has exclusive credit card deals only offered to those with its popular 1st Account. It’s one of This is Money’s favourite accounts for both its customer service record and £100 switching incentive.

The card options don’t offer any loyalty perks and you get far shorter 0 per cent interest deals, at 27 months on balance transfers and 17 months on purchase than offered by most cards.

But it has just launched a perk that offers cashback through Visa Offers, which pays cashback with specific retailers.

HSBC offers an exclusive card for its Advance Current Account customers. 

This gives you £25 cashback if you sign up and use the card before October 1, and comes with a fairly decent balance transfer deal at 32 months 0 per cent interest with a 0.6 per cent handling fee. It also offers interest-free purchases for three months.

Co operative offers current account holders with a Co Operative membership 1p per £2 spent in Co operative food stores, and 1p per £3.33 spent elsewhere with its exclusive Members Credit Card.

Its Current Account currently pays £125 to sign up with a £25 donation to charity and monthly rewards of up to £5.50 for everyday banking tasks. Co operative’s membership earns you 5 per cent in rewards for you in a separate account, and 1 per cent for your community for spending in stores and taking out other products such as insurance or funeral care.