May 23, 2006

By Peter Kenny

GE Money has introduced a new credit card that offers the highest level of cashback available in the UK.

The Everyday Card from GE Money arrives with the very attractive offer of 3 per cent cash back on all fuel and groceries. For other purchases the cash back offer is reduced to 0.5%. The 3 per cent cash back offer is limited to a maximum annual spend of £5000, spend more than this and the cashback drops to 0.5%. All cash back earned is credit to the card holders account every 6 months.

As with all cash back, the GE Money Everyday card should only be used if the balance is repaid in full every month. With the standard APR of 12.9% any interest charges will quickly outweigh any cash back bonuses.

The GE Money Everyday card is a very good option to have for specific spending needs. In the last week a report from Morgan Stanley revealed that UK credit card holders are increasingly using their for every day purchases like petrol and groceries. Credit card usage for day-to-day items has risen by 11 per cent in the last 6 months. Women were found to be the biggest users of for every day purchases with 80% of all credit card purchases made on groceries and petrol.

GE Money seem to have done their homework with the Everyday card and have rewarded consumers with a high cashback on purchases they are more likely to make rather than using a smaller flat rate cash back offer on all purchases.

Currently the highest cashback available is the American Express Blue credit card with an introductory offer of up to 2% cash back for the first 3 months of the account opening, then reverting to up to 1 per cent cash back of all purchases thereafter.