If reports in the papers today are to be believed, Barclaycard the credit card company is to introduce a new cashback card that could revolutionise the industry.

Announced as the "broadest ever retail scheme" by Barclay Card will be launched in March 2010, after initial trials in Northampton. Card holders will automatically be eligible for rewards or cashback of up to 1% when they use the card at a range of retailers. It is not known what the interest rate repayable will be on the card, as usual it is always best to repay your balance in a timley manner each month.




Sarah Newman, of Barclaycard said, "Offering special offers and additional giveaways, on top fo the steady rate on all purchases, is a novel way of rewarding the loyalty of customers using the scheme."

Currently most cashback credit cards only pay about 0.5% cashback, so this is a much larger reward, and is why some experts believe it could change the cashback credit card market.

Martin Savile, of Which? Money, said, "If enough retailers sign up, this simplified reward scheme could revolutionise the cashback credit card market."

Other cashback and reward credit cards include the American Express platinum, which according to their website pays up to 5% cashback. Other ways of getting cashback on your shopping include the range of cashback websites that pay you a share of their commission when you shop online, these include Quidco and SendmeCashback amongst others.

Further reading:

http://www.timesonline.co.uk/tol/money/borrowing/article7001621.ece

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