The Asda cashback credit card is closing today, which means all customers will stop earning cashback – and some may need to act quickly to make sure they don’t lose what they’ve already earned.

The closure is due at the end of the contract between Asda Money and the credit card provider Creation. Asda says it is working on a new cashback credit card, but there are no further details on that yet.

Existing customers can choose to close their Asda credit card or switch to a different Creation credit card.

The Asda Refund Card gave customers a penny for every £ 1 spent at Asda and for every £ 5 spent elsewhere.

Here, which one? explains what closing the credit card means for existing customers and where you can find the best refund alternatives.

• What does the closure mean for existing customers?

If you have an Asda cashback credit card, you should already have received a “Notice of Change” letter stating what is changing and what you need to do.

Existing customers will have to choose whether they want to close their credit card or switch to a new Creation card.

If you are transferring to a replacement creative card

If you decide to transfer to a Creation card, your Asda credit card will continue to work “for now”, but you will no longer earn cashback on your purchases.

Customers will either be transferred to the new card automatically or by completing an “opt-in” process; Creation told us that there is no need to officially apply for the new card and that there will be no fingerprints on your credit report.

The new card will have the same interest rate, spending limit, and PIN as the Asda redemption card, and customers are expected to receive the new Creation card by August 31, 2020.

If you close your credit card

If you did not choose to upgrade to a Creation card, your credit card account with Asda will be closed and you will not be able to use your cashback credit card after today.

If you have an outstanding balance when the card is closed, you will need to continue to make at least the minimum repayment each month until the balance is fully repaid.

Creation told us that customers experiencing financial difficulties should contact us to discuss setting up a repayment plan.

What will happen to the Asda refund vouchers?

Today is the last day you can earn cashback with your card, but if you choose to upgrade to the Creation credit card, you can continue to create cashback vouchers, as long as it is before September 12, 2020 .

These vouchers can be redeemed at Asda stores or on George.com and must be redeemed within 28 days of your voucher being created.

However, the cashback will be forfeited if it is not converted to vouchers by September 12, if the vouchers are not spent on time, or if you leave it unclaimed and choose to close your Asda cashback credit card. without switching to the Creation alternative card.

The best cashback credit cards

According to exclusive who? research, customers had rated Asda’s cashback credit card highly; it came in 15th place out of 30 credit card providers.

But, as the card is now closed, those who want a cashback offer have to look elsewhere. The links below will take you to Which? Money comparator.

American Express is a who? Supplier Recommended, and has one of the highest customer satisfaction scores in our latest credit card survey.

His Platinum Cashback Credit Card allows new customers to earn 5% cashback for the first six months, up to a maximum of £ 125. After the first six months, you will earn 1% on purchases between £ 0 and £ 10,000 and 1.25% on purchases over £ 10,001, and you can also get additional cards for family members in order to save money. ” increase your earning power. This card has an annual fee of £ 25 and a representative APR of 27.3%.

Alternatively, the American Express Platinum Cashback daily credit card is free and has the same 5% cash back offer for the first six months, but up to £ 100. After that, purchases up to £ 5,000 will receive 0.5% cash back, and you will get 1% cash back if you spend £ 5,001 or more. This card has a representative APR of 22.2%.

Elsewhere, the Santander all-in-one credit card pays 0.5% cashback on purchases with no limits or caps. If you enable “Retail Offers” through online or mobile banking, you can also get five 5% to 25% welcome cashback offers when you spend at select retailers. This card has an annual fee of £ 36 and a representative APR of 21.7%.

What is a cashback credit card?

Cashback credit cards save you money when you spend. The cash back you earn is usually paid into your credit card account monthly or annually, which reduces the amount you will need to repay.

In some cases, cashback is paid in vouchers, but this is generally more common for reward credit cards.

The standard cash back rate tends to be between 0.25% and 2% of the amount you spend.

You can compare cashback credit cards using Which? Money comparator.

Which? Limited is a representative appointed by whose introducer? Financial Services Limited, which is authorized and regulated by the Financial Conduct Authority (FRN 527029). Which? Money Compare is a trading name of Which? Limited financial services.