If getting fit isn’t quite enough to haul you out of bed and out for a run during the winter months, perhaps the promise of cashback on your spending might be?
Express and insurance provider Vitality have teamed up to launch a new cashback credit card with a difference. The more exercise you do, the more cash you earn – up to an eye-catching 3 per cent on some spends.
Spend £12,000 per year on the card and get active enough and you could pocket up to £335.
With a dearth of decent cashback and rewards credit cards on the market, the potential earnings are eye-catching – but is it any good and how hard do you have to work to earn the maximum.
Insurer, Vitality, is known for its health and life insurance member perks linked to the amount of physical activity you do. It offers anything from free coffees, cinema tickets to Amazon prime or discounts on Apple watches if you reach certain targets.
The idea is a clever one: encourage people to be more active and stay fit and it keeps them healthier, happier and hopefully also less likely in turn to need to claim on their policy.
The amount you earn depends on how much physical activity you do, but the card offers a base level of cashback independent of how much you hit the gym.
You earn 0.5 per cent cashback on the first £5,000 spent on the card and then 1 per cent beyond that.
This would mean a £500 monthly spend would clock up £35 cashback, while a £1,000 monthly spend would earn £95 in cashback per year. This is paid as long as you spend a minimum of £3,000 per year.
The card then pays tiered cashback on top depending on how much activity you do and whether you hold any other Vitality product. This is worth an extra 2 per cent. This is where it gets slightly more complicated.
Shadrach is a Trending Journalist. His first job was as a newsreader and journalist at an award winning magazine. He spends most of his time scouring the internet for the hottest topics to share with his readers.