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Let the credit card cashback battle commence!

American Express has raised the bar in the credit card cashback market, offering an impressive offer to challenge the current market leaders Capital One.

Credit card cashback is a hotly contested market, and with Christmas just around the corner it's an ideal time to make full use of these introductory credit card offers.

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The Capital One cashback credit card offers 4% cashback for three months, followed by an impressive 1% thereafter, whereas the enhanced American Express credit card cashback deal provides 5% for the first three months, followed by a tiered reverts to rate ranging from 0.5% to 1.5%, dependent on your annual spend. If you are looking for a longer-term deal, it is vital to look beyond the introductory credit card offer.

Taking a constant average credit card monthly spend of £1K, the Capital One cashback credit card would yield a £210 return in year one, compared with £247.50 with the American Express cashback credit card. This is an impressive return for just going about your day-to-day spending. And with neither cashback credit card imposing a maximum cashback, your earnings potential is almost limitless, only restricted by your credit limit and spending power.

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