If you pay the full balance on your credit card off each month, it may be beneficial to look for a credit card with a loyalty scheme to help you get something back from your credit card provider.

Cashback schemes are designed to credit your account with a certain percentage of the amount you spend each time you use your card; so effectively the more you spend on your card the more money you get back.

Before signing up for a cashback credit card, check whether cashback is offered on every purchase or only on purchases made through selected retailers. Additionally, check whether you get instant cashback whereby your account is instantly credited at the time of each transaction or whether you will receive the cashback annually in a lump sum.

The loyalty schemes offered by some credit card providers enable you to earn reward points each time you use your card. Bonus points are sometimes credited if you make a purchase with your card within a certain time limit and additional points may be available when you shop on partner sites.

Before choosing a card which offers reward points, check how points are earned, how much they are worth and how and where they are redeemable.

In addition to the opportunity to accumulate cashback and reward points, many providers also offer special discounts on certain products and services and prize draws exclusive to cardholders.

It is worth noting that cards with good loyalty schemes tend to have relatively high interest rates so if you don?t pay the full balance owed each month, a card with low interest introductory offers on purchases or balance transfers may be more suitable.