ARE you buffing your MoneySaving halo because you don’t have any credit cards? I’m afraid I’m going to have to take the shine off it.

Provided you neuter their borrowing ability, for many, credit cards are by far the best way to spend.

Not only do you get extra consumer protection, but get the right ones, cashback cards, and they pay you to use them too, meaning many can be pounds better off. Better still, now is the perfect time to grab one, as you can get big cashback over the high-spend festive period.

Here are five cashback card need-to-knows (I’ll tell you another five next week):
1. They get paid when you spend – claw it back.

Retailers are charged 1.5 per cent to three per cent of your spend when you pay by card. Cashback credit cards effectively put this amount, tax-free in your pocket, in the hope of tempting you to spend so they can charge interest.

Yet the savvy can earn at no cost.
2. Always repay in full by direct debit.

This is the golden rule, and your way to emasculate the plastic and stop it charging you any interest (usually 20 per cent-ish APR), which would dwarf the cashback.

The best way is to use a direct debit to ensure you never forget and ruin it all. Most cards list this option on forms. If not, call and request it. Never, ever, ever withdraw cash from cash machines. You’ll often be charged a fee and can be charged heavy interest.
3. It’s now effectively a debit card that pays you – use it for everything.

As the direct debit takes care of the ‘borrowing’ aspect of the credit card, it’s now far more like a debit card, as it’s paid from your bank each month. To maximise the gain, use it for all normal daily spending.
4. Huge five per cent cashback for the next three months.

See my full best-buy guide at moneysavingexpert.com/ cashback.
5. Now’s the perfect time – five per cent on Christmas and January sales.

Apply now and, for Capital One, the accelerated cashback covers the higher-spend Christmas and January sales periods.

TV money guru Martin Lewis runs the consumer revenge website MoneySavingExpert.com
Ensure you get his weekly e-mail so you’re constantly saving money.