But Defaqto says that credit card holders have to do the proper research or consumers might end up with a card that only earns £30 a year for the same spend.

Defaqto’s analysis rated Capital One’s Aspire World MasterCard and Aspire Elite MasterCard as well as American Express’s Platinum as the best cards on the market.

Brian Brown, Defaqto’s head of consulting, said: “Demand from consumers for cashback cards is strong as these cards give a guaranteed benefit with no additional effort, unlike points schemes where the customer has to build up value and then take further action to redeem the points.

“Cashback can be earned no matter where you shop while points schemes are heavily dependent on where you shop.

“Card users most likely to benefit from cashback cards are mid and high net worth individuals whose monthly spend would be at a level that would generate an amount of cashback with a significantly tangible annual value. Someone spending £1,000 a month could earn £250 a year in cashback.”

The report predicts continuing strong growth in the cashback market which has seen the number of cards available double in the past two years, driven by strong consumer demand.

Currently 22 cashback cards are currently available compared with 11 in October 2010.

Cashback is ranked as the third most important feature for customers behind no annual fees and long interest-free periods.

Among the over-55s cashback is the second most important feature behind no annual fee.

The report also highlights that the maximum that can be earned with points schemes can be as high as £180 a year for a £500 monthly spend but it cites Which? research showing that one in two card customers never redeem their points.