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Abbey, now part of the Santander group, is offering card holders 3% cashback on all purchases made in supermarkets and petrol stations in time for the festive season.

With a cashback rate more than three times higher than the majority of its competitors, the Abbey card is set to be popular with consumers who pay off their balance each month.

Like all cashback credit cards, it is less attractive to those who leave a balance outstanding and incur the subsequent interest.

Save money on Christmas treats

People typically spend more on food over Christmas, splashing out on treats such as sherry, chocolates and seasonal fare.

Callum Gibson, head of credit cards at Abbey, said shoppers using the card would make significant savings off their Christmas food bill.

He said: “With supermarkets all offering enticing deals on different items and Abbey offering 3% cashback, shoppers should take advantage of these and get the best deals on offer.”

Higher prices, less money

The savings offered by the card will go some way to offset rising prices - a turkey with all the trimmings is expected to cost 10% more this year.

At the same time, an Abbey survey revealed disposable income has plummeted by 30% over the last two years.

The same poll showed over half of us will choose some supermarket-bramded goods rather than premium brands in a bid to save money.

Britons give up booze rather than Christmas dinner

The tradtional Christmas dinner remains a high priority for many people, with 47% polled preferring to give up nights out drinking over the festive period if that meant more money for a turkey spread.

Three in 10 preferred to cut back on presents than turkey and trimmings.

Mr Gibson said: “We all know it's going to be a tough Christmas. It's great to see that Britons are determined not to let it spoil their Christmas lunch.”

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