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American Express raises the bar on Cashback

24th October 2012 Print

American Express is making The Platinum Cashback Credit Card even more compelling for new customers by increasing the cashback that can be earned at its introductory rate. Cardmembers can now benefit from 5 per cent cashback on spending up to £2,500 (previously £2,000) in the first three months, giving them an extra, potential £25 in cashback at the 5 per cent rate. The ongoing flat rate of 1.25 per cent on spending applies immediately thereafter, unlike some other cashback cards, where there is a maximum level of cashback that can be earned during the introductory period. An uncapped 2.5 per cent anniversary month loyalty bonus is also offered. With the Platinum Cashback Credit Card there is no restriction on the type and number of purchases that attract cashback or the cashback amount earned after the introductory period ends.

American Express is also introducing a limited edition Platinum Cashback Everyday Credit Card, available until 31 January 2013, aimed at new customers who, over the Christmas period, want to benefit from a generous annual fee-free cashback deal. The Card offers a 5 per cent introductory cashback rate for the first three months on up to £2,000 of spending (up to a maximum £100 cashback), and competitive tiered cashback rates immediately then apply to purchases of between 0.5 per cent and 1.25 per cent dependent on spend levels.

Nick Stefanovitz, Head of Credit Cards at American Express, said: "The popularity of cashback cards has grown significantly in recent years as more and more Brits are opting for credit cards that offer money back on everyday spending as well as on bigger ticket items. However, there is still a significant proportion of people who are missing out by using debit cards and other methods to pay for everyday spending. We hope that over the Christmas period we can encourage them to switch their debit cards for one of our Cashback Cards and get a financial return for the way they pay.

"Last year we saw a year-on-year increase in demand for The Platinum Cashback Credit Card. We know that savvy cashback collectors want a highly competitive straightforward offer that's ongoing and not just for the short term. Our Platinum Cashback Credit Card gives them just that and, with an extra £25 earning potential in the first three months, it keeps getting better. What we're saying to customers is ‘do the maths', consider what your annual spend levels are likely to be and make sure you choose a cashback card that maximises the amount of cashback over the next three months and consistently thereafter."

Industry figures show that the average family spends almost £18,000 a year on everyday goods and services, a lot of which could be purchased using a credit card. If consumers consolidated their spending onto The Platinum Cashback Credit Card a family spending £15,000 would earn £256 cashback (net of fee).

For more information, visit americanexpress.com.