American Express launches 5% Cashback Offer

American Express has announced changes to its MoneyBack offer on its Platinum Credit Card. From today, the Platinum Credit Card will offer new applicants MoneyBack at 5% for the first three months, making it the market leading cashback card for new customers.

After the three month period, MoneyBack will be calculated at the current tiered rates which are aggregated to include the initial three month spend:

0.5% for aggregate annual spend amounts up to £3,500
1% for aggregate annual spend amounts from £3,501 to £10,000
1.5% for aggregate annual spend amounts in excess of £10,000

The 5% introductory offer is available on up to £4,000 of spending. Should this spending threshold be reached in the first three months, cashback will then be earned at 1%, rising to 1.5% on all annual spend exceeding £10,000. The standard APR for purchases for new Cardmembers will be typical 18.9% APR variable.

New customers who apply early can receive their Card in time for their holiday shopping which can enhance their cashback earning potential. The Card has no annual fee and cashback is paid annually on the Card anniversary date.

Tom Allder, Vice President UK Lending, American Express, said: “We’ve been offering Cashback for coming up to ten years and January 2008 sees the 5th anniversary of the launch of Platinum Credit Card. We remain committed to rewarding Cardmembers on an on-going basis for their spending with us and, with this new package, we are re-affirming our number one position as the UK’s best cashback provider.”

According to American Express research, 43% of credit card holders are armed with plastic that offers no rewards at all. That’s nearly 20 million UK consumers using unrewarding credit cards.

Allder continued: “We’ve seen cashback competitors come and go over the last couple of years. With a market-leading introductory rate and ongoing cashback rate on annual spending, we continue to offer an unbeatable deal for customers who value a money back reward on their plastic expenditure.”