American Express Launches New Platinum Cashback Credit Card

ï New credit card offers flat rate of 1.25 per cent cashback on all purchases
ï 2.5 per cent introductory cashback rate for the first three months
ï Annual bonus will offer loyal customers double cashback for a month on Card anniversary

American Express is today launching a new Platinum Cashback Credit Card aimed at rewarding the long-term loyalty of customers. The new Platinum Cashback Credit Card has a straightforward on-going flat rate of 1.25 per cent on all purchases with no maximum limit to the amount of cashback that can be earned. The Card also has an introductory cashback rate of 2.5 per cent for the first three months, up to a maximum of £100 cashback.

In addition, each year, Cardmembers will have the opportunity to receive a loyalty bonus of double cashback (2.5 per cent) during their anniversary month, with no upper limit to the amount of cashback that can be earned.

Julie Hay, Head of Credit Cards at American Express said: ìIn recent years there has been a trend of regular credit card switching to benefit from short term introductory rates. However, this product is about rewarding customers over the long-term, so that year in, year out, customers who use the Card continue to reap the benefits of a consistently good cashback rateî.

According to our research, more than three quarters of consumers (76 per cent) are dissatisfied with companies that give higher rewards, offers or discounts to attract new customers but donít offer the same benefits to existing customers. The vast majority of respondents (84 per cent) believe instead that companies should be rewarding them for their on-going customer loyalty.

Julie Hay, added: ìThereís a huge amount of dissatisfaction towards companies that offer better rewards and discounts to new customers compared to existing customers. While some people are happy to switch cards on a regular basis, a large proportion of credit card holders would be more likely to stay with their current provider if they were rewarded for their loyalty. We want to ensure that our Cardmembers continue with us over the long-term by rewarding them significantly on an on-going basis.î

Indeed, our research has also shown that nearly one in five people have taken out a credit card with the sole intention of switching to a new card at the end of the introductory period, but then failed to change the card when the introductory offer finished. When asked why they didnít take out a new card, the top three responses were:

ï ìIt seemed like too much hassleî ñ 26 per cent
ï ìI forgotî ñ 21 per cent
ï ìThere were no good offers to switch to at the timeî ñ 20 per cent

Over four-fifths (81 per cent) of credit card holders revealed they would be more likely to stay with their card provider if they were given extra points or rewards each year for their on-going loyalty and spending, something that the new American Express Platinum Cashback Card offers in abundance.

The average family spends almost £17,000 a year on everyday goods and services that could be purchased using a credit card.  Rather than splitting this spending across debit and credit cards, consumers should think about consolidating as much of their everyday spending as possible onto a cashback card to maximise the payback they can achieve.

With the new Platinum Cashback card, customers can earn with every pound they spend, making their money work even harder for them. In addition, if a Cardmember recommends a friend to American Express and they are accepted for a Platinum Cashback Credit Card, they and their friend will receive an additional £25 cashback each.

Key product features and benefits of the Platinum Cashback Card:

ï 2.5 per cent introductory rate for the first three months up to a maximum of £100 cashback
ï A simple 1.25 per cent flat rate on every full £1 spent per purchase.
ï 2.5 per cent (double the on-going rate) on every full £1 spent per purchase made during the Card anniversary month if purchases in excess of £10,001 have been made in the preceding 12 months.
ï No minimum or maximum limit on the amounts of cashback that can be earned after the first three months.
ï A £25 annual fee is payable at the beginning of each membership year.
ï Cashback is paid annually in the Card anniversary month.
ï Cardmembers have the opportunity to opt-in to exchange their annual cashback for retail vouchers which can be used at High Street shops and receive up to an extra 5 per cent on top of their cashback balance.
ï Representative 18.5 per cent APR variable (includes £25 fee). Purchase interest rate is 14 per cent per annum variable.
ï Primary Cardmembers can apply for free Supplementary Credit Cards for friends or family members, meaning more cashback can be accrued even more quickly.

For more information or to apply for a Card visit:

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