If you’ve shopped online in the past few years, you’ve probably heard of (or even come across) “ cashback rewards, ” where you receive a cash reward for a purchase at a particular site.
Well, now American Express has launched the first True Cashback Credit Card in the Australian market, which offers its customers a percentage of cashback on their purchases, as well as a number of other rewards.
And if you are warned, the American Express cashback™ The credit card can save you quite a decent amount of money. Below we take a look at Australia’s First Cashback Credit Card, how it works and what it benefits.
What Are Cashback Credit Cards?
The simple answer to this question is in the name: You get cash back for purchases made with a credit card. Similar to how cashback websites work, banks and credit card companies may be willing to share a portion of their merchant fees with consumers to encourage spending. These Cashback credit cards are popular in the United States, but they haven’t really been used at this point. The launch of American Express Cashback™ The credit card seems to be able to change that.
Inside American Express Cashback ™ Credit card
Amex launched its Cashback credit card on April 21, 2021. Not only does it offer cash back on purchases, but it comes with a number of other benefits described below! You can find out more about the map at Amex website here.
American Express Cashback™ The credit card allows you to earn 1% per dollar spent on purchases, with no limit on the amount of cash back you can earn.
New card users also earn an additional 5% on purchases in the first three months, with a cap of $ 200. You can also earn 0.5% cashback for every dollar spent at Australian government agencies, such as Aussie Post, ATO and more, including public bodies such as Service NSW, as well as 1.5% cashback in participating Shop Small Businesses (with a $ 200 cap).
All of this means that if you spend $ 1000 with the Amex Cashback™ Credit card in your first three months (at 1% + 5% rate), you will get $ 60 back.
In addition to the cold cash rewards that come with the Amex Cashback™ Credit Card There are a number of other benefits that can potentially save you heaps of money.
BINGE is a new Australian streaming service that features some of the best TV shows and movies in the world, including the hit HBO series. Game of thrones and the blockbuster hit Justice League by Zack Snyder.
Join our favorite local idol Chris Hemsworth in achieving your fitness goals in this all-in-one fitness app, which normally costs $ 119.99 per year. The app allows you to plan your workout and diet, as well as monitor your workouts. (Offer ends February 14, 2022)
If you use your Amex Cashback™ With credit card to buy your phone or pay your monthly phone bills, you can get coverage for up to $ 500 for smartphone screen repairs (with a 10% deductible).
Amex Plan It ™ payments allow you to pay off your credit card balance in monthly installments with 0% pa interest for a fixed monthly amount.
There are a large number of special Amex offers for shopping, dining, travel, entertainment and more. Simply use the Amex Cashback™ There are a number of ways that the credit card could reward you.
Amex offers 90-day purchase protection with its Cashback credit card, which means you’ll be covered for up to $ 2,500 if an eligible item you purchase is stolen or damaged within three months. It also offers refund protection, which means you will be refunded up to $ 2,000 if you fail to return an eligible item to the retailer within 90 days. General conditions apply, you can find out more here.
Final verdict? Is there value in the Amex Cashback ™ credit card?
If you are savvy, the short answer is: yes.
Cashback works to trick you into using your credit card (as opposed to cash or debit). So if you’re using a credit card anyway, the cashback can almost amount to free money. When you add the myriad of perks that come with the card, you have great value for yourself. If you’re smart about it, the cash back and perks easily outweigh the $ 10 monthly card fee.
Amex Cashback™ The credit card gives you 55 days without interest, which is a pretty good interest-free period.
The Amex CashbackTM credit card gives you 55 days interest free, which is a pretty good interest free period compared to many other cards. Otherwise, the interest rate is 20.74% per annum. Card users also have the option of paying their balance in installments with 0% interest per year for a fixed monthly fee. Learn more about Amex website here.
T & Cs Details
Earn 1% cash back per dollar spent on purchases
Earn 0.5% cash back per dollar spent in government agencies in Australia
Earn an additional 5% in the first three months, up to $ 200 back (new card members only)
No limit on the amount of Cashback you can earn with your card
$ 10 monthly fee
Purchase Small Cash Back Offer – Earn 1.5% Cash Back Bonus, up to $ 200, at participating businesses by 03/31/2022.
A BINGE Basic subscription on us worth $ 10 per month (you must register for BINGE using the card)
12 months of free access to the Center’s fitness app – valued at $ 119.99
Free smartphone screen insurance
Money back protection and purchase protection
Pay differently with Plan It payments
Access to the American Express entertainment lounge
Add up to 4 additional members at no additional cost
Interest rate of 20.74% per annum on purchases
Up to 55 days without interest
Add up to 4 members at no additional cost
The card is only available if:
You are 18 years of age or older
You are an Australian citizen or permanent resident
You have an annual income of $ 40,000 or more
You have no bad debt history
You can find out more about the card or request one on the American Express website here.