High Five for American Express Platinum Cashback Customers

LONDON, February 7, 2012 /PRNewswire/ --

• Platinum Cashback Credit Card increases intro rate to 5 per cent
• Best ongoing cashback rate of 1.25 per cent cashback on all  purchases
• Annual bonus will offer loyal customers double cashback for a month on each Card anniversary

American Express is today announcing that it will be doubling the introductory rate on its Platinum Cashback Credit Card to 5 per cent from Wednesday, 01 February, 2012.  

This means that the Card, which has a straightforward on-going flat rate of 1.25 per cent on all purchases, will be the highest earning Cashback credit card on the market, with the average family able to earn as much as £253 a year on their spending.⁽¹⁾

The 5 per cent introductory rate is available in the first three months of cardmembership up to the first £100 of cashback earned (i.e. the first £2,000 spent on the card). However, unlike some other cards which may then not offer any further cashback until the end of the introductory period, once this limit is reached, Platinum Cashback Cardmembers will then immediately begin earning cashback at the 1.25 per cent rate.

In addition to the market leading introductory rate, each year, Cardmembers will have the opportunity to receive a loyalty bonus of 2.5 per cent during their anniversary month every year, with no upper limit to the amount of cashback that can be earned.⁽²⁾

Julie Hay, Head of  Credit Cards  at  American Express  said: "This credit card is simple. There's no variation to the cashback rates depending on what you buy and no minimum spend before you start earning. It simply rewards you for every pound you spend on it."

"The average family spends approximately £14,300 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, people should think about consolidating as much of their everyday spending as possible onto a cashback card to maximise the payback they can earn."

Also, 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.⁽³⁾

Key product features and benefits of the Platinum Cashback Card:

• 5 per cent introductory rate up to a maximum of £100 cashback and 1.25 per cent thereafter for the first three months.
• A simple 1.25 per cent flat rate on every full £1 spent per purchase.
• 2.5 per cent (double the on-going rate) on every full £1 spent per purchase made during the Card anniversary month every year if purchases in excess of £10,000 have been made in the preceding 12 months.
• No minimum or maximum limit on the amounts of cashback that can be earned after the first three months.
• A £25 annual fee is payable at the beginning of each membership year.
• Cashback is paid annually in the Card anniversary month.
• 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.
• Representative 18.5 per cent APR variable (includes £25 fee). Purchase interest rate is 14 per cent per annum variable.
• 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: http://www.amex.co.uk/platcashback

Note to Editors:

(1) The Office of National Statistics, 2011 Family Spending Survey. The survey states that the following costs are accumulated on average by each household in the UK (£14,279 in total):

- £1,123 on fuel
- £2,766 at the supermarket
- £2,850 at department stores
- £7,540 on other items such as restaurants, hotels and other recreational activities

(2) Cashback is earned on every full £1 spent per purchase on the Card.  It is not earned on Cash Advances, balance transfers, American Express Travellers Cheques purchases, Foreign Exchange, interest, fees (including default fees) or any spending in excess of the credit limit.

(3) Terms and conditions apply.

About American Express

American Express is a global service company, providing customers with access to products, insights and experiences that enrich lives and build business success.

A leader in global payments, American Express is the largest card issuer by purchase volume and operates a worldwide network that processes millions of transactions daily.

American Express offers a broad array of payment, expense management and travel solutions for consumers and corporations including, credit cards, charge cards, travel, home and car insurance, travellers cheques and foreign exchange services.

Learn more at http://www.americanexpress.co.uk and connect with us on http://www.facebook.com/AmericanExpressUK

SOURCE American Express UK