CREDIT CARDS

New Platinum Cashback Credit Card launched by American Express

The latest credit card released by American Express aims to reward the long-term loyalty of customers. Offering a flat rate of 1.25% cashback on all purchases and a 2.5% introductory cashback rate for the first three months will certainly put a smile on the face of existing customers.

The more often costumers use the new Platinum Cashback Credit Card, the more benefits they will be able to enjoy. This is, according to American Express, the main advantage of using the new credit card.

Differing from other credit cards, the Platinum Cashback has an ongoing flat rate of 1.25% on all purchases with no maximum limit to the amount of cashback that can be earned. It also has an introductory cashback rate of 2.5% for the first three months, up to a maximum of £100 cashback.

Additionally, American Express say that costumers will have the opportunity to receive a “loyalty bonus” of double cashback (2.5%) during their anniversary month, with no upper limit to the amount of cashback that can be earned.

Further features

Having no minimum or maximum limit on the amount of cashback that can be earned after the first three months, and the option to exchange annual cashback for retail vouchers are two more intriguing features. A £25 annual fee is payable at the beginning of each membership year, according to American Express.

"In 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 rate,” Julie Hay, Head of Credit Cards at American Express said.

“According to our research, more than three quarters of consumers (76%) are dissatisfied with companies that give higher rewards, offers or discounts to attract new customers but don't offer the same benefits to existing customers. The vast majority of respondents (84%) believe instead that companies should be rewarding them for their on-going customer loyalty.”

Tags: AMerican express credit cards, credit card comparison, CREDIT CARDS