Credit card giant American Express has released a new card that offers travel benefits such as cheap flights to Europe.
The Premium Plus card allows cardholders to splash out on British Airways, in return they could receive cheap flights.
The new credit card comes at an eye-wateringly high representative APR of 50.1%, in addition to a whopping £150 annual fee. The average APR on a credit card is between 16% and 19%, making this British Airways American Express Premium Plus card is not an option for the faint-hearted! The purchase rate, however, is a reasonable 19.9% p.a. variable.
With such a high rate, what cardholders get in return is tempting. Those spending more than £10,000 or more on the card within an anniversary year will receive a ‘Companion Voucher’. This voucher, which is valid for 24 months, can be used to get cheap flights.
You can redeem two vouchers at the same time to book two reward flights. For every £1 spent, cardholders will receive 1.5 Avios points and 3 Avios points for virtually every £1 spent directly with British Airways or BA holidays card membership.
The end results of your spending endeavours are discounted flight tickets. For example, 20,000 Avios points gives you one return flight to Moscow and other locations in Europe, Asia and Africa.
15,000 points gives you a return flight to Rome and other places in Europe. Just 9,000 points is a return flight to Berlin and European destinations closer to home.
This car requires big spenders and so one of the requirements is that households must have an income of at least £30,000 to be eligible.
To apply for the card you must also have no history of bad debt and those who are self-employed have to have been working for more than one year.
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