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19.9%
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American Express Platinum cash-back credit card increases rate to 5%

American Express has doubled its introductory rate on its cash-back credit card to 5% from today (Wednesday 1st February).

The Platinum cash-back credit card will now have a 5% rate on purchases for the first three months of up to £100. This means that the first £2,000 spent on the card will result in £100 cash-back.

After the promotional period, the credit card will have an ongoing flat rate of 1.25% on all purchases. This allows the average family to earn up to £253 a year on their spending, according to American Express.

“The average family spends approximately £14,300 a year on everyday goods and services that could be purchased using a credit card,” commented Julie Hay, Head of Credit Cards at American Express.

“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.”

In addition to the introductory rate, the card will also give consumers the chance to receive a loyalty bonus of 2.5% during the anniversary month of opening the credit card every year, with no upper limit on the amount of cash-back which can be earned.

The double cash-back rate of 2.5% on the annual month of opening the card will only apply if purchases in excess of £10,000 have been made over the last 12 months.

There is an annual fee of £25, which is payable at the beginning of each membership year and the reward card has a representative APR of 18.5%. There is a purchase interest rate of 14% per year and cash-back is paid annually.

There are a number of reward-based credit cards on the market. It could be advisable to shop around for the best deal, which offers you the best returns.

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