American Express Cashback Credit Card

On American Express' website

American Express Cashback Credit Card

Highlights

  • Get 5% Bonus Cashback in the first 3 months, up to $200 Cashback, when you apply online and are approved. No monthly fee will be charged for your first 12 months of Card Membership. New Card Members only.
  • No monthly fee for the first 12 months ($10 monthly fee thereafter).
  • Enjoy Binge Basic subscription, valued at $10 per month.

Pros and cons

Pros

  • Earn up to 5% Bonus Cashback in the first 3 months.
  • No monthly fee for the first 12 months.
  • Complimentary Smartphone Screen Cover.
  • Free monthly BINGE subscription valued at $10/month.

Cons

  • Purchase rate is at 20.74% p.a.

Our review

Convenience

Customer service

Rates and fees

Rewards

Trust

Wouldn't it be great if you could spend your money twice? Well, now you can do just that – with some of it at least – when you have an American Express Cashback Credit Card. In a major departure from its business model of points-earning cards, American Express is offering permanent cashback rewards to spend just the way you like, instead of rewards or frequent flyer points with their limited – and often expensive – redemption options.

But you’ll still get the long list of complimentary benefits that Amex cards are known for, plus an easy pay-by-the-month card fee structure.

1% cashback forever, plus 5% bonus cashback for three months

You’ll get 1% cashback for every dollar you spend, which works out at $20 monthly if you spend $2,000 per month on eligible purchases (that is, non cash-related purchases). That’s not difficult to do if you use your card at supermarkets and petrol stations, to pay bills, and to take public transport or pay tolls. You can add up to four supplementary cards on your account so that family members can help you earn cashback, and American Express is working hard to get those pesky merchant surcharges removed.

1% cashback is as good as a supermarket credit card offering 2.0 points per dollar (since the grocery points are worth 0.5 cents), but this Amex card doesn’t limit you to spending your cashback at Coles or Woolies.

Unfortunately, the 1% cashback is reduced to 0.5% when you use the card to pay government bodies (e.g. ATO, vehicle registration and licences, Australia Post). But that's actually are two cashback bonuses to offset that.

The first is that you’ll actually get 6% cashback for the first three months of holding the card – the regular 1%, plus a 5% bonus cashback – with the bonus cashback capped at $200 (which would be earned by spending $4,000 in three months). The bonus cashback is only available to new cardholders who haven’t held any type of Amex card in the previous 18 months.

Shop Small

Secondly, until 22nd March 2022 you’ll earn an extra 1.5% cashback (again capped at $200) by taking part in American Express Shop Small Offers. You should be able to find dozens of local participating businesses, and hundreds more online.

First three months bonus + Shop Small bonus = a potential $400 extra cashback on top of your normal cashback.

No need to spend the cashback on Binge, because it’s free

Movie and TV show fans won’t need to use their cashback for a Binge subscription, because that’s yet another card bonus. Pay for a monthly Binge basic $10 subscription using your card, and you’ll get a $10 per month credit to your card account.

More freebies in the shape of insurance protection

It doesn’t stop there. The card comes with some basic insurance cover built in – not travel insurance, unfortunately, but still good to have. It includes:

  • Purchase Protection. Eligible purchases made with the card, of up to $2,500 per item, are covered against theft or damage for 90 days
  • Smartphone Screen Cover. Purchase your phone or pay for your monthly plan with the card, and be covered for up to $500 any time you need a screen repair, up to twice a year.
  • Refund Protection. A retailer won’t accept a return of an unused item you bought with the card? That’s not a problem, because Amex will refund the price if you have unsuccessfully attempted to return it within 90 days of purchase.

Amex will help you to train and eat like Chris Hemsworth

The card keeps on giving, this time with a focus on your health. Amex will give you a free 12-month subscription to Chris Hemsworth’s Centr program, to promote your training, healthy eating and mindfulness goals. You may feel that it’s not going to be of much use if you’re not a health nut, but hey, it’s free (usually $119.99 per year).

If you decide to apply for the card it’s worth taking a look, and it could just possibly be the first step on the road to a new, healthier you.


Yvonne Taylor

Reviewed by Yvonne Taylor

Lead Product Analyst