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.
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.
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.
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.
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:
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.
Reviewed by Yvonne Taylor
Lead Product Analyst