American Express is venturing into new territory with their newest product to hit the market, the American Express Cashback Credit Card.
It is the first time that Amex has participated in the Australian cashback market and will see new Card Members receive up to 6% cashback on their purchases.
Digging into the benefits of the American Express Cashback Credit Card
|Card||American Express Cashback Credit Card|
|Cashback||1% Cashback per $1 spend on purchases, with no cap
0.5% Cashback per $1 spent at government bodies in Australia
|Points earned from spend||N/A|
|Included insurances||Smartphone Screen Insurance, Refund Protection and Purchase Protection (PDS)|
|Overseas transaction fee||3% of the converted amount|
|Minimum income requirement||$40,000 p.a.|
|Annual fee||$10 Monthly Fee|
How does the Cashback work?
New Card Members will receive up to 6% cashback on their purchases within the first three months of holding the card. The cashback rates are as follows:
- Earn 1% Cashback per $1 spend on purchases, with no cap
- Earn 0.5% Cashback per $1 spent at government bodies in Australia
- New Card Members earn an additional 5% Cashback in the first three months, up to $200 Cashback
Note that the new Card Member Cashback of 5% only applies to new American Express Card Members who apply online and are approved.
As with other American Express Cards, Card Members who currently hold, or who have previously held any Card product issued by American Express Australia Limited in the preceding 18 month period are ineligible for the 5% Cashback in the first three months.
For a purchase to be eligible for Cashback, it must be at least $1 and the value of each purchase will be rounded down to the nearest dollar before Cashback is calculated.
Shop Small Cashback Offer
The American Express Shop Small promotion is very popular among American Express Card Members, offering a bonus 3 points per dollar spent at small businesses around Australia that accept American Express Cards. This promotion is Amex’s way of supporting small business around the nation.
While points are not earned on this card, this card still participates in a Cashback version of Shop Small, offering Card Members 1.5% Cashback each time they spend in-store or online at participating Shop Small businesses by 31 March 2022, up to a cap of $200.
To take advantage of the Shop Small Cashback, Card Members will need to first make sure they save the offer to their Cashback card.
BINGE Basic Subscription
Card Members will receive a BINGE basic subscription, valued at $10 per month and essentially offsets the monthly fee of the Card. BINGE comes complete with some of the world’s best shows, including the biggest dramas, plus comedy, reality, crime, docos, movies and more.
12 months complimentary access to the Centr fitness app
Put your wellbeing first with a complimentary 12- month subscription to Centr, the health and wellbeing app from Chris Hemsworth’s team of trainers. Offer ends 14 February 2022.
The 12-month subscription is valued at $119.99.
American Express Plan It
American Express launched ‘Plan It’ in mid-2020, which allows Card Members to create instalment plans that allow for equal payments to be distributed over a 3, 6 or 12 month payment period. There is a monthly fixed fee to access this feature, with up to 10 Plan It plans with a minimum of $150 balance able to be created.
Other card benefits
The other key benefits that come with the Cashback Card are:
- Smartphone Screen Insurance: up to $500 of screen repairs if you accidentally break your smartphone screen, with a 10% claim excess
- Refund Protection and Purchase Protection
- American Express Entertainment Lounge Access
To apply for an American Express Cashback Credit Card, you’ll need to meet the following criteria:
- You are 18 years of age or older
- You’re an Australian citizen or permanent resident
- You have an annual income of $40,000 or more
- You have no history of bad debt
It is great to see American Express branching into new types of cards to appeal to a wider consumer. For those that are looking to reduce their monthly credit card bill rather than receive rewards for flights and other merchandise, then the Cashback Card may well be for you.
If Cashback is not your thing, and you are looking for cards that offer points to redeem for travel and other rewards, then make sure to review other American Express Cards that are on offer.