Savvier spending with Amex cashback card
Wednesday, 19 Nov 2008 00:01
American Express is encouraging savvier spending and believes its Platinum Cashback Credit Card is the way to do it this Christmas.
The card, which offers cashback at five per cent for the first three months on up to £4,000 of spending, has an interest rate of 18.9 per cent APR and no fee.
American Express is promoting the card after findings of a recent survey it carried out revealed only 45 per cent of UK credit cardholders were using a card which rewarded their spending.
It has calculated that 15.7 million people with credit cards are missing out cashback, reward points, money-off vouchers or air miles.
With the credit crunch forcing many to cut back on spending this Christmas, American Express thinks now is the time for shoppers to find a card which actually gives them something back when they spend.
Tom Allder, vice president of UK lending at American Express, said: "People are waking up to the benefits of having a cashback card, we've more than doubled the number of new Platinum Cashback Cardholders this year."
He revealed, of its customers using cashback, 25 per cent saved it, a fifth put it towards household bills and one in ten used it to help pay for Christmas.
Allder said if new customers got the card now they would get their annual cashback just in time to pay for next Christmas.
"But our research shows many credit cardholders still aren't getting anything back from their spending. In the current environment it makes sense for people to look for ways to make their money go further."