American Express has just launched its first-ever cashback credit card. In fact, it’s the only card in Australia right now that is 100% focused on uncapped cashback instead of rewards or frequent flyer points.
The new cashback credit card has an uncapped cashback rate of 1%, but members can earn an additional 1.5% cashback through Amex Shop Small (capped at $200), boosting the cashback to 2.5% with participating retailers.
As a sign-up bonus, you also get a 5% cashback booster for the first 3 months. However, this is capped at $200, and of course, T&C’s apply.
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What’s the cost?
Instead of an annual fee, the new cashback credit card has a monthly fee of $10, which works out to $120 a year, however the card comes with a few lifestyle perks that should completely offset and justify the cost of holding this card.
How to Apply?
Visit Amex Cashback here (full disclosure: we may receive a small commission if you are approved via our link; thank you!)
What Are The Amex Cashback Credit Card Perks?
- Binge Basic Subscription (streaming service) valued at $10 a month
- 12 months access to the Centre fitness app valued at $119.99 (Offer ends 14 February 2022)
- Complimentary smartphone screen insurance. At Flight Hacks, we value this feature a lot and have used it a few times to claim a broken screen! The claim limit for this benefit is $500 per repair, twice a year (t&c’s apply)
Just like all American Express cards, the Cash Back card offers members access to some other valuable benefits that are worth mentioning:
- Access to Amex Offers, this is one of the most valuable membership benefits next to earning rewards or cashback. Check out our complete guide on Amex Offers here.
- Refund and Purchase Protection.
- 4 Additional Card Members for no additional fee.
- 55 interest-free days.
- Access to Plan It (check out our guide on this feature here).
To apply for the American Express Cashback credit card, you need to earn an annual income of $40,000 or higher and have no history of bad debt or defaulted payments. You will also need to be a citizen or permanent resident or a temporary resident on a long-term visa of 12 months or more.
If you currently hold an American Express Card, you can apply for the Cashback Card, but you won’t earn the bonus of 5% cashback for the first 3 months.
It’s also worth noting that if you are a new member, you can’t earn a frequent flyer or rewards-based bonus if you decide to take up another Amex card later down the road (unless you close your accounts for 18 months or more).
Other Cards That Earn Cash Back?
A little-known feature of American Express Cards enrolled in the Membership Rewards Program is that you can use your MR points to pay off your balance which is essentially the same as earning cashback at 1% (depending on the earn rate). If you’re undecided on whether you want to earn cashback or Membership Rewards, the best cards to consider would be the Amex Platinum Edge (since it earns more points at supermarkets and petrol stations) or the Amex Explorer, which also comes with a sizeable sign-up bonus of 50,000 MR points which translates into a $500 credit back to your account when redeemed for charges.
Conclusion – Who’s The Amex Cashback Card For?
If you’re not into frequent flyer points or rewards points and would like to keep it simple, the Amex Cashback card is ideal. Thanks to a low monthly fee and some key perks that completely offset that, the additional cash back you earn is just a bonus. This card could also be an option for existing card members with a Velocity or Qantas co-branded card. Why? Because it could offer an alternative to earning frequent flyer points when you don’t need/want them while also offering some valuable perks such as smartphone screen insurance.