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Why is the Amex is a hot shot banker's best friend?

Why is the Amex is a hot shot banker's best friend?

The day of big bonuses in the City and playing credit card roulette over dinner are fading, however, every hot shot wannabe still wants to be seen with their American Express card (regardless of its colour). It seems to be up there with donning a Hermes tie as it takes them one step closer to reenacting their favourite scene from The Wolf of Wall Street. So, if you really are going to whip out your Amex on any and every occasion, why not make it worthwhile. Where am I going with this? Well, let’s talk cashback and since you lurrrve American Express, let’s talk their Platinum Cashback Everyday Credit Card.

3 things to have in your mind before we kick off: 

1.    Many believe cashback credit cards are risky and it’s because they can be risky. Remember, having existing debt and piling it on isn't wise. Whilst if you don’t setup a direct debit to repay debt in full each month, the interest paid will rapidly erode any benefit.

2.    These cards are designed to help you earn money from every purchase you make, however, NOT an excuse to splash the cash.

3.    Using this card for withdrawals is like asking a girl to marry you on a first date – Nothing stopping you from doing it, just not advisable. Both the charges and her response would be horrendous. 

3 pointers on this plastic bad boy: 

1.    It pays 5% cash back on spending up to £2,000 in the first 3 months of opening an account. 

Example: You have just moved house and want to maximise cashback on your purchases. You spend £2,000 in 3 months and with the introductory bonus of 5%, you receive £100 cash back. Boom!

2.    People who spend up to £5,000 after the first 3 months will earn 0.5% and 1% on anything above that.

 3.    Zero annual fee with representative 22.9% APR variable - Meaning, if you don’t pay off the debt in full each month, forget the gains from earning cash back.

For the big spenders, Amex’s other cash back card might be more beneficial aka the American Express Platinum Credit Card. Any spend above £10,001 would get you 1.25% cashback on all purchases, however, there are differences in APR, annual fees and much more so get reading. 

Catch(es) of the day: 

1.    You must spend at least £3,000 a year to qualify for the cashback

2.    The cashback is only paid out on the card’s anniversary 

3.    The introductory 5% rate is not for those who have had  a Platinum Cashback Amex card at any point in the last 6 months.

Have no fear, if Amex isn't your bag you aren't the only one. Smaller retailers are disgusted at the sight of them and often don't accept them in store. Luckily, there are many alternatives out there from the likes of Santander, M&S and Tesco to good old Halifax.  

For city folk who have just been paid their bonus, this might be the best time to make use of the introductory offer. If you are splashing out on a gift from you to you it could reap monetary rewards, however, getting one when the purse strings are tight is just no help. For me, it's all about my suitability, understanding if my application will hinder future chances of credit and of course making sure i'm not carrying around existing debt.

If this sounds like it tickles your fancy, begin your research and don’t forget to read the small print! 

Updated on 15 February 2017

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