American Express has launched a new credit card offering reward points on spending that can be redeemed for vouchers or gift cards at high street retailers.
The number of points paid out when you use the new Express Rewards Credit Card varies, depending where you use the card:
- 3 points for almost every £1 spent at major UK supermarkets
- 2 points for almost every £1 spent at major UK department stores
- 1 point for almost every £1 spent elsewhere
Every 200 points earned is worth £1 of vouchers, equating to a cashback rate of between 0.5% and an excellent 1.5%.
Big high-street names join voucher scheme
Points earned can be redeemed for vouchers or gift cards for use in-store or online at Marks & Spencer, House of Fraser, Amazon, Boots, HMV, Harrods, Homebase, Molton Brown, Tiffany & Co, Comet, Net-a-Porter, Waterstones and iTunes. The minimum point redemption is 5,000 points (£25).
In addition, in the first year of holding the card, 6,000 bonus points (worth £30) will be credited to the account when £500 is spent in the first 3 months.
Katrina Cliffe, Head of Consumer Cards at American Express said: ‘The 3-2-1 point earning rate means our credit card reward programme is one of the most generous on the market. As much of the UK’s shopping bill is spent in supermarkets and major stores, we’ve aligned with some of the UK’s major retailers to bring richer rewards for people’s everyday spending.’
Top of the class for credit card rewards
Martyn Saville, Which? credit card expert, commented: ‘This is an excellent reward card for anyone who pays off their credit card bill in full every month. Paying an equivalent of 1.5% cashback on supermarket spending rockets this credit card towards the top of the class. The card also comes with an initial six-month interest-free period on new purchases, making it a great way to spread the cost of Christmas over a few months. Don’t be tempted to borrow on the card after this time though, as the standard APR of 17.9% is uncompetitive.’
To find the best credit card for you, including cards for borrowing, cashback and use abroad, check out Which? credit card reviews. If you’re not sure what type of card you need, our guide to choosing a credit card will help you decide.
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