American Express Cashback Credit Card

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. Ask Roland a Question about this card.

The American Express Cashback Credit Card Review

Want to earn cashback on your credit card spending? Now you can, with the American Express Cashback Credit Card. Simplifying the process of earning rewards, the card allows you to earn up to 6% cashback on your spending plus no monthly fee for your first 12 months of card membership. It also provides access to a heap of extras, including a BINGE Basic subscription, complimentary Smartphone Screen Insurance and 12 months complimentary access to the Centr fitness app.

What we love…

While cashback credit cards can be readily found in overseas markets such as the United States, the options here in Australia are few and far between. Which is why the launch of the new American Express Cashback Credit Card is pretty darned exciting indeed. Let’s get into how it works and what it’s got to offer.

Earning Cashback

With the American Express Cashback Credit Card you will earn 1% cashback on all eligible spending, and 0.5% cashback on spending at government bodies, such as the ATO and Post Office. There is no limit to the amount of cashback you can earn on these two types of spending.

Want more? Boosting your cashback earnings, you will earn an additional 5% bonus cashback on all eligible spending in the first three months, up to a limit of $200, when you apply online for a new American Express Cashback Credit Card and are approved by 19 January 2022. In this way, you can earn up to 6% on your spend during that intro period.

The cashback you earn each month will be paid to you as a statement credit to your account after 8 to 10 weeks, allowing you to use it to pay off your purchases. It’s worth noting that cashback is not redeemable for cash, including through a credit balance refund.

Anything important you need to know here? First up, eligibility. If you currently have an American Express issued card, or have held one in the past 18 months, you won’t be eligible for this offer. As for what purchases are classed as ‘eligible’, these include most transactions apart from interest, fees, balance transfers or converted balances, loading of prepaid cards, or foreign exchange transactions.

Shop Small Cashback Offer

With the Shop Small offer, you can earn an additional 1.5% cashback each time you shop at a participating Shop Small retailer before 31 March 2022. This offer allows you to earn a maximum of $200 cashback. Exclusions apply, so check the terms.

Fees

So, how much will you pay out on a card such as this? Unlike most credit cards, the American Express Cashback Credit Card charges a monthly fee rather than an annual fee. This monthly fee comes in at $10. As a nice touch, you can also add up to four additional cardholders to the account at no extra cost, to help you stack up cashback even faster on your accumulated spend.

Exciting news! American Express Cashback Credit Card currently charges $0 monthly fee for the first 12 months of card membership. This offer will save you a good $120 in a year. Available to new card members only. After the offer period ends, the monthly fee reverts to $10.

As a nice touch, you can also add up to four additional cardholders to the account at no extra cost, to help you stack up cashback even faster on your accumulated spend.

What’s not so great…

As with almost all rewards cards, the American Express Cashback Credit Card has a relatively high purchase rate. That means, if you carry a balance, you will significantly reduce the value of the cashback you earn on your card by paying out in interest.

The good news is, you can avoid paying any interest at all by clearing your balance at the end of the month, to benefit from up to 55 days interest free offered on purchases.

Why should you choose this card?

Before we get into why you should choose this card, let’s quickly cover who can choose this card with a little look at its eligibility requirements. To apply for the American Express Cashback Credit Card, you must:

• Be 18 years of age or older,
• Be an Australian citizen or permanent resident,
• Have an annual income of $40,000 or more,
• Have no history of bad debt.

Okay, on to the fun stuff. Alongside its cashback earn, the card offers a number of very appealing extras. These include:

• A BINGE Basic subscription (valued at $10 per month). BINGE provides new content added daily, packed with the world’s best shows, the biggest dramas, plus comedy, reality, crime, documentaries, movies and more. Note, you must pay for the subscription using your card to receive $10 back each time as a statement credit.
• 12 months complimentary access to Centr, the health and wellbeing app from Chris Hemsworth's team of trainers (valued at $119.99 per year). Offer ends 14 February 2022.
• Access to Smartphone Screen Insurance, covering up to $500 for each repair, when you purchase your phone outright or pay your monthly phone bills with your card (terms, conditions and exclusions apply, see Policy for full details).
• Peace of mind with Refund Protection, Purchase Protection and Fraud Protection Guarantee.
• Flexibility to spread the cost of items purchased on your card with Plan It Instalments.
• American Express Experiences, benefits which include Lounge access, allowing you to relax before the show at one of AmEx’s entertainment venues in Sydney or Brisbane.
• Access to Amex Offers, providing exclusive offers on shopping, dining, travel and entertainment.

Overall Rating

Simplifying rewards, the American Express Cashback Credit Card provides an easy way to earn something back on your credit card spending. With no complex rewards programs to worry about, the card allows you to focus on making the most of your cashback, while enjoying a host of enticing extras designed to create value. With the 5% cashback intro offer, you can boost your earnings even more.