American Express 5% cashback card returns

1 February 2012

American Express has relaunched its market-leading 5% cashback platinum credit card.

The card offers 5% cashback on all purchases up to £2,000 for the first three months and 1.25% afterwards. It is the most generous cashback reward card on the market and is a good way to earn extra money - providing you clear your balance each month.

To be eligible for the card you'll need to have an excellent credit rating, earn at least £20,000 a year. And be aware there is an annual fee of £25.

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Julie Hay, head of credit cards for American Express, says: "This credit card is simple. There's no variation to the cashback rates depending on what you buy and no minimum spend before you start earning. It simply rewards you for every pound you spend on it."

Following closely behind the American Express deal is the Capital One World MasterCard. It also offers 5% cashback for the first three months but nothing thereafter and the amount you can get back is capped at £100.

Cashback cards work by giving you money back based on how much you spend on the card. However, if you're unable to pay off your balance each month the interest rate you pay on the loan will quickly wipe out any benefits of the cashback.

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