American Express increases credit card bonus to £125

Eligible credit card users can now receive up to £125 cashback on their spending.

New users who sign up to the Amex® Cashback Everyday Credit Card can now receive a more attractive bonus after American Express increased its offer.

Since 14 August, this credit card now comes with the perk of 5% cashback (up to £125) over the first five months.

Previously, this welcome offer was limited to cashback up to £100 over a shorter three-month period.

Note that only customers who haven’t held a personal American Express credit card over the past 24 months are eligible for the welcome bonus.

At 5%, the cashback rate is the highest of any other UK credit card. However, it’s worth checking the terms of the credit card and comparing it against other options to make sure it’s right for you.

Cashback and other perks

During the first five months, you have the opportunity to earn up to £125 in cashback when you spend with your Amex® Cashback Everyday Credit Card.

After five months, you can continue to earn 0.5% cashback on spending up to £10,000 and 1% cashback on spending above this sum.

There’s no limit on the cashback you can earn (after the welcome offer), but you need to spend a minimum of £3,000 on your card each year to continue to qualify for cashback.

To help you make the most of this cashback offer, you can add family members to your account and apply for up to five supplementary cards at no extra cost (subject to approval). You can earn cashback on all these cards, but it’s important to remember that the main account holder will be liable for all payments and charges.

The Amex® Cashback Everyday Credit Card doesn’t charge an annual fee and comes with other perks such as selected retail, entertainment and travel offers and access to a range of events through American Express Experiences.

Furthermore, if you refer a friend and they successfully apply for an American Express credit card, you could receive at least £20 in cashback, with the potential to earn up to £150 per year.

Is a cashback card right for you?

Cashback credit cards, such as the Amex® Cashback Everyday Credit Card, are particularly suitable for those who plan to clear their credit card balance every month to avoid paying any interest charges.

This essentially means you can get “free money” for your usual spending, as long as you don’t spend more than you can afford to pay off each month.

However, cashback credit cards may not be suitable for everyone.

For example, if you want to use a credit card to spread the cost of a large purchase, a 0% purchase credit card could be a better option.

These cards won’t charge any interest for a specified period, giving card holders time to clear their balance without incurring any extra charges (as long as they meet the terms of the card and make at least the minimum payments each month).