American Express Rewards Credit Card

American Express credit card review: Rewards

SPEND money to make money with the American Express Reward credit card and reap the rewards of borrowing with one of the worlds biggest credit card brands.

We're particular fans of the tiered points system which gives you more on everyday spending:

• 3 points to £1 spent in UK supermarkets
• 2 points to £1 spent in UK department stores. And,
• 1 point to £1 spent anywhere else.

To give you a boost when you first sign up, you'll also get 6,000 bonus points when you use the American Express Rewards credit card to spend £500 in the first 3 months of holding the account.

The only downside is that you have to exchange your rewards for retail vouchers. These come in increments of £25 in exchange for 5,000 points

However, since the retailers include big names including Boots, HMV, Homebase, Comet and Marks & Spencer it's no great hardship.

To make the most of your rewards it's worth timing your American Rewards credit card application to coincide with any big purchases you need to make since there's a 0% purchases rate for the first six months.

There are also a number of other American Express benefits including 24/7 customer service, travel accident insurance and extra protection on purchases.

You'll need a good credit score and a household income of over £30,000 to apply for the American Express Reward credit card.

That's to be expected, the American Express Rewards is one of the UK's most rewarding retail credit cards, after all.

Interest Rates and Fees
		Notes..
Typical APR	17.9% APR (variable)	The typical APR is the rate most people are offered.
Introductory Purchases	0% for 6 months	Promotional purchases will be repaid first.
Balance Transfers	n/a	-
Balance Transfer Fee	None	-
Cash Withdrawal Rate	27.9% p.a. (variable)
Cash Withdrawal Fee	3% (£3 minimum)
Annual Fee	None	A dormancy fee of £20 will be charged each year if the total amount of purchase transactions is not more than £0 (Note: Cash withdrawals and balance transfers are not counted).
Foreign Transaction Fee	2.99%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Express Rewards	Earn Express Rewards at a rate of: - 1 point for every £1 spent on purchases - 2 points for every £1 spent at department stores - 3 points for every £1 spent at UK supermarkets. Point limitations and exclusions: - Petrol stations and franchise stores are excluded from the 'supermarket' definition - 3 points for every £1 at UK supermarkets will be awarded on spend up to £500 in any month - additional spending in the same month will continue to earn 1 point for every £1 spent. Points will be forfeited if: - You do not keep your account in good standing (if you exceed your credit limit or miss payments) - You earn less than 5,000 points in the 12 months prior to the anniversary of your account opening. - You close the account before the end of a 12-month period. Other exclusions and limitations apply. Redeem Express Rewards points for: - 5,000 points for a £25 gift voucher for a range of select UK stores. - Points must be redeemed in increments of 5,000. - Gift vouchers are available for: - Marks & Spencers - iTunes - Amazon.co.uk - hmv - Waterstone's - Molton Brown London - Boots - House of Fraser - Comet - Net-A-Porter.com - Harrods - Tiffany & Co
Reward #2	Bonus Express Rewards	Earn 6,000 bonus points when you spend £500 within the first 3 months of account opening. It may take up to 1 month for points to be applied to your account.

Cardholder Services & Extras
Online Account Management		You can log in to the American Express web site and manage your American Express Platinum Cashback credit card account online. - Optional Paperless Statements - SMS & E-mail Alerts: Register for "Card Alerts" and choose to recieve updates by SMS text message to your mobile phone or e-mail relating to your American Express Platinum Cashback credit card account. Notification information includes: - Account balance - Confirmation of payments - Advance notification of nearing your credit limit - Advance notification of due payments - Notification of missed payments.
Fraud Guarantee		You will not be held responsible for any unauthorised charges.
Fraud Monitoring		Secure System American Express will monitor your account for any suspicious transactions and notify you as soon as possible to check if it's fraudulent or not.
Identity Protection
Purchase Protection Insurance		Up to £2,500 per claim Purchases made with this card will be protection against theft or accidental damage for 90 days after the purchase date. - Up to £20,000 in any 365 day period. - £50 excess applies. - Please note exclusions and limitations apply.
Purchase Delivery Insurance		Mail order items are not excluded from the 'Purchase Protection Insurance' policy.
Purchase In-Transit Insurance		As part of the 'Purchase Protection Insurance' policy.
Refund Protection Insurance		Up to £200 per item, up to £750 per year Purchases of brand new items, costing between £25 and £200, will be covered in the event that you return an unused eligible item to the retailer, within 90 days of purchase and the retailer will not refund you. - Items must be paid for entirely with the American Express Platinum Cashback credit card. - Please note exclusions apply.
Comprehensive Travel Insurance
Travel Accident Insurance		Up to £150,000 Travel accident insurance covers you against serious injury and death when you buy your travel tickets with this card. It is not an adequate substitute for a comprehensive travel insurance policy.
Travel Inconvenience Insurance
Assistance Abroad		Global Assist Emergency medical and legal help when travelling abroad.
Emergency Card Replacement		If your card is ever lost, damaged or stolen, American Express will get an emergency replacement card to you almost anywhere in the world. Emergency cash advances are also available.
Other Extras	- Free additional card. - 24 hour customer service. - Chip & PIN.
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Repayment protection.

Payments & Payment Details
		Notes..
Credit Limit	£1000 minimum	Maximum credit limit is subject to status.
Interest Free Period	Up to 56 days	For purchases if you pay your balance in full and on time. There is no interest free period on balance transfers or cash advances.
Minimum Monthly Payment	10% (£50 minimum)	The minimum monthly payment will be the greater of: - 10% of the outstanding balance, OR - £50.
Allocation of Payments	Interest » Insurance Premiums » Fees & Charges » Promotional Purchases & Balance Transfers » Purchases » Cash Advances	You have to clear outstanding statement transactions in this order. This means you have to repay all interest, fees and charges *before* you can repay any promotional purchases or balance transfers, and then you must clear these *before* you can repay any standard purchases, which must be cleared before you can repay any cash withdrawals.
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.
Copy of Statement Fee	£2	This is the fee you will be charged for duplicate statements.

Card Details
		Notes..
Online Application	Yes: Instant Decision	Online applications get a decision in 60 seconds. Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
Card Type	Classic	You will need to satisfy the approval criteria (see online application) and have a good credit rating to qualify for this card.
Payment Company	American Express	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'American Express' logo will accept this credit card.
Card Issuer	American Express	The bank who issues this credit card.
Card Advertiser	American Express	The company who advertises and promotes this credit card.

Review Continued...

With the American Express Reward credit card you'll get a rebate just for spending normally - that's a plus in our book.

More rewards where you shop

As we've seen with the AA credit card it feels good to be rewarded for spending that you have to do anyway.

In the American Express Reward credit card's case that's buying your everyday basics - you'll get triple points when you spend at major UK supermarkets and double at department stores but wherever you spend you'll get at least 1 point to the £1.

5,000 points can be exchanged for £25 retails vouchers so there's 200 points to the reward pound or, if you want to look at it another way, for every £1 you spend you get at least 0.005p.

Reward restrictions

Note that purchases mean points but only that only includes purchase transactions: cash withdrawals (including cashback at the till), gambling, balance transfers or interest won't get you anything.

There are also limits on the points you can pick up, both minimum and maximum.

In your first year you'll need to accumulate at least 5,000 points or you won't get anything. Given that you get more than that in bonus points, though, that shouldn't be too tricky.

If you're a big spender, you might be more concerned about the upper limit.

In any month you'll only get triple points at supermarkets on up to £500 - anything above that will get 1 point per £1.

Note that you'll also lose all your months points if you don't make the minimum monthly repayment. However, interest earned on the American Express Rewards credit card is likely to outstrip your rewards in any case so carrying a balance at any time is a bad idea.

On the other hand, if you want to collect as many points as possible you'll be pleased to hear adding a supplementary cardholder is free.

0% on Purchases

Also handy for racking up the points whilst avoiding interest is the American Express Reward credit card's 0% introductory purchases rate for six months.

The same restrictions apply to this rate as with rewards (e.g. cash transactions won't be interest-free).

These other transactions will be subject to a much higher interest rate and -since the 0% rate is paid off first - you'll need to clear your whole balance to avoid them, not ideal if you're trying to spread the cost of some purchases.

Cash withdrawals, for example, attract interest at a rate of 27.9% p.a from the moment you make the transaction and include a 3% fee at a minimum of £3.

More Extras

American Express have a reputation as a premium credit card issuer so it's no surprise that there are a number of extra extras with the American Express reward credit card.

As well the protection on credit card purchases by law under section 75 there's 24/7 customer assistance and purchase and refund protection.

Purchase protection gives you money back up to 90 days after purchase with the American Express reward credit card when items are damaged or stolen.

Refund protection - a guarantee that you'll get money back for a reasonable complaint - covers you for the same amount.

Applying

You'll need to be aged 18 or over, have a permanent UK home address, a current UK bank or building society account and a household income of over £30,000 (your income plus your partner's income) to apply for the American Express Reward credit card.

You'll also need to have a good credit history, with no CCJs on your record.

In all, the American Express reward credit card offers more the more you spend and you can't ask for more than that.

Apply Online for American Express Rewards credit card »