A new credit card has been launched by American Express, offering a flat rate of 1.25 per cent cashback on all purchases.
The Platinum Cashback Credit Card features a 2.5 per cent introductory cashback rate for the first three months. However, this carries a maximum limit of £100 cashback. Once the card drops to the lower ongoing 1.25 per cent rate, there is no maximum limit to the amount of cashback that can be earned.
Credit card customers also have a chance to earn bonus cashback during the anniversary month of their signing up, when the rate rises back to 2.5 per cent with no upper limit.
Julie Hay, head of credit cards at American Express, commented: “In recent years there has been a trend of regular credit card switching to benefit from short term introductory rates.
“However, this product is about rewarding customers over the long-term, so that year in, year out, customers who use the card continue to reap the benefits of a consistently good cashback rate.”
She added that the company's research found that 76 per cent of consumers are dissatisfied with the fact that firms tend to offer higher rewards to new customers but fail to provide their loyal customers with similar benefits.
