Excellent investment if you have an expensive few months ahead! (American Express)

Member Name: cakeyj

Product:	American Express
Date:	14/02/09 (207 review reads)
Rating:

Advantages: The 5% cashback for 3 months, then up to 1.5% for the rest of the time

Disadvantages: Cashback could be as low as 0.5%, not always accepted, particularly in smaller shops

I applied for the American Express platinum card because of the initial offer of the 5% cash back for the first three months after which it then goes to 1.5% if you spend a certain amount which is slightly better than a lot of the other cashback cards on the market at the moment, if you don't spend the guideline amount then the cashback drops to 0.5% which isn't so great.

I use my American Express in place of my debit card and conveniently arranged a direct debit from my current account to pay the balance off in full every month so I can benefit fully from the cashback. I use it for shopping, petrol and any other purchases where it is accepted as payment.

Cashback is paid annually from the date you recieve the card so it builds up and you can recieve a substantial payment (depending on how much you spent!).

Requirements for acceptance are that you are earning at least £20,000 per annum.

American Express is actually accepted in more places now than you may think -if in doubt or if there isn't a sign saying the shop accepts American Express just ask and more often than not they do accept it.

Summary: A good cashback card