American Express Cashback Credit Card
Offers up to 6% cashback for the first 3 months, an ongoing 1% cashback rate, a free BINGE subscription and no monthly fees for the first year.
The American Express Cashback Credit Card is suited to people who want cash-based rewards instead of points per $1. It offers you a bonus 5% cashback for the first 3 months, up to $200. Plus, a waived account fee for the first 12 months. You just need to meet the eligibility criteria, apply online and get approved by 19 January 2022 as a new card member. Then, use your card like you normally would and watch the cashback land on your statement.
On top of the bonus cashback rate, you’ll earn 1% cashback on all eligible purchases, uncapped. And if you’re paying the ATO or spending with other government bodies in Australia, you’ll get 0.5% back.
Other perks include a BINGE Basic subscription valued at $10 per month, smartphone screen insurance and bonus cashback when you register for Shop Small. While you’ll save on monthly account fees in the first year with this card, after that it has a $10 monthly fee, which works out to $120 per year. So think about whether the value you’ll get from cashback and perks is enough to justify the cost for you.
for the first year ($120 p.a. thereafter)
Interest free period
|Product Name||American Express Cashback Credit Card|
|Purchase rate||20.74% p.a.|
|Annual fee||$0 annual fee for the first year ($120 p.a. thereafter)|
|Interest-free period||Up to 55 days on purchases|
|Card type||American Express|
|Available to temporary residents||Yes - Conditions apply|
- Up to 6% cashback
- Waived account fee for the first 12 months (reverts to $10 per month)
- Free Binge basic subscription
- Complimentary smartphone screen insurance, refund and purchase protection
- Charges a relatively high 20.74% p.a. interest rate
- Monthly fee adds up to a high $120 per year
|Annual fee||$0 annual fee for the first year ($120 p.a. thereafter)|
|Additional cardholder fee||$0|
|Number of additional cardholders||4|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
The new American Express Cashback Credit Card is the only dedicated cashback rewards card you can currently get with a major brand in Australia. In comparison, most other cards offer reward points per $1 spent. While you can usually convert points into some form of cashback, this card keeps it simple by giving you 1% back on most of your purchases – including food, coffee, petrol, clothes and supermarket shopping.
The bonus 5% back in the first 3 months sweetens the deal, giving you a way to earn up to $200 back. Keep in mind that you shouldn't be spending unnecessarily just to earn cashback and to check all the eligibility criteria before you apply.
After the first year, this card has a $10 monthly fee, which is equivalent to a $120 annual fee and is still relatively competitive. But even without this introductory offer, the 1% cashback rate for purchases means you’d only need to make $1,000 worth of eligible purchases each month to break even on the monthly fee. You can also get value from the BINGE Basic membership, a 12-month subscription to Chris Hemsworth’s Centr app and complimentary insurance options for purchases. But this card’s 20.74% p.a. interest rate for purchases is higher than the average, so cashback will only really be worth it if you can pay off your balance each month to avoid interest charges.
How to apply
You can apply for the American Express Cashback Credit Card online and will get a response from Amex within 60 seconds of submitting the secure application. Before you apply, make sure you meet the following eligibility criteria and have the documents and details you need to include.
- New Amex card member. To get the bonus 5% cashback offer, you must not currently hold an American Express credit card and can't have held one in the past 18 months.
- Minimum income. You need to earn at least $40,000 per year.
- Credit history. You must not have a history of bad debt. Want to check your credit history? Get a free copy of your credit report and score through Finder.
- Australian residency status. You must be an Australian citizen or permanent resident.
- Age. You must be at least 18 years of age.
- Financial information. This includes any assets you have, such as savings, shares or investments. You'll also be asked about any credit card you already use, existing debts from loans, and ongoing financial commitments such as bills, rent or household expenses.
- Employment information. This includes your position, salary and your employer's name and contact details.
- Personal information. You need to provide your full name, residential address, email address and driver's licence number.
- Bonus 5% cashback. Apply online by 19 January 2022 as a new Amex card member and you'll get a bonus 5% cashback per $1 on purchases for the first 3 months, up to $200 total. The bonus cashback will be added to your account at the end of each monthly statement, but could take 8-10 weeks. This is earned on top of the card's regular cashback rates, which means you can earn up to 6% cashback when you first get the card.
- Waived account fee. If you apply and get approved for an American Express Cashback Credit Card by 19 January 2022, your account fee will be waived for the first year. After the first 12 months, the account fee will revert to $10 per month.
- 1% cashback on purchases. With this card, you'll get 1% cashback per $1 spent on all your eligible purchases and 0.5% cashback per $1 spent with government bodies in Australia, with no cap. Eligible purchases cover most types of retail and everyday spending but does not include interest charges or fees, balance transfers, converted balances, foreign exchange transactions or the loading of pre-paid cards.
- Shop Small 1.5% cashback offer. Support small businesses and get an extra 1.5% cashback (up to $200) when you save the American Express Shop Small offer to your card and spend with participating businesses by 31 March 2022. Want to know more about Shop Small? Check out Finder's news story about the changes Amex made in 2021.
- BINGE Basic subscription. Foxtel's streaming service BINGE gives you access to popular shows like Game of Thrones, Big Little Lies and I May Destroy You, plus documentaries, reality and movies. Use the American Express Cashback card to pay for your BINGE basic subscription and you'll get the $10 monthly fee back as a statement credit. That's enough value to cancel out this card's monthly fee.
- 12-month Centr fitness app subscription. Featuring Chris Hemsworth and his team of trainers, this app gives you access to workouts, meal plans, meditations and more. You'll get a complimentary membership for 12 months (valued at $119.99) when you use your Amex card and register through the dedicated Amex link before 14 February 2022.
- Complimentary smartphone screen insurance. Use your American Express Cashback Card to pay your monthly phone bills or buy a phone outright and you'll get cover for smartphone screen repairs, with up to $500 for each repair claim.
- Refund protection and purchase protection. This card offers 90 days of purchase protection cover for eligible items if they are stolen or damaged, up to $2,500. Your eligible purchases are also covered by refund protection, up to a value of $2,000 if you can't return an eligible item to the retailer in the first 90 days.
- Amex Entertainment Lounge Access. Going to a show at the Brisbane Entertainment Centre, Sydney's Aware Super Theatre or the Qudos Bank Arena? You can relax beforehand at one of the American Express Entertainment lounges when you show your card at the door.
- Amex Offers. Get access to shopping, dining, travel and entertainment offers that give you credit back on your account. Amex Offers run for a limited time and can be added to your account through Internet banking or the Amex mobile app.
Rates & fees
- Account fee. Outside of any promotions, this Amex card has a $10 monthly fee ($120 per year).
- Purchase rate. The 20.74% p.a. interest rate on purchases is higher than the Australian average standard rate, but similar to many other rewards credit cards.
- Interest-free days. This card offers up to 55 days interest-free on purchases when you pay the closing balance on your monthly statement in full by the due date.
- Additional cardholders. If you want to share your account with a partner or family member, you can add up to 4 additional cardholders, with no additional cardholder fee. But keep in mind that you'll be responsible for managing the account and making repayments, as the primary cardholder.