Amex launches extended £125 cashback offer for new customers

American Express has increased the introductory offer on its Cashback Everyday credit card by £25.

New customers who sign up for the plastic card can now earn 5 per cent cashback on all spend up to £125 during the first five months of card membership.

Previously, customers who signed up for the card could get 5 per cent cashback up to £100 in the first three months of card membership.

Amex launched the three-month introductory sign-up bonus for new customers with a limit of £100 in February this year as a limited-time offer.

This time, there is no end date for the new £125 cashback introductory offer.

How does it work?

The sign-up bonus is only available to customers who have not had a personal American Express card in the previous 24 months.

If you are only an additional cardholder on someone else’s American Express card, you will still be eligible to receive the sign-up bonus.

This card has no monthly or annual fees.

After the five-month introductory period, customers will receive 0.5 per cent cashback when they spend up to £10,000 and 1 per cent cashback on everything they spend after that amount each year thereafter.

As long as you spend at least £3,000 in any given year, for every £1 you spend on purchases you will qualify for cashback.

Customers do not receive monthly rebates, but rather they are credited to their Amex statement at the end of each year of card use.

The card also comes with a refer-a-friend offer.

The person making the referral gets £20 cashback, while the referred person gets £10 cashback for the first £1 they spend. The earnings limit per referral is set at £150 per year.

If you do not pay off your card balance each month, you will be charged a 31 percent purchase fee.

The Amex Cashback Everyday credit card currently has the highest credit card cash back rate on the market.

Most other credit cards offer between 0.1 percent and 0.25 percent cash back rewards, according to frequent traveler website Head for Points.

It’s worth noting that some UK retailers don’t accept Amex because it charges them around 3 percent on every sale they make.

It’s important to know where you can and cannot use your American Express card: You can find out which locations accept Amex here.

There are currently very few major chains that don’t accept it. You’re more likely to have problems in smaller stores across the UK.