5% cashback when CC's paid in full?

ampersand

A friend spoke today of seeing Martin[she thinks]speak of a Credit Card which gives some sort of 5% rebate?/cashback? when the bills are paid in full. It was earlier this week.

I offered to try and find out via a question here.

Does anyone know, please?

Paul_Herring

ampersand wrote: »

A friend spoke today of seeing Martin[she thinks]speak of a Credit Card which gives some sort of 5% rebate?/cashback? when the bills are paid in full. It was earlier this week.

I offered to try and find out via a question here.

Does anyone know, please?

The 5% is on any spending on the card, not for 'paying the card off in full.'

'Paying off in full' results in you not get charged interest on any outstanding amount, the size of which would easily outweigh any 5% you'd get on any spending, thus wiping it out.

ampersand

Thankyou both - I shall pass Amex Platinum onto her and let them research it.
Paul - are you implying the 5% on all spending kicks in only if the bill is NOT paid in full?

Daisy_Duck

No, Paul isn't saying that, he is just pointing out that the Amex Platinum card pays the 5% on spending for the first 3 months regardless of you paying in full or if you make minimum payments.
Although the cashback is negated if you are paying lots of interest on a running balance. The best way to use cashback cards is to put your normal monthly spending on them and to pay off in full each month- cashback and paying no charges- winner

oscardog

With this C Card, also try and match it to a large purchase when you get the card. We did this when we paid for a holiday and so got another 5% off effectively. Good deal when you are spending a few thousand on a holiday.

ampersand

Yes indeed - it was this which apparently triggered friend's interest. They had just spent £300 on a tv and husband buys £2/3k cameras for work.

lisyloo

Be aware that many holiday companies will add a charge for paying for holidays.
But it's excellent advice to time your application before a large purchase, because you need to spend £2K in 3 months to get the max.

Be aware of the following:

1) You need to spend £2K in 3 months to get the max £100.
2) You need £30K income to get the card.
3) You need to spend £3K to get cashback. Cashback is 0.5% on the amount between £2K anf £3k so effective rate is 3.5%. Still much better than anything else
4) Amex is not accepted everywhere. Have a back up.
5) Keep the card for 12 months to get cashback.
6) Don't let it fall into dis-use. There is a fee for inactive cards, plus they might close your account, so use it for food or petrol or lunch time sandwhiches or something,
7) You only get cashback on full £s. This reduces the cashback a little.

If you can get through all the hoops then it's the best cashback card IMO.