Customers on the new credit card earn 1% cash back per dollar spent on eligible purchases, plus 5% cash back per dollar spent for the first month once they are approved, up to a maximum of $200 cash back.
There is also 1.5% cashback for purchases made at participating 'Shop Small' business outlets, with the offer ending 31 March 2022.
However, where the cashback card is different is that there is a $10 monthly fee, but American Express does include a Binge 'Basic' streaming service subscription which is also priced at $10.
[Enjoy the benefits of our lowest rate on everyday purchases.
0% p.a. on Balance Transfers for 28 months on a new NAB Low Rate Card. No Balance Transfer fee applies. Plus, enjoy no annual fee for the first year (usually $59)*
Apply by NAB may vary or end this offer at any time.
You’ll also enjoy the benefits of our lowest ongoing rate on everyday purchases.
Up to 55 days interest free on purchases do not apply with an outstanding balance transfer.
Additional cardholder at no extra cost.
Your choice of a pink or silver card.
Apple Pay, Google Pay, Samsung Pay, ]
[0%p.a. on purchases and balance transfers for 18 months reverting to the cash advance rate thereafter.
No balance transfer fee.
Low interest rate.
Low annual card fee.
Up to 55 days interest-free on purchases.
If you currently have a credit card or store card elsewhere, you can easily transfer the outstanding balance to a Low Rate Visa Card and start saving right away.
Samsung Pay, ]
[Get 0% p.a. for 28 months on balance transfers and $0 Annual Account Fee in First Year with an ANZ Low Rate credit card (no Balance Transfer Fee).
$0 Total Annual Fee for the first year - $58 thereafter
Eligibility criteria, T&Cs, fees and charges apply.
Offer ongoing until further notice.
Low ongoing interest rate of 13.74% p.a. on purchases.
Up to 55 days interest free credit on purchases.
$0 annual fee for the first year - $58 thereafter
View balances, transfer money and make payments simply and easily with the ANZ App.
Apple Pay® and Google Pay let you use your compatible Apple® or Android™ device to tap and pay with an eligible ANZ credit card.
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[You get up to $350 cashback when you take out a new Low Rate Credit Card. $50 cashback will be awarded for every month $1000 or more is spent on Eligible purchases for the first seven statement periods from card approval.
Eligibility criteria and T&Cs apply. + $59 annual fee.
Up to 55 days interest free on purchases when you pay the closing balance of your statement in full by the statement due date.
Make the most of the balance transfer by creating a balance transfer repayment plan with SmartPlan., ]
[Enjoy 0% p.a. on purchases for the first 3 months + up to $240 cashback
Our lowest interest rate on purchases at 13.24%
Control your security and spending - instantly lock international payments, block ATM cash advances and limit your spending through the CommBank app or on NetBank.
Minimum credit limit $500
Monthly Fee $6/mo (equivalent to $72 per year)
Android Pay, Google Pay
, ]
[Low ongoing interest rate.
Low annual fee.
Microchip for extra security.
Global acceptance of Visa.
Access to Visa Entertainment.
Visit macquarie.com.au/cards for full details and terms and conditions.
Zero liability unauthorised purchases with Visa’s Zero Liability Policy*, ]
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Payments expert Bradford Kelly said Amex's offering is "really the only cash back card in the market".
"Its monthly fee is outweighed by the Binge subscription and if you pay off your balance every month, you can probably do OK," he told Savings.com.au.
"The insurance inclusions are also quite attractive."
Such insurances include smartphone screen insurance, purchase protection, refund protection, and fraud protection.
"The Amex 'shop small' and other offers are always very good. The smartphone screen insurance covers you for up to $500," Mr Kelly said.
Mr Kelly also issued two warnings about the Amex card.
"Like all things in life, there’s no such thing as a free lunch," he said.
"The revolving interest rate is 20.74% which could quickly negate any cashback savings or incentives offered ... also a $30 late fee - ouch."
However, the $30 late fee is in-line with other products from American Express and other brands, and is not charged as long as repayments are made by the due date.
Cashback cards are not common in Australia, and are more common in the United States where the credit card still reigns supreme.
Cards such as Chase 'Freedom', Citi 'Double Cash', Capital One 'Quicksilver' and others all offer cashback offers anywhere from 1.5% to 5% on purchases.
Another payments expert, Grant Halverson, said they were not popular in Australia due to the "exceptionally rich" airline rewards programs.
"This is past tense, however, as currently airline programs are in decline and non-starters due to Covid-19 restrictions – overseas trips may happen in 2022," he told Savings.com.au.
"Retail programs such as FlyBuys have also cut into cashback offers - but and it's a big but - is it time for cashback?"
Mr Kelly also had one final warning about the Amex credit card.
"Some fitness thing from a Hemsworth is included - haven’t we seen enough of them yet?" he said.
"No more Hemsworths. They are all the same person anyway. For people who hate publicity they really love publicity."
Australian credit cards the "greatest failure in modern banking"
In the context of Latitude going public (launching on the Australian Securities Exchange, or ASX) earlier this week, Mr Halverson said credit cards are a "legacy business".
"Credit card borrowing peaked in 2012; since then banks and card issuers have managed to engineer one the greatest failures in modern retail banking - losing 27% of their customers, $88.6 billion in lost sales and losing 82% market share in unsecured lending," he said.
"Australians are using debit cards and the NPP [New Payments Platform] not credit cards, and if they borrow it’s piled onto mortgages which total $1.8 trillion - and for the record BNPL has nothing to do with this."
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Denise Raward
Emma Duffy
William Jolly
