A new Amex credit card has been launched, which offers 5,000 free Nectar points worth up to GBP50 for new customers who take out its Nectar credit card and who spend GBP500 in the first three months. The reward credit card also gives Nectar points for purchases made on the card, equivalent to 1 per cent cashback on spending at Nectar retailers, and 0.5 per cent elsewhere.
The Amex card allows customers to collect Nectar points for every GBP1 spent on it, with the credit card company saying that 5,000 points are worth between GBP25 and GBP50, depending on which retailers they spend the money with. When they are cashed in, the Nectar points are normally have the value of GBP1 for every 200 points collected.
The bonus points on the Amex card can be spent with companies such as Argos, Homebase, Sainsburys and Amazon, with double value redemptions on promotional offers available from Alton Towers, Legoland, Chessington World of Adventures, Thorpe Park, Ask, Madame Tussauds and Warwick Castle.
The card provides a good deal if you shop regularly at participating Nectar retailers; however, the card has a typical variable interest rate (APR) of 19.9 per cent on purchases, which makes it expensive for those who don?t pay their card off every month.