There is an easy way to get a free £150 Amazon voucher according to Martin Lewis’ MoneySavingExpert website. The deal is given to shoppers who take out a certain type of card.
Borrowers can get the incentive if they take out the Amex Preferred Rewards Gold credit card. The deal operates on an on-card points system, meaning new customers will receive 30,000 bonus points if they spend £3,000 as part of the introductory bonus within the first three months, the Mirror reports.
These points can then be converted into around £150 to spend at Amazon or Marks and Spencer, or £264 to shop with at Sainsbury’s supermarket. Normally, the card offers 20,000 points to start with, but this has been temporarily increased for new customers, with the current offer expiring on July 6, 2022.
However, spending £3,000 within the first three months is the equivalent of saying goodbye to £1,000 a month, so it does mean there’s a hefty price tag on this offer.
In the latest email, the MoneySavingExpert team explained, “Because you also get the standard one point per £1 spent on top of the bonus, you hit the trigger and you have 33,000 Amex reward points.”[This is] redeemable for a £150 voucher for M&S, Currys etc. or £148.50 to pay online at Amazon, Boots and more.
“Or trick them into Nectar Points, enough to get £264 worth of Sainsbury’s groceries.”
In addition to the points bonus, you get two £5 Deliveroo cashbacks per month and two free airport lounge passes per year. Of course, you should be aware that all credit cards must be paid off in full each month to avoid interest. It charges 25.3% rep APR.
The Amex Preferred Rewards Gold card is free in the first year, but £140 per year thereafter.
“If you spend £1,000 in a month and completely empty the card, there is no interest,” explains MSE.
“Spend £1,000 and pay off £999, and you usually pay interest on the whole £1,000, not just the £1 that’s left.” If you are struggling with credit card debt, the Amex Preferred Rewards Gold is not for you.
Instead, see if you can transfer what you owe to a 0% interest balance transfer card. Here you shift the money owed on one card to a new card with an interest-free period of 0%.
Right now the longest 0% balance transfer card is from Sainsbury’s Bank, offering up to 34 months interest free, with a fee of 2.88% or 3.88%. You don’t necessarily have to have the longest card to pay off your debt, so going for a shorter deal with less or no fees may pay off.
For example, there is a Santander balance transfer card that offers 21 months at 0% but no fees. Only those with good credit get the highest rates and you may not always get the advertised rate.
First, use an eligibility calculator to check what you’re likely to be accepted for without hurting your credit score. And crucially, don’t make any new expenses on these cards, as interest will likely be charged until you pay it off.