The FINANCIAL — American Express No longer is being money-smart a skill for the older generation, with new national research, commissioned by American Express, revealing that more than three-quarters (79 per cent) of young Aussies (Gen Z and Millennials) identify as being ‘financially savvy.’
The research points to a trend which American Express describes as a shift to thrift, with attitudes to financial management changing over the past 12 months among younger demographics as a result of the pandemic.
THE RESEARCH REVEALS THAT AMONG GEN Z AND MILLENNIALS:
71 per cent say the implications of the pandemic have prompted them to be smarter with their finances
84 per cent would like to increase their skills in financial management even further
50 per cent define being financially savvy as ‘aspirational’ or ‘cool’
87 per cent hunt for bargains, with half (50 per cent) believing that scoring one gives them bragging rights.
In response to young Aussie’s increasingly savvy mindset, American Express today announces the launch of the American Express Cashback Credit Card – currently Australia’s highest uncapped Cashback earning credit card*.
American Express notes that the new Card gives Card Members the opportunity to earn uncapped Cashback on every purchase, including when paying bills.
Sign up bonus: a bonus five per cent Cashback, in addition to the standard one per cent Cashback, is available on all purchases for new American Express Card Members, during the first three months, up to $200
BINGE subscription: a monthly BINGE Basic subscription (valued at $10 per month) providing Card Members access to the world’s best TV shows and movies
Complimentary insurances: including Smartphone Screen insurance, Purchase Protection, Refund Protection and Fraud Protection guarantee
Centr membership: a 12-month Centr membership (valued at $119.99), providing Card Members access to health and wellness content
Curated experiences: access to amazing American Express discount offers and specially curated experiences including pre-sale tickets to concerts, sport, events and more
Cashflow management: Card Members get up to 55 days interest free on purchases, with an interest rate of 20.74 per cent p.a.
Spending with small businesses: Card Members can earn a bonus 1.5 per cent Cashback when they save the offer and make a purchase at a participating American Express Shop Small business until March 31, 2022**
This is all for a monthly fee of just $10.
Card Members can also make the most of Plan It™ Instalments, a feature that offers the flexibility to pay off credit card balances in equal monthly instalments, with 0 per cent p.a. interest and a fixed monthly fee.
Austin Huntsdale, Vice President of Consumer Lending at American Express, says the new American Express Cashback Credit Card was developed in response to younger Australians preferring Cashback over traditional rewards points (64 per cent) and preference to pay a low fee monthly, rather than full fee annually***.
“We’re always looking for ways to ensure our products address the evolving needs of consumers. With Gen Z and Millennials seeking instant gratification through Cashback incentives and new ways to be savvier with their money, there was no better time for us to introduce Australia’s highest uncapped Cashback earning credit card – giving them a financial tool that benefits their lifestyles and spending habits.”
A Card Member who spends $16,000 a year on purchases (excluding government purchases) will receive up to $399**** in value. In addition, customers new to American Express who apply, are approved and spend $4,000 in the first three months of Card membership will earn an additional $200 Cashback. That’s up to $599 in value for new Card Members in the first year of Card membership.
To find out more visit the American Express website, or join the conversation on social with #AmexCashback.
*As at April 21, 2021
** Shop Small Card Member Offer Terms and Conditions:
You must spend on the Card to which the offer is saved in-store or online at a participating Shop Small business:
For participating in-store businesses click here. Participating businesses will be highlighted with a Shop Small Offer badge.
For participating online businesses click here.
Excludes gift card purchases.
Maximum of 40,000 extra Points can be earned per Card to which the offer is saved and only spend on this Card counts towards the offer.
Excludes transactions made through a third-party establishment or payment processor.
You must be enrolled in the relevant loyalty program and have an active loyalty account to receive the points.
Extra Points will only be accrued for each whole dollar spent.
Additional Cards are not eligible for this offer.
Points are not redeemable for cash.
Points should appear on your billing statement within 5 business days from qualifying spend but may take up to 90 days from offer end date.
Points will not be applied to your Card Account if your Card has been suspended or cancelled.
Points may be reversed if your qualifying purchase is refunded or cancelled.
Full Offer Terms available here.
***Research conducted by LRWonline on behalf of American Express Australia, January 2020