There's a simple way to get a free £150 Amazon voucher according to Martin Lewis's MoneySavingExpert website. The deal is being 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 works on a point system on the card, meaning that new customers get 30,000 bonus rewards points if they spend £3,000 within the first three months as part of introductory bonus, reports the Mirror.
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These points can then be converted into roughly £150 to spent 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 boosted for new customers, with the current offer ending on July 6, 2022.
Spending £3,000 within the first three months though, is the equivalent of parting ways with £1,000 each month, so this does mean this offer does come with a hefty price tag.
In the latest email, the MoneySavingExpert team explained: “As you also get the standard one point per £1 spent on top of the bonus, hit the trigger and you'd have 33,000 Amex reward points.“[This is] exchangeable for a £150 M&S, Currys etc voucher or £148.50 to pay online at Amazon, Boots and more.
“Or, via a trick, convert them into Nectar points, enough to get £264 of Sainsbury's shopping.”
As well as the points bonus, you get two £5 Deliveroo cashbacks per month and two free airport lounge passes per year. Of course, you need to be aware that all credit cards need to be paid off in full every month to avoid paying interest. It charges 25.3% rep APR.
The Amex Preferred Rewards Gold card is fee-free in year one, but £140 a year after.
“If you spend £1,000 in a month and clear the card entirely, there's no interest,” explained MSE.
“Spend £1,000 and pay off £999, and you usually pay interest on the whole £1,000, not just the £1 left.” If you're struggling with credit card debt, the Amex Preferred Rewards Gold won't be one for you.
Instead, see if you can move what you owe over to a 0% interest balance transfer card. This is where you shift the money owed on one card to a new one that comes with a 0% interest-free period.
At the moment, the longest 0% balance transfer card is from Sainsbury's Bank, offering up to 34 months interest free, with a 2.88% or 3.88% fee. You may not necessarily need the longest length card to pay off your debt, so it may pay you to go for a shorter deal with less or zero fees.
For example, there is a Santander balance transfer card that offers 21 months at 0% but with zero fees. Only those with good credit ratings will get the top rates, and you may not always get the advertised rate.
Use an eligibility calculator first to check what you're likely to be accepted for without damaging your credit score. And crucially, don't make any new spends on these cards as you'll likely start to be charged interest until you pay it off.
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