Financial experts have explained how people can get their hands on a £150 Amazon voucher.
According to the MoneySavingExpert website, founded by consumer champion Martin Lewis, there is an “easy way” to get this voucher. It is given to new borrowers who get the Amex Preferred Rewards Gold credit card.
As part of an introductory scheme, new customers get 30,000 bonus rewards points if they spend £3,000 within the first three months. You can then convert these points into approximately £150 to spend at Amazon or M&S, or £264 to shop at Sainsbury's.
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The starter bonus is usually worth 20,000 points but it has been temporarily boosted. The current offer ends on July 6, 2022, reports The Mirror.
However, people need to be willing to spend £3,000 within the first three months - the equivalent of £1,000 each month. This means this offer does come with a cost.
In an email, the MoneySavingExpert team said: “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.”
In addition to the points bonus, you receive two £5 Deliveroo cashbacks per month and two free airport lounge passes per year. And borrowers should 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. MoneySavingExpert explained: “If you spend £1,000 in a month and clear the card entirely, there's no interest. Spend £1,000 and pay off £999, and you usually pay interest on the whole £1,000, not just the £1 left.”
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