Vitality And Amex Launch New Credit Card | Creditraters.com | Credit Raters post

Staying Fit Gives You 3% Cashback With New Vitality-Amex Credit Card

28 Nov 2019
Approx Reading time: 3 minutes
  • Vitality and Amex partner to launch Vitality Amex cashback credit card
  • Customers earn cashback on the credit card for exercising and could earn up to £335 annually
  • To take advantage of the 3% cashback customers should hold health and life plans from Vitality

American Express and Vitality have partnered to introduce a new cashback credit card. The new credit card allows customers to earn some cash as they exercise. It seems as the festive season approaches credit card providers are enticing customers. Recently John Lewis' partnership credit card introduced double reward points for customers to boost Christmas shopping.

New Vitality Amex credit card

With the new credit card, you can earn up to 3% in cash back on some spends. For instance, if you spend around £12,000 annually on the credit card, you could earn back £335. However, you will need to be very active and exercise more to collect this cash.  

There is a shortage of rewards and decent cashback credit cards nowadays on the market. Therefore the potential earnings offered by this credit card are eye-catching. To earn rewards, Vitality members will have to track their physical activity with a compatible device. It is easy to earn reward points through visiting the gym, making a run, or completing 7,000 steps daily.

Vitality offers life and health insurance clients rewards

Insurance provider Vitality is popular for the perks it offers health and life insurance clients for exercising. Normally members receive cinema tickets, free coffees, discounts on Apple watches, and Amazon prime when they hit certain targets. This is an amazing idea to get people to be active and maintain fitness as it helps them keep healthy.

The Amex Vitality credit card is one of the best cards when it comes to rewards. It has a base level of rewards, regardless of the frequency of your physical activity. Interestingly you will earn 0.5% in cash back on the card with subsequent spends earning 1%. As a result, this implies that if you spend £500 per month, you can earn £35 in cashback. Similarly, if you spend £1,000 per month, you could earn around £95 annually in cashback.

You need health or live cover to earn an additional 2%

However, it is somehow complicated when it comes to earning the extra 2%. To be eligible for the first extra 1%, you should have either life cover or a health plan with Vitality. Equally, to receive all then 25, you should hold both life and health cover. The then tier the cashback for both brackets relative to the amount of exercise one takes.

On the downside, this is an American Express credit card, meaning it is not accepted everywhere. Equally, it's important to note that cashback credit cards require you to spend more to earn the reward. That means the more you spend, the higher your balance will be, and so will be the interest they will charge. The credit card has a 22.9% interest in spending, which is higher than that of a conventional credit card. Most credit cards charge around 18% to 20%, although this is also creeping up.

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Rebecca White

Rebecca White is chief editor at CreditRaters.com. Rebecca has an extensive amount of knowledge on financial subjects including short-term loans & debt consolidation in the UK and USA. Rebecca has wrote for many publishers such as Debt Secret, My Money, VL and more.