1% or 5% cash back credit card? How about a 20% cash back card? While rumors have been buzzing for months about this card, today they were finally put to rest when the “Twenty from American Express” was revealed at a corporate press conference for the new credit card. The card will feature 20% cashback on the first $20,000 in annual purchases in a broad array of categories, including gas, groceries, travel, restaurants, mortgage payments, cosmetic surgery, and more. After that amount, the cashback will be 1%.
The Twenty from American Express will only be available to those very best credit scores (830 and above). The concept behind the card is that there is virtually zero chance that those individuals with that credit score will ever default, and in turn, Amex can afford to reward them with ultra generous awards. Furthermore, American Express stated they hope this card will be used as a stepping stone to recruit new customers for their new division – American Express Mortgage Network – where customers can finance and re-finance their mortgage at “ultra low” rates as low as 2.99%, with a 0% for 12 months introductory offer on new mortgages when cusotmers mention the coupon code “aprilfools” during the application process.