Anyone old enough to remember that American Express advert? Having extolled the virtues of this cashback credit card in an earlier blog (My credit card pays me), there is one thing you need to bear in mind and that is that it will in fact not do nicely in a number of establishments.

Every time a credit card purchase is processed, retailers are charged a transaction fee by the credit card company. Apparently the charge applied by American Express is by far and away the highest, so a lot of retailers, particularly the smaller independent ones, don't take it.

Therefore you need a major card as back up. I use one by Barclaycard that also gives a modest amount of cashback.

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