Launched this week, Peter Gerrard, the website’s senior researcher, said the new card failed to live up to expectations. Moneysupermarket.com has a dedicated cashback card and balance transfer card comparison facility on its credit card channel.

“Despite American Express offering one of the best reward cards in the market – up to two per cent cashback from Amex Blue – this new partnership fails to live up to expectations, with just a £10 voucher rewarded for every £2,000 spent on the card. This is equivalent to just a 0.5 per cent reward,” he said.

Mr Gerrard suggested that the rewards, vouchers that can only be spent in a select number of stores, were more limited than ” the likes of Amex Blue who credit your account in cash for the sum earned”.

He added: “With just a six month 0 per cent introductory offer for balance transfers, this card also fails to live up to its peers where up to nine months is now the norm. Plus it operates a negative payment hierarchy system where all interest-free debt is paid off first whilst the spending, albeit earning some ‘reward’, is charged at the standard rate of 16.9 per cent.”

“If you’re after a card that rewards you for your spending and also offers a good introductory deal for balance transfers, then I would suggest looking at Halifax One or Amex Blue instead,” the credit expert concluded.

To read more about credit cards, click here.

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