Martin Lewis’ MSE explains the ‘easy way’ to get a free £150 Amazon voucher

The incentive is granted to borrowers who take out Amex Preferred Rewards Gold. New customers receive 30,000 bonus rewards points when they spend £3,000 within the first three months

Martin Lewis’ MoneySavingExpert website has explained an “easy way” to get a free £150 Amazon voucher.

The incentive is granted to borrowers who purchase the Amex Preferred Rewards Gold credit card.

New customers receive 30,000 bonus reward points when they spend £3,000 within the first three months as part of the introductory bonus.

You can then convert those points into around £150 to spend on Amazon or M&S, or £264 to shop at Sainsbury’s.

The starter bonus is normally worth 20,000 points but has been temporarily increased. The current offer ends on July 6, 2022.

Of course, if you spend £3,000 in the first three months, that equates to a monthly parting of £1,000.

This means that this offer comes with a high price.

In the last email that savings expert The team explained: “As you get the standard one point for every £1 on top of the bonus, pull the trigger and you’re awarded 33,000 Amex Rewards points.

“[This is] Exchangeable for a £150 voucher for M&S, Curries etc. or £148.50 for online payment at Amazon, Boots and more.

“Or use a trick to convert them into Nectar Points, enough to get £264 off Sainsbury’s purchases.”

As well as the points bonus, you’ll get two £5 cashbacks from Deliveroo per month and two free airport lounge passes per year.

Of course, you must be aware that all credit cards must be paid off in full each month to avoid interest. It calculates 25.3% rep APR.

The Amex Preferred Rewards Gold card is free for the first year but £140 a year after that.

“If you spend £1,000 in a month and erase the card entirely, there is no interest,” MSE explained.

“Spend £1,000 and withdraw £999 and you’ll typically pay interest on the whole £1,000, not just the remaining £1.”

If you’re struggling with credit card debt, Amex Preferred Rewards Gold isn’t for you.

Instead, see if you can transfer your debt to a 0% interest card.

This is where you move the money owed from one card to a new card with a 0% interest-free period.

At the moment the longest 0% balance transfer card is from Sainsbury’s Bank, which offers up to 34 months interest free with a fee of 2.88% or 3.88%.

You may not necessarily need the longest card to pay off your debt, so it may pay off for you to opt for a shorter deal with fewer or no fees.

For example, there is a Santander balance transfer card that offers 21 months at 0% but no fees.

Only those with good credit will get the best rates, and you may not always get the advertised rates.

First, use an eligibility calculator to check what you’re likely to be accepted for without hurting your credit score.

And most importantly, don’t make any new spending on these cards, as you’ll likely be charged interest until you pay them back.