Payback is a bonus and customer card system that is common in Germany and Austria. Behind the Payback brand is Payback GmbH, which belongs to the Loyalty Partner Group – a subsidiary of American Express. In addition to the customer card, Payback also offers its customers various credit cards. We will introduce them to you here.
Overview of payback and credit cards
Collecting points when shopping and using the services of corporate partners is the payback principle. Each point is matched by a value of 0.01 cents, which can be converted into vouchers, bonuses or cash from 200 points collected. This monetary advantage makes it attractive for customers to use Payback customer cards. With Payback credit cards, the advantages of the customer card are combined with the advantages of cashless payment via credit card.
The Payback Visa credit cards are free in the first year, after that there is an annual fee of 29 USD for the main card – 14.50 USD for an additional card. Cash withdrawals from ATMs are generally free of charge (third-party fees may apply). For cash withdrawals and card sales outside the USD area, however, a foreign transaction fee of 1.75 percent is charged. Transactions in Swiss, Norwegian, Swedish and Romanian currencies are excluded.
Payback Visa Classic:
The Payback Visa Classic Card is a ” classic” credit card that has been enhanced with the functions of a Payback customer card and even offers additional advantages. Visa cardholders receive an additional point for every 5 USD spent on cards, and when using a card with a selected favorite partner of the Payback family, the number of points is doubled. In contrast to the normal customer card, the points on the credit card do not expire after 36 months. Cardholders receive a 10 percent discount on shopping vouchers and rewards. When applying for a card online, there are 1,000 extra points. Card sales are usually settled once a month and then debited from the checking account.
Payback Visa Flex:
payback.de: Teaser for Visa Flex on the official website
The Payback Visa Flex offer focuses primarily on flexibility through the possible repayment of a card balance in installments . Payback offers cardholders a partial payment option. An installment payment of 5, 10 or 20% of the card balance (at least 50 USD) can then be made. Interest is calculated for the amount not yet paid, which is based on the market interest rates for overdrafts. Since partial payment is also possible with the Payback Visa Classic, but is not actively marketed, there is de facto no difference between the two credit cards. With Payback Visa Flex, there are up to 1,500 extra points for online applications.
Payback Visa PrePaid:
payback.de: Teaser for Visa prepaid on the official website
As the name suggests, the Payback Visa PrePaid card is not a “real” credit card, but a prepaid card that only works on a credit basis . You do not need proof of creditworthiness for the card and there is also no Credit bureau query. Apart from the fact that the card use always requires sufficient credit, the Payback Visa PrePaid can be used like a normal credit card. When you apply for a card online, 300 extra points are credited.
Payback American Express card:
There is generally no annual fee for the Payback American Express card. Cash withdrawals from ATMs are subject to a fee of 4% of the amount (at least 5 USD). The foreign assignment fee is 2%. A partial payment function is not provided.
For transactions with the Payback American Express card, there is an additional point for every 2 USD spent. 1,000 online points are earmarked for online card applications.
Payback Visa or American Express?
With Visa and American Express credit cards, Payback has two competing card systems on offer. Visa is the more common system worldwide. Visa cards are accepted at around 40 million acceptance points and at 2 million ATMs around the world.
In Germany, the acceptance of Visa is even slightly better than that of the main competitor Mastercard. The acceptance of American Express, however, drops significantly. It should be around a third of the visa acceptance. Amexco does not publish any concrete figures for this. As a result, “collecting points” with a Payback Visa card will be easier and more frequent than with the Payback American Express card.
Who are the Payback credit cards for?
All Payback credit cards are very “slim”. Apart from the Payback points, they do not offer any other special additional services. The cards are therefore primarily suitable for paying when shopping “with a bonus”. Then they are ultimately designed. The Payback Visa cards also enable inexpensive cash procurement – even abroad. The Payback American Express card scores with its zero annual fee, but has comparatively high transaction fees and is less accepted.
If you are convinced of the Payback principle, you can combine the advantages of the customer card and cashless payment with Payback credit cards and still benefit from it.