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Amex moneyback/cashback
Joannef_2
Posts: 342 Forumite
in Credit cards
When I look online it is showing eligible moneyback as 6,020. Can anyone tell me how much this adds up to in £? I can't make sense of it as I was on the 5% cashback deal and I spent at least £3,000.00 so I'm not sure how the 6,020 is calculated.
Thanks.
Thanks.
0
Comments
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You normally earn one point per pound spent, but during the 3 months of 5%, you earn two points per pound (this explanation was recently added to the paper statements IIRC.)
I'm assuming points convert directly into pence, so you've got £60.20 cash back so far.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Thanks. I'm waiting for my first statement to come in so I haven't seen a paper statement yet. So it looks like they have only paid me 2% cashback instead of the 5% that I should have received.0
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This has been discussed in the main AMEX thread, without reaching any conclusion. Clearly, as the OP says, 5% is more than two times 1.5%, so the "double the spend" thing doesn't seem to make any sense.
What we need is for somebody who's received their cashback to post, showing how it was calculated. Sadly, none of us seem to have got it yet.0 -
It seems really strange. All my spending was inside the 3 months, so easy to work out, but I can see that after 3 months things could get complicated. From my calculations, all I can suggest is that they are basing it on an average of 2.5% cashback over the year because they've taken my spending, multiplied that by 2 ("double points") to get my quoted "eligable spend". As I know that I actually spent HALF that amount, which gives 5%, then their value must attract 2.5% overall.
So if OP has only spent within the first 3 months, then it suggests she spent about £3000. However, after 3 months, you get less points, so you need to take the amount you spent in 3 months and proportion that against the full stated figure. Hopefully, you stopped using it at the "easy" stage, in which case, I reckon you're due about £150.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
I emailed them to ask them to explain it and they said they will send me a breakdown by post and I should receive it in 5 working days. I spent exactly £3,000.00 in the first three months so I calculate I should have earned £150.00.
Will have to wait and see when I receive the breakdown.0 -
That ties in with what I said then; £3000 = 6000 points = £150 = 2.5% of points value.I emailed them to ask them to explain it and they said they will send me a breakdown by post and I should receive it in 5 working days. I spent exactly £3,000.00 in the first three months so I calculate I should have earned £150.00.
Will have to wait and see when I receive the breakdown.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
I spoke to Amex about this over the phone and the advisor couldn't explain how it works - in the end he told me it was standard and not to worry about it.....
Since I came off the 5%, the eligible spend now reflects the amount I spent during the month, so it's obviously related to the special offer. I keep a close track on what I'm spending each month to ensure I get the right amount of cashback in December.0 -
In the past, the eligible spend figure became the amount of cashback (in pence) so spend = 6000, cashback = £60. Having come back to Amex after a few months away, I too am trying to work out how the 5% offer works.0
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I was also rather confused by the whole thing but then decided to just go with it and see what happens at the end of the 5% period.0
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Me too rather be confused by such 'Eligible Spend' system.
One thing for sure, they are not going to pay the cashback until the card anniversary.
Watch out their new wording:
'Your rebate balance will be forfeited any month which the minimum payment amount shown on your statement is not paid by the next statement date and remains unpaid at the following statement date. You will start earning your rebate when payments to your account are up to date and you receive this rebate at your card anniversary.'Vodafone sucks. :mad:0
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