MSE News: Amex Platinum boosts cashback to 5%

I had an Amex card for a couple of years, over 5 years ago, and it was definitely not worth the hassle.

There are two big downsides, firstly not everywhere accepts Amex you have to have a second credit card to hand in case of rejections. Secondly some places that take it do so with great reticence especially smaller retailers and the feeling you are handing over something the vendor would normally step over if it was lying on the pavement becomes grating.

Since then I stuck to something universally accepted, the old Egg money card with 1% cash back, simples.

Occy

Capone cashvback or any other visa or MasterCard are better.
Amex nice card but still many shops don't take it so you also need 2nd card.

We both held Gold AMEx cards for about four years after being invited to join by AMEX.
We were attracted by the reward scheme which at the time offered us bonus miles onto my flight reward card.

I can only say it was one of our worst financial experiences ever and we would never use AMEX again or recommend them no matter how good the rewards.

In the UK we found the card to be almost useless. We found that about 8 in 10 transactions we performed where the card was not accepted. You simply cannot use it so whats the point? This starts to get very annoying and often quite embarrising It caused great amusement with our friends and became the standing joke on a night out.
You have to have a second credit card as the AMEX is so bad. So what happens, you just end up using that card all the time.

Each year AMEX would send us a less than friendly letter telling us the account would be closed if we failed to use our card more and spend a minimum amount. Each year we would ring them and ask how exectly they expected us to do this when most retailers do not accept the card.

Now here come that best bit, on one occasion the person at AMEX asked me to name the shops and restaurants so they could ring them and ask them to start accepting the card! I was shocked, was this really a serious professional worldwide business suggesting such actions be taken.

Throughout the years there was a real arrogance to the way AMEX did business. They were always right and you the customer was always wrong.

In the end we decided to leave AMEX, we had no desire to go through the same hastle, stress and disappointment year on year any longer.

The best bit was AMEX telling us they were asking us to leave when we rang to cancel the cards as we were not the customers they wanted. i totally agree. DINKies, in professional jobs, frequently travelling, high spending, high earnings. Why would AMEX possibly want people like that?

We still get endless promotions asking us to join them dispite asking on several occasions to be removed from their systems and mailing lists.

As you might be able to tell the experieince is still raw for us both!:eek:

Does Amex Platinum cashback card give free airport executive lounge access ?

UPDATE: AMEX Platinum Cashback Credit Card

Now have letter to hand that states as of May's Statement the following will apply

Section 5.1 Interest Rate

The Purchase rate will change from 1.17% per month to 1.53% per month an from 14.9% per year to 19.9% per year.

Section 5.3
Standard balance transfer rate will change by the same amount of interest increase.

Obviously if you wish to opt out of the changes you can do this by visiting their website at www.americanexpress.co.uk/optout, or you can call their Customer Service number. If you want to opt out you will need to do so before the 10th April 2012. Your Account will be closed and any existing balances will be charged at your current interest rate.

Hopes this help anyone

AMD