Amex slashes cashback rates on market-leading cards

Former_MSE_Faye · 9 August 2016 at 7:10PM

The Platinum Everyday top rate has fallen from 1.25% to 1%, and those with the standard Platinum will earn less too...

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'Amex slashes cashback rates on market-leading cards'

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rusty_f · 9 August 2016 at 7:47PM

I only applied for this card last week as the cash back rate was higher than my Barclaycard Cashbsck Amex. Now it will end up being the same. Oh well, I can take advantage of the higher rate until the second part of 2017 at least!

King_Of_Fools · 9 August 2016 at 11:23PM

I think the writing is on the wall for the Barclaycard Amex 1% cashback!

SuiDreams · 10 August 2016 at 8:52AM

Not great I'm losing the £5 per month on Halifax clarity at end of September and now they are reducing my cashback on my Amex card in November. Running out of places to get cashback now.

Pincher · 10 August 2016 at 8:59AM

Guess what, my anniversary date is 24th November.

So I'm going to miss out on the 2.5% anniversary month, as it's beyond 8th November 2016. And I'm on track to go over £10,001.

Already planned to spend big in Costco, so I get 2% for Executive Member, and 2.5% for Amex anniversary month.
Arrrrggghhhhh :mad:

bengalknights · 10 August 2016 at 8:59AM

Guess everyones accounting for interbank rates

gwapenut · 10 August 2016 at 11:33AM

King_Of_Fools wrote: »

I think the writing is on the wall for the Barclaycard Amex 1% cashback!

I'm surprised they kept it going this long after the fairly early binning of the high-5 cashback.

They've been making a loss on the 0.5% visa cashback for half a year.

than_prutt · 10 August 2016 at 11:56AM

So good old EU trying their best to help consumers!!??

King_Of_Fools · 10 August 2016 at 12:09PM

gwapenut wrote: »

I'm surprised they kept it going this long after the fairly early binning of the high-5 cashback.

They've been making a loss on the 0.5% visa cashback for half a year.

Well if they are still offering a flat 1% in November it would be better than both the Platinum Everyday and Platinum cards (unless you spend more than £20,000 per year).

System · 10 August 2016 at 3:32PM

The third party issued Amex cards are definitely subject to the interchange caps - therefore many of the current deals such as Barclaycard are not sustainable.

I would bet many of these 3rd party Amex cards won't last much longer.

There are also question marks around (Amex issued) cards that are co-branded e.g. BA and finally even other Amex cards themselves due to their UK market share.

Pincher · 10 August 2016 at 3:59PM

At the top right on my log-in page,
this is what it's been saying for two years:

"An extra 1.25% Cashback for one month every year if you spend £10,001 or more on purchases within your anniversary year."

And I have been labouring to spend £10,001 all year since the last anniversary date, based on this PROMISE.

Sue for breach of promise?

In fact, I could have got 2% cashback on the Santander 123 credit card, instead of the Amex 1.25%, from John Lewis, because I wanted to get to £10,001, so they are also attracting business under false pretences.

I believe the only reasonable approach is to honour the next anniversary month, and give notice that the offer will be withdrawn afterwards.

I did spend £10,001+ last year, and used the 2.5% offer during the anniversary month.

Badly handled, Amex.

Amex slashes cashback rates on market-leading cards

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