MSE News: Amex set to revamp cashback credit card
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If you applied already, or do so before August 11, you will get the current T&Cs and cashback rates.
This is not what is implied in the article, and I quote "Is existing customers' cashback affected?
The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from £2,400 to a substantial £4,250 – or £355 per month."
Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.0 -
Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.
Seemed quite clear to me. And if these changes induce panic in anyone i would suggest they have too much time on their hands.
The article was concise and to the point. Lighten up.0 -
This is not what is implied in the article, and I quote "Is existing customers' cashback affected?
The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from £2,400 to a substantial £4,250 – or £355 per month."Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.The article was concise and to the point. Lighten up.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
I can't find any other source notifiying this change which I'd expect if AmEx has sent out a press release. This was written as news and MSE has registered its news feed with Google News so anyone searching Google News on this topic is likely to find this article high up and click through to read 'news'. Call me stupid but I'm a bit worried that websites that are affiliates for products are writing straight news and posting it before any independent sources. They just can't be impartial in my view although I know I am more scpetical than most. I would really like the news to give me reasons why I might not want to take out an AmEx card at all. I don't think I'm alone in being concerned about this new news feed and hopefully the website will be listening.0
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I got a letter this morning with the new terms and conditions...i've had my card for about 8 months. It doesnt say anything about a £200 min spend per month though. It says min spend for cashback is going up to £25.00 from £12. It also says the direct debit date is changing from October. Maybe ive missed it but i dont think so.0
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Hi folks,
I'm sorry a few of you didn't find the article useful, though I am a little confused at some of the points raised.This is not what is implied in the article, and I quote "Is existing customers' cashback affected?
The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from £2,400 to a substantial £4,250 – or £355 per month."
Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.
The second paragraph says that the cashback rate changes are for new customers, then goes on to say that cashback rates are unchanged for existing customers, or if you apply before 11 August, but that some of the non-cashback changes (the inactivity fee and the £4,250) will apply from October.I can't find any other source notifiying this change which I'd expect if AmEx has sent out a press release. This was written as news and MSE has registered its news feed with Google News so anyone searching Google News on this topic is likely to find this article high up and click through to read 'news'. Call me stupid but I'm a bit worried that websites that are affiliates for products are writing straight news and posting it before any independent sources. They just can't be impartial in my view although I know I am more scpetical than most. I would really like the news to give me reasons why I might not want to take out an AmEx card at all. I don't think I'm alone in being concerned about this new news feed and hopefully the website will be listening.
The writing of this article has NOTHING to do with affiliate links. In fact, the affiliate link (or unaffiliated version always included in articles) are not used in this piece, when they could easily have been.
it is about spreading information quickly, and hopefully usefully. We have good relations with the American Express press office and they gave us this info without embargo, which is great.
We're happy that we will be near the top of google news for this - we always want the reach of the site to be as large as possible. But we are writing this news because one of the top cards on the market - that a lot of MoneySavers will hold - is changing and it is correct that we should inform readers of what these changes mean.
Also, there IS a paragraph giving reasons why not to take out Amex Plat. It has been there since Friday so I assume you just missed it:However, for cashback cards to be profitable, you must always repay them in full every month, so the minimum payment is irrelevant. Otherwise, the interest paid dwarfs any profit made via cashback. Anyone paying interest should consider 0% or Balance Transfer cards.
I hope this helps explain our reasons for doing news and this news in particular.
DanFormer MSE team member0 -
Hi, I'm probably being thick and not reading properly but if someone could clarify for me that would be great!
I took out the Amex cashback card in Jan 09 (through Quidco which was £40 cashback I think and has already been paid:D)
However I only used it for the first three months as I didn't think I would cross the threshold for higher cashback so was safer and easier to stay using my Capital One cashback card (how MSE am I??!!)
So I'm due about £70 in Jan 2010. Will I lose this cashback as have not spend £1,000's and will I get hit with a no-use fee as I won't use again until I cream off the cashback or do those three months of use count within a 12 month period?
Would hate to think it's been a waste of time but would rather cancel than get hit with a fine.
Thanks!0 -
These changes come as a blow to those who don't spend that much on this card (such as myself) because AMEX isn't accepted everywhere. I'm forced to use an alternative, accepted card in the places where AMEX isn't. So I don't think I'm going to reach the threshold.
I can't help but think that I'm being cheated out of what I was promised when I originally signed up for the card a few months back. I'm sure I'm not the only one who feels this way.
Nice one AMEX! Moving the goalposts and all that!0 -
"The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from £2,400 to a substantial £4,250 – or £355 per month."
I've just been through the current terms and conditions for the Platinum Amex card. The only restriction mentioned is "No rebate payment will be made if, in the 12 months preceding your card anniversary date, the amount of rebate earned totals less than £10".
So where did this £2400/£4250 figure come ?0 -
One thing I noticed sometime ago I phoned up to see if I could upgrade to the platinum card, they issued me with a platinum card but also kept the Blue card open. If you've requested a different card from Amex your going to get clobbered with the £20 charge if you don't make sure your old card is actually closed.0
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