Amex Cashback Question

pmorrison_2

Hi,

With the Amex 5% cashback card, is the cashback paid anually or monthly? There is a note on the account page saying "Moneyback is paid into your account every year in one lump sum on the anniversary of receiving your Card." I assume that Moneyback is the same as cashback, but just wanted to check.

Also, if I choose to cancel the card after the 3 months is up (assuming cashback is paid anually), do I get it as soon as the card is cancelled or do I have to wait until the anniversary date?

Cheers,

pmorrison

lisyloo

cashback is paid annually (and yes it's referred to as moneyback).

If you cancel your card after 3 months then you will forfeit your cash back.
So don't do it.

I'm afraid you have to keep the card and then cancel after the 12 months is up.

Hassle, but you have to play by the rules.

I now keep a spreadsheet with all important dates in e.g. MOT renewal, insurance renewal, end of bonus etc.
Then it's all in one place and easy to refer to.

pmorrison_2

Thank you, glad I know otherwise would have been fairly annoyed with myself if I cancelled it and lost the cashback!

I dont suppose you know how its credited? Is it just knocked off the card balance or is it paid out by cheque?

everyotheridwasused

Its knocked off the balance, or added as a positive balance if your card has nothing on it.

LongTermLurker

...which is another gottcha, cos it means you need to use the card just to get your cashback!

pmorrison_2

Thanks everyone for your replies!

lisyloo

..which is another gottcha, cos it means you need to use the card just to get your cashback!

With most companies you can ask for a cheque (or credit to your bank account).
This can take a few weeks, but it's might be quicker to buy some petrol with it.
I woulnd't have thought this was a big deal for most people, but if you are adamant then ask them to send you a cheque for the credit balance.

raspabarbas

I've been looking at getting a credit card now that I have a well-paid long-term job and no other debts, but after reading the T&Cs of the Amex cashback card I'm not really sure what the point is.

You have to wait a whole year to get the rebate and then they credit it to your credit account. What's the point in using a card so they put money on it which you can't withdraw or they'll charge you? Why not send a cheque to the account from which you pay off the card?

Are there any better alternatives to the Amex? I was looking at the John Lewis partnership card but that only gives 0.5 - 1% in JL vouchers.

Any thoughts?

Thanks all,

RB

lisyloo

I'm not really sure what the point is.

The point is to get 5% cashback.

You have to wait a whole year to get the rebate and then they credit it to your credit account.

Correct. I'm prepared to wait 12 months for a free £200.
If you're not then don't bother.

What's the point in using a card so they put money on it which you can't withdraw or they'll charge you?

Where did anyone say they charge you?
You can either spend it (which is quickest and easiest) or get a cheque sent out.
Administratively it's easier just to buy some food or petrol which most people do fairly regularly.

Why not send a cheque to the account from which you pay off the card?

You can probably do that.
Mine took about 5 weeks from Capital one (admin) so you might want to get petrol/food instead ion the card as it's quicker and saves a phone call.
But yes it's an option.

Are there any better alternatives to the Amex?

Amex is by FAR the best payer and you can get cashback when you apply.
It's not as widely accepted as visa/mastercard.
A lot of companies pay annually and credit it to your account so this is really nothing exceptional, but as I say, if you can't be bothered to "play the game" then that's your choice.
I've had sums up to £330 annually, so I'm willing to play along with their rules for that sum of free money.

When you own your own credit card company then you can make the rules, until then you have to do what they decide.
Not being nasty or sarcastic, but it's really not up to card holders to demand they run their business a certain way that's convenient for you.

DipStick

When the year is up the cashback just gets deducted from that month's CC bill.

But you have to stay alert: after a year or so you'll find the cashback gets reduced and reduced. I've had 2 cashback cards which started out offering excellent cashback and gradually (and they hope you don't notice) they reduced it and reduced it so now they give only half a percent or so.

lisyloo

When the year is up the cashback just gets deducted from that month's CC bill.

But most of us aren't using the card after 3 months.
It's a pain as it isn't accepted everywhere, so it's in a draw waiting for cashback.
Hence you go into credit and jsut want the money.