Egg Money or Amex Platinum??

Gareth83

I have been using the Egg Money for a while now since I swapped from Morgan Stanley.

I have since received an Amex Platinum to take advantage of the 5% cashback offer over the Christmas period. The rate will then revert back to it's standard policy of 0.5% up to £3500, 1% £3500-£10k then 1.5% above that.

If my average spending is say £7k a year, would that mean I'd receive 0.5% on the first £3500 and then 1% on the remainder?

If so it probably makes more sense to stick with the Egg Money 'after' the 5% period is over as it has a flat rate of 1%

Any advantages or disadvantages of either card? Or should I keep both?

lisyloo

Egg money pays out in March.
Amex pays out on your anniverary so you might want to bear that in mind.

The money you spend in the first 3 months counts towards the other tiers.
So (for example) if you spent £4K in the fist 3 months then you'd go straight onto 1%, you don't have to start from zero again.

Mastercard is more widely accepted, but Amex has a longer interest free period.

On advantage of closing AMEX (after getting cashback) if that you could get the card again.
Don't close it before you get cashback otherwise you forfeit the lot.

I have a much higher credit limit on AMEX.

Gareth83

I pay them off monthly by DD anyway so not overly concerned on interest free periods.

What would happen if I cancelled the AMEX after 3mths? When would I get the cashback?

And could someone point me the easiest way to stooze from Egg Money, if it is still doable?

latecomer

You get the Amex cashback put onto the card after 12 months so if you cancel after 3 months I suspect you'll get nothing. You could always pay it off and then stop using the cards until you get your cashback.

Gareth83

Forgot to say I made £33.75 by going through quidco so that alone is equivalent to me spending £3375 via Egg Money.

So I'm guessing I may as well just scrap the Egg Money and see the Amex out for the year....?

Or will keeping them both open affect my credit?

latecomer

It shouldn't cause you any problems to keep them both open, just make sure you dont get carried away with the available credit

YorkshireBoy

Gareth83 wrote: »

And could someone point me the easiest way to stooze from Egg Money, if it is still doable?

Overview

Detail

lisyloo

Again, you will lose your cashback if you cancel your amex card early.

CopperPlate_2

If you close Egg Money now you will lose any cashback you have earned as the payout is in March each year. Also, you cannot then reapply for an Egg Money card until 12 months have elapsed, so be careful if you're thinking about it for the future again.

Amex isn't as widely accepted as MasterCard - I found it a real pain having to run two cards at the same time when certain places didn't accept Amex. The tiers for Amex have been changed again I think - it's fine if you know you'll get to the upper tier and be able to spend using the card in places you use, but Egg Money at least gives you the 1% CB on all spend up to £20,000 - I'm more than happy with this level and for convenience too, it makes more sense than messing about with two cards.

Gareth83

lisyloo wrote: »

The money you spend in the first 3 months counts towards the other tiers.
So (for example) if you spent £4K in the fist 3 months then you'd go straight onto 1%, you don't have to start from zero again.

Are you sure on that point?

According to

The standard (post-introductory) cash back scheme here is a tiered one, which means high spenders will be able to earn more cash back. The spending tiers are marked at £3,500 and £10,000 - allowing you to earn 0.5%, and then 1% once you've reached the first spending limit - and then 1.5% on all spending over £10,001.

There are however, no tiers to reach during the introductory period - so even your very first purchase will earn you 5%.

The above according to http://www.credit-card-comparison-online.co.uk/american-express/platinum.asp would suggest there is a tiered rate after the introductory period. This does not include any spending previously. If that is the case then it makes sense for myself and anyone else who spends less than £13,500 after the introductory period to just revert back to Egg Money.

Eg. If I spent £13k post introductory period with AMEX I would earn £127.50 (0.5%*3500 + 1%*6500 + 1.5%*3000) whereas if I spent £13k with Egg I will receive a straightforward £130 (1%*13,000)

So unless you know for definite you will spend above £13k I think I'll stick to the Egg Money after the intro period.

Can someone confirm what I have just said is correct?

billion25

I can gaurantee that spending during the introductroy period will move you through the tiers and when the introductory period ends, if you've spent more than £3,500 you move right to 1%.