Amex Platinum Credit Card anomaly

Nick_Marino

Some two months ago, I successfully applied for the Amex 'platinum' card and started using it to get the 5% cashback.

As most folks will know, Amex promote the card online and on TV with the 5% cashback being the prominent feature (or magnet).

However, what some folks won't know (and I never knew) is that when you get your first Amex *online* statement, is that Amex then inform you that the 5% Platinum Card cashback is paid out *once-a-year* and that is, on the anniversary of the date your Platinum card account commenced.

Also (and I don't want to appear pedantic) your Amex online statement refers to what you always seen as 'cashback' now referred to as.. 'money back'?

Okay, 'cashback' and 'money back' may in fact be the same thing (but I don't know that for sure). Why oh why do Amex change the word 'cashback' to 'money back'? All they have succeeded in doing is raise doubt and to some extent.. confuse!

I live in hope that in about a year's time, I will get my 5% cashback (or money back?).

Cheers.

exel1966

You obviously *forgot* to read this clearly explained example of how the moneyback/cashback/rebate is paid.

Important information

1 No rebate is payable in any month in which the minimum payment is not received by the due date. No rebate is payable on cash withdrawals, interest, fees, balance transfers, amounts subsequently re-credited to your account due to refunds, or expenditure in any one month exceeding the amount of your Credit Limit. No rebate is payable if you end the agreement before the relevant Card Anniversary date. A rebate of 5% will be payable to you by us on all transactions made in the first 3 months up to £4000 and applied at the same time as any annual rebate. An annual rebate on the aggregate amount of all transactions (other than the exclusions stated above and any introductory offer) will be payable to you by us and calculated at the following rates, 0.5% for aggregate amounts up to £3,500; and 1% for aggregate amounts from £3,501 to £10,000; and 1.5% for aggregate amounts in excess of £10,001.

They didn't HIDE it very well.

System

Hi Nick

Do you really think a huge, professional company like American Express are going to try and diddle you out of your cashback (sorry moneyback )? I don't think so.

It's very unlikely you'll have any problems with Amex, I've found them a great company to deal with.

Regards
UNDERGROUND

Nick_Marino

In answer to your question, no, I don't think Amex will try and 'diddle' me out of my cashback (or moneyback).

The reason for my post was mainly to point out that Amex do not say (when you make an application for a credit card) that you will wait a year for your cashback credits. I only found out when receiving my first monthly statement.

Glad you found Amex a great company to deal with and may I ask, do you still deal with them?

And how long did you wait for your cashback (moneyback)? Monthly? Yearly?

System

Nick_Marino wrote: »

In answer to your question, no, I don't think Amex will try and 'diddle' me out of my cashback (or moneyback).

The reason for my post was mainly to point out that Amex do not say (when you make an application for a credit card) that you will wait a year for your cashback credits. I only found out when receiving my first monthly statement.

Glad you found Amex a great company to deal with and may I ask, do you still deal with them?

And how long did you wait for your cashback (moneyback)? Monthly? Yearly?

Oh I see what you're getting a now! Although I do believe information regarding the moneyback payment frequency is contained within the T&Cs that you are supposed to read prior to submission of your application (i.e. the ones where most people - me included - just tick and then hit submit).

I assume they pay on an annual basis to retain custom for as long as possible - I imagine plenty of people would join, get the 5% for 3 months then have it on their toes if they could!

Yes I'm still with them, I opened my card around 6-7 months ago and whenever I've had any dealings with their call centre they've been great - professional and knowledgeable.

I think the moneyback gets credited to your account on the 13th statement, will have to check this though.

Nick_Marino

Yes, with reference to ‘terms & conditions’ I too (like yourself and most people) usually tick the ‘have read & understand the t & c’ box and move on to the next stage. Same when most folks download software, they don’t read the t & c but do tick the box: trouble is, if you don’t tick the box, you can’t move on to the next stage.

Okay, I admit I never bothered to read the Amex t & c, but if I had read them and subsequently noticed the once-a-year cashback payout, I certainly would not have completed my application for the Amex credit card, for the following reason..

If Amex are only prepared to pay out cashback on the anniversary of your account commencing, then similarly, the cashback period should apply for a year and not three months as is the case. The Amex cashback only lasts three months so the payout should be made after three months, well, perhaps four months, allowing Amex a month to get the statements out.

Don’t forget, Amex will have had those three months of charging those companies that accept the cards. Amex certainly won’t wait a year to collect those charges, therefore they should not expect their card customers to wait a year for the cashback.

If I was being paid my cashback monthly, i.e, in line with my monthly spend, I certainly would not have it ‘on my toes’ (as you put it). On the contrary, if a company is open and fair, I will use my best endeavours to remain loyal to them.

In their TV advertising, American Express shout it from the rooftops that new customers will get the much heralded 5% cashback, with not even a whisper that you’ll have to wait a year to get paid. Some may call it 'normal business practise' I call it 'shady'!

As it is, I (and many other Amex customers) will have to keep the Amex card account open for at least a year in order to get paid that promised cashback. As soon as I get the cashback payment, Amex will immediately lose me as a customer as I will then close the account.

Anyway, thank you for your replies.

Nick.

exel1966

Troll !!!!!!

Paul_Herring

Amex Platinum Credit Card anomaly

All the cashback cards I've used credit cashback on anniversary. Which cards have you been using that give it monthly?

IWantToBeFree_2

You've admitted that you didn't read the terms and conditions, surely you should feel !!!!ed off at your own stupidity rather than American Express?

And the cashback period DOES apply for the whole year, just at a lower rate than the 5% introductory rate.

treb1971

If you don't understand the ts & cs of any agreement you make with these companies, you will always be on the back foot.