Amex cashback scam!!

td_007

mrposhman wrote: »

they have merely processed the cashback in the same manner that they set out in their terms and conditions which I can only assume you didn't bother to read before signing up for the card.

Where in the T&C have they explicitly stated the manner in which cashback is calculated?

lisyloo

As I have said before I did not give up a good deal - I got an even better one. That counts as savvy in my book

Agreed.
Please let me know if there is currently anything better than the current 5% deal or even 1% deal. I currently have Egg money - which is 1% on monthly balance. Don't know if they round up or down, but it's calculated montly, not individually.

Ofcourse it does not entitle me to 36p. Am I entitled to 35 p

If it was an individual transaction the yes, I'd say leaglly you are entitled to 35p.
If it's a series of individual transactions I'd say no.
Do you have any categorical legal source that says that this is against the law or against unfair contract regulations?
I can only give my opinion and I am not a lawyer but would be interested to know if you think there are any legal facts on this.
Otherwise would you not agree that it's just your opinion that it's not fair?

td_007

lisyloo wrote: »

Agreed.
Please let me know if there is currently anything better than the current 5% deal or even 1% deal. I currently have Egg money - which is 1% on monthly balance. Don't know if they round up or down, but it's calculated montly, not individually.

I use CitiShell card that gives 3% on shell fuel purchase and 1% cashback on all other purchases. The cashback is calculated on the total monthly spend and paid the following month (a superior deal to Amex). Unfortunately this is now closed to new customers

lisyloo wrote: »

Do you have any categorical legal source that says that this is against the law or against unfair contract regulations?I can only give my opinion and I am not a lawyer but would be interested to know if you think there are any legal facts on this.

Short answer no - but I am not an expert in this matter. However, is it the conventional way to calculcate?
-Seems the Egg card you hold does not do it that way
- nor does citi card that I hold
-nor do Tesco or Nectar.
-Going back to school days - were marks for each answer rounded down and added up to give the grand total or were all the marks added to give a grand total which was then rounded off?
-does Amex calcualate interest on individual outstanding transaction, round them down and then add them all up to come up with the oustanding interest for the month (imagine how much they would lose)?
-why are Amex going through this tedious process of calculating on individual transactions of the month rather than the total monthly spend? Surely because it works out in their favour and NOT the customers.

Legally it might be correct but is it RIGHT ? If all that was legal was also right we would not have the MPs expenses scandal would we?

lisyloo

However, is it the conventional way to calculcate?

Haven't done the required research to answer that, but I do know that my Boots points are rounded down per transaction, so it is certainly not every scheme that fits your required ideal.

why are Amex going through this tedious process of calculating on individual transactions of the month rather than the total monthly spend? Surely because it works out in their favour and NOT the customers.

Absolutely. I don't think anyone can argue about that.

Legally it might be correct but is it RIGHT ?

I haven't read the minutae.
It really depends on how they present it.
If they said "1% of your annual spend" then I'd say that was misleading.
If they said "1% every time you spend" then I'd say that was fair.

If all that was legal was also right we would not have the MPs expenses scandal would we?

Ok, so we are arguing whether it's moral.
In which case my answer is that they can quite morally offer whatever reward scheme they like but they should not mislead.
I havem't been through the minutae to make a call on that, but if it's not specified then that doesn't automatically make it unfair to round down IMO.

billion25

td_007 wrote: »

I use CitiShell card that gives 3% on shell fuel purchase and 1% cashback on all other purchases. The cashback is calculated on the total monthly spend and paid the following month (a superior deal to Amex). Unfortunately this is now closed to new customers

Why do you think that is? Because they can't afford it!


Short answer no - but I am not an expert in this matter. However, is it the conventional way to calculcate?

-nor do Tesco or Nectar.

Here is your homework...go buy something at Tesco, use your Clucard, make sure that the transaction value ends in greater than 50 p but less than 99 p. Tell us how many points you get. You will find that Tesco round down.

goonasuk

billion25 wrote: »

Here is your homework...go buy something at Tesco, use your Clucard, make sure that the transaction value ends in greater than 50 p but less than 99 p. Tell us how many points you get. You will find that Tesco round down.

It's not about that though is it. Rounding down one transaction or rounding down multiple transactions bundled together, there is a difference - however small it is, there is still a difference and it may or may not be 100% accurate with what the lender has offered their customers.

ILW

td_007 wrote: »

Legally it might be correct but is it RIGHT ? If all that was legal was also right we would not have the MPs expenses scandal would we?

Dont think right or wrong come into it. It's just what it is.

td_007

billion25 wrote: »

Here is your homework...go buy something at Tesco, use your Clucard, make sure that the transaction value ends in greater than 50 p but less than 99 p. Tell us how many points you get. You will find that Tesco round down.

Seems you do not get it at all. I do not need to go to Tesco to find out. I suggest you go to Tesco and purchase two items worth 99p each and pay for it together. Tell us how many points you get - 1 point of 0 point.

lisyloo

there is still a difference and it may or may not be 100% accurate with what the lender has offered their customers

Agreed.
So it doesn't follow it's automatically wrong (immoral or illegal).
It depends on the minutae of the contract the lender made.

td_007

lisyloo wrote: »

It really depends on how they present it.
If they said "1% of your annual spend" then I'd say that was misleading.
If they said "1% every time you spend" then I'd say that was fair.

Refer to the wording in t&c of post 19. It talks about cashback and total amounts. It does not call out clearly (as have been saying all along) the basis of cashback calculation. If someone says 1% cashback the expectation is that on spending £100, one would get £1. This does not happen with Amex. And because this has not been specified (on purpose) a bit get skimmed off the customers.