MSE News: Amex set to revamp cashback credit card

edited 1 August 2009 at 1:35AM in Credit Cards
50 replies 6.3K views
Former_MSE_DanFormer_MSE_Dan Former MSE
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edited 1 August 2009 at 1:35AM in Credit Cards
This is the discussion thread for the following MSE News Story, specifically to discuss the views expressed in the article:
"The market's top cashback credit card is cutting its rate, but will become MORE profitable for some cardholders, depending on the amount spent per year.

American Express's Platinum card is chopping the top cashback rate it pays to new customers from 1.5% to 1.25%...."

Read the full story:


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Replies

  • KavanneKavanne Forumite
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    Er you've linked to the wrong article ;) It goes to the insurance one
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • How infuriating, I only applied the other day and got my approval email yesterday! I'm not going to spend enough to earn cashback, and not worth keeping if it has a £20 inactivity charge. Are they trying to lose customers?

    I think I'll email them and tell them to cancel due to these new changes...I reckon chances are slim they'll try to keep me though. And I was just feeling slightly swanky for being an Amex platinum card holder too!

    Grrr!
  • I had one. I emailed them on the Anniversary when I read that they would not pay cashback unless I had a minimum spend which I think worked out to around £200 per month on the card. As a lot of places I go to will not take Amex I cancelled mine.
    I am NOT a mortgage & insurance adviser - or anything to do with finance, that was put on by the new system I dont know why?!
  • LongTermLurkerLongTermLurker Forumite
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    How infuriating, I only applied the other day and got my approval email yesterday! I'm not going to spend enough to earn cashback, and not worth keeping if it has a £20 inactivity charge. Are they trying to lose customers?

    I think I'll email them and tell them to cancel due to these new changes...I reckon chances are slim they'll try to keep me though. And I was just feeling slightly swanky for being an Amex platinum card holder too!

    Grrr!
    If you use it once a year, you won't get hit by the inactivity charge - better though to use it twice a year so you don't have to remember the exact date you last used it. The minimum spend to get cashback is going to prevent a lot of people benefitting though.

    I don't understand why they are creating this 2-tier system. I can understand if they need to maintain existing customers' benefits, but the idea of giving existing customers a higher minimum spend than new ones is surely going to create chaos with the account management side of things. I guess they are trying to balance out the two sets of benefits, but it's not a very clean way of doing things.
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • wizk1wizk1 Forumite
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    I've just called Amex, and customer services are oblivious to any pending changes to the rewards system.

    Dan > What is your source of this information?
  • 97trophy97trophy Forumite
    915 Posts
    Are they trying to lose customers?

    Yes.

    The truth is they do want to lose some credit card customers. Their foray into credit cards has been seen bad debts on a scale they never had before. In the US they have been paying some customers $300 to go elsewhere.
  • oakhouse13oakhouse13 Forumite
    767 Posts
    wizk1 wrote: »
    I've just called Amex, and customer services are oblivious to any pending changes to the rewards system.

    Dan > What is your source of this information?

    MSE is an affiliate for American Express. Affiliates are usually told in advance of new terms so they can update their websites. Otherwise AmEx would fall foul of OFT credit card advertising regs if its affiliates displayed incorrect terms.
  • Joe_BloggsJoe_Bloggs Forumite
    4.5K Posts
    Closed Amex Blue today. Not used it in years. I had no complaints with them.
    J_B.
  • Former_MSE_DanFormer_MSE_Dan Former MSE
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    Hi folks,

    We were told this via the American Express press office, from the products team.

    If you applied already, or do so before August 11, you will get the current T&Cs and cashback rates.

    Dan
    Former MSE team member
  • rebeccakrebeccak Forumite
    138 Posts
    Part of the Furniture 10 Posts Combo Breaker
    I'm an existing customer and get my cashback early in the year (sometime between Feb and April, IIRC). If the minimum spend for cashback changes from October, what does that mean for purchases that I made *after* my last cashback payment but *before* the change in terms and conditions came into effect?
This discussion has been closed.
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