MSE News: Amex set to revamp cashback credit card

wizk1

kar999 wrote: »

I can only echo that comment. All of the smaller retailers quote charges as the reason for not accepting Am Exp. It's also suprising just how many of the big boys wont take it either. I dont beleive Ebay and Paypal do as I wanted to try and offset some of their extortionate fees!

Actually, they do, and bizarrely, it can sometimes work out cheaper to pay by AMEX through Paypal (likewise, it could be more expensive), as all transactions are worked out in dollars, and converted into Sterling upon processing.

Several weeks ago, I bought an item for £10 exactly, including postage charges, and I was billed by AMEX for £9.87. I know it's only pennies, but it's better that a punch in the face :rolleyes:

chriswatts

kar999 wrote: »

I dont beleive Ebay and Paypal do as I wanted to try and offset some of their extortionate fees!

Yes they do as you get that well documented situation of paying using AMEX and finding out your charged more due to foreign transaction fee and Paypal converting to US dolars and then your credit card converting back. Very strange thing to do you'd think they'd charge in the UK, is it that different countries pay more or less on the various cards, might explain why in a few countries either just Mastercard or just Visa is not accepted. (ie only AMEX and Visa)

kar999

To be fair as a net seller, I'm usually withdrawing funds from my Paypal account but paying my Ebay Auction fee invoices there is only the option for Visa or Mastercard credit cards.

tallgirld

HELLLLPPPPPPPPP!!!!

Ok I have had a Amex Platinum since 2006. I only spend around 2 grand a year. When the terms and conditions change will I still get cashback or do I have to spen £4,250 to be entitled to cashback? If the latter is the case I will def cancel my card!!!

ernie-money

Hi all,

If I've read the article correctly, it implies that you will earn 0.5% cashback on annual spending up to £3,500, 1% on the portion of spending between £3,500 and £7,500, and 1.25% for anything over £7,500.

I've just copied the following information from the Amex website:

Spend under £3,500 in the year and earn 0.5% cashback. Spend between £3,501 and £7,500 to earn 1% cashback. Spend over £7,501 in the year and earn 1.25% cashback.

Doesn't this actually say that you will earn 1.25% cashback on the entire amount as long as you spend £7,500, and not just the amount above £7,501?

This would make a massive difference to me, as I think I could quite easily get over the £7,500 mark, paying for petrol and food shopping over the year, but it wouldn't be worth it if I didn't earn 1.25% cashback on the first 7.5k.

Hope someone can make head or tail of this...!

ernie-money

Aha, I've just read this elsewhere on the Amex site:

0.5% for aggregate amounts up to £3,500; and 1% for aggregate amounts from £3,501 to £7,500; and 1.25% for aggregate amounts in excess of £7,501.

But doesn't this contradict the first statement above...?

Grade_A_Reject

ernie-money wrote: »

Doesn't this actually say that you will earn 1.25% cashback on the entire amount as long as you spend £7,500, and not just the amount above £7,501?

This would make a massive difference to me, as I think I could quite easily get over the £7,500 mark, paying for petrol and food shopping over the year, but it wouldn't be worth it if I didn't earn 1.25% cashback on the first 7.5k.

That's what I'd hoped when I got my cashback earlier this year. i.e if you hit the £10k tier then all cashback would be at 1.5% (as it was at the time). Unfortunately only the amount spent over £10k qualified for 1.5% with the lower tiers being paid at their respective rates.

This would actually make me worse off cashback wise than if I used my Egg Money card as the first £3.5k on Amex is only paid at 0.5%.

The introductory 5% rate bumped up the cashback but I won't be using the card for future spending.

kar999

It's tiered incrementally like tax not retrospectively . 1.25% on spend OVER £7.5K. Spend prior to that is at the lower rates.

FarleyFlavors

kar999 wrote: »

All of the smaller retailers quote charges as the reason for not accepting Am Exp.

A small online retailer I know was approached by AmEx, who claimed that if he started accepting their cards, he would get an increase in business from the States.

So he agreed to start accepting AmEx cards.

AmEx then got in touch asking him for £150 to set up the account with them !

Needless to say, he told them where to go.

chriswatts

I was kicking myself since my card anniversary was approaching and I hadn't even reached the old £12 minimum let alone the new £25 minimum. Just checked my account and noticed a cash back rebate of £7!

Is this a hidden clause, minimum of £12 unless we feel like making a good will gesture? Thanks Amex. :T