Amex Platinum Credit Card Cashback Complaint

td_007

Ritchie74 wrote: »

Your argument is flawed as you are comparing one visit into tesco (one transaction) with a months credit card transactions. If tesco worked as a credit card (make lots of transactions and pay at the end of the month) ie like-for-like comparison then there would be no difference in the points allocation.

You have completely missed the point here. The comparison is between a Tesco bill with multiple items to an Amex statement with multiple items. On the Tesco bill points are awarded the sum but not in case of Amex and you will almost always end up with lower points on Amex compared to Tesco. However, as Amex have now included a description of how points are calculated all this becomes a moot point.

Ritchie74

So are you saying that if you bought multiple items in one transaction with your Amex card, points are awarded per item rather than the full trans amount ? If not then it's the same as Tesco (as per my previous example). As I understand it, the points are awarded for each full pound at POS level for both tesco and Amex. Tesco don't apply points for the sum of all trans in the quarter, just as Amex don't sum all trans for each monthly statement, prior to adding points. Both add points each time you spend, then sum up at the end of the statement period.

Going off topic now, but just pointing out that they are calculated in the same way.

tali

hippey wrote: »

Yes exactly right, rounded down to the nearest full pound per transaction. You can check your cashback amounts online which is how I picked it up.

My cashback earned was only £34 -so it will probably be a matter of pennies lost if i read correctly from your OP
Slightly different point why does MSE emphasize the 5% over 3 months- when shouldn't it be the over 12 months instead with the 9 months of 1.5% cashback taken into account which is really 2.375%(okay still better than others in Year 1) over 12 months?

hippey

In reality most cardholders will only have missed out on a few quid if that really.

But, MSE do advertise the 5% promo period stating the 3 months then it goes down after that. In the first 3 months without doubt it is one of the best on the market, after this period there are other cards that exceed the value either by cashback or reward points value.

Personally I think the value of the cashback is overstated as it really depends on how you use the card, I use a credit card for everything even small transactions so for me personally the way Amex worked out the cashback meant I lost out quite a bit. With a card that works out my statemented balance for the purpose of any reward I was always better off.

For instance I now have the Lloyds Duo Premier card, I get 1.25 airmiles per £10 spent and I accept the fact that due to rounding (as clearly stated in the T&C's) some of the fianl balance might not count - £2315 spent - miles awarded: 289 so I lost 0.3 of a mile or so due to the rounding effect, but I understood that when I applied for the card.

My origional point was that this happened with every cardholder and this was not part of the T&C's for this card and that in reality you did not get the cashback as advertised which is unfair. I got back what I was owed, and would invite others to do the same, for the cost of a phone call (and more than likely free!) you should get a few quid back, obviously you might think its not worth it and obviously that is your choice, but I always think if you let them get away with it they just carry on!

lisyloo

Well done on your sucess.
Personally I value my time highly and can't be bothered to chase £8.
But I understand how you feel about the principle, so well done.

catflea

Incidentally, if you spend a decent wedge on the card and want to bump up your cashback rate ring and ask to cancel citing that you aren't happy with the cashback rate..... (make sure you spend a good amount on an annual basis though or the card WILL be cancelled!)

molerat

MBNA cashback is on each transaction rounded down to whole £ but Capital1 is on total of monthly statement rounded correctly, up or down as appropriate.

Geoggy

is the amex worth getting for a one off significant transaction? I am buying something for 9 grand in a few months and was going to apply for card, use, get 5% and then not use again

catflea

The 5% cashback is capped at £200 so a 9k purchase will earn you

£4000.00 earns you £200
From that £4000 to £7000 you earn 1% so that will be £30
From £7000 to £9000 (and any future spend) will earn at £1.5% so that will be £30 also.

So £260 cashback from 9k and of course 1.5% on any other spend you make throughout that year (which is better than any other card out there!)

a flat 1% card would earn you £90 cashback, so the amex plat is a good bet for you!