Possible to get Amex cashback again ?

Mr_K

I'm debating whther to get an Amex cashback card again (in time for Xmas ). Is it possible to benefit from the 5% cashback twice, if you've cancelled the card and take out a new one ?

It worked out for me very nicely a couple of years ago. £140 cashback. plus £34 for applying via a cashback site. As soon as I got the cashback earlier this year I cancelled the card.

The offer doesn't seem to be quite as good any longer, a limit of £100 cashback and a minimum £3k spend, plus a £25 dormancy fee if you forget to cancel. Also its only £10 cashback at TCB now. There must have been too many like me taking advantage of the offer ! Might be worth a go though, if they allow it. Has anybody got 2 lots of introductory cashback out of them ?

lisyloo

I'm on my third go, so yes it can be done.

The actual rate is about 3.5%, because only the first £2K is 5% but you have to spend another £1K at 0.5% to qualify.

You must
1) not let the card go dormant (put petrol or a sandwich on it now and again).
2) don't cancel before you get the cashback
3) ideally spend £2K in 3 months
4) spend £3K in 12 months.

Also you get cashback on full £s not on pence.

However despite the fact that it's not as good as before, it's still the best deal around.
So go for it but don't be suprised if your credit limit is lower than last time, it's just the credit crunch. Mine went from about £10K to about £5K.

Mr_K

Mmmmm, see what you mean about it really being 3.5%. Might not bother as I'm getting 2% from from my Halifax card on petrol & supermarket shopping, which is the majority of my spend.

Mids_Costcutter

Having held an Amex card for the last year, my main concern would be the number of retailers (both online and on the high street) who no longer accept the card due to high transaction fees charged. You may find this has increased since you last had an account. So if you want to maximise your spending for cashback it might be worth checking the sticky:

https://forums.moneysavingexpert.com/discussion/469