American Express Cashback Con

lisyloo

but if you have one you might aswell use it anyway, it's the best spending card around

It certainly is not for me.
After the promotional period I go onto Egg at 1%.
I don't spend enough to get to the higher AMEX tier, so I would face 0.5% and then 1% but only on pounds.
So it is absolutely NOT the best spending card for everyone.
Might be for some high spenders if you get to the highest tier, but definitely not in all cases.
The best card depends on your circumstances, but for a lot of people it will be Egg or Capital one after the promotional period.
Be careful not to make sweeping generalisations which might be true for your circumstanes but not necessarily for others.

I found it a pain as I had to use two cards (AMEX not accepted everywhere).
I perfer using Egg as I can use it everywhere, so I'm not sure what's best about it other than the promotional period of for high spenders.

jeferey

lisyloo wrote: »

....... I'm not sure what's best about it other than the promotional period of for high spenders.

I agree - I got one of these for the promo period only and have amassed £105 cashback which will be paid in August. I found it really easy to find out how much I have spent towards the £300 as it tells you on the website if you dig around a little .
I haven't used it since the first 3 months and have reverted to my Tesco Platinum Credit Card as my main card (2 points for every £1 outside store) and my Amex Rewards card in supermarkets only as I get equivalent of 1.5% as it's triple points. I save my Amex points for M&S gift cards and have had £125 since September. Again this card had a promo on it which accelerated the points.

lisyloo

I would use it now and again just to make sure it doesn't go dormant.
They could potentially close it down after 6 months and you would forfeit your cashback.
I would put a transaction through now and again until August. I think once a month would do it.

jeferey

Yeah - you could be right there - iTunes take AMEX so I'll link it to DD1's account for her odd 50p here and there.

fbly

lisyloo wrote: »

It certainly is not for me.
After the promotional period I go onto Egg at 1%.

Which is the Egg card you started using? Do they offer the 1% on pence as well as pounds? I think the amex platinum is great during the promo but I also think I will be in the 0.5% bracket once this ends. I spend about £450 average per month on amex platinum.

lisyloo

Which is the Egg card you started using?

My own is Egg Money started 2006 (which means I pay no fee).

Do they offer the 1% on pence as well as pounds?

Yes I believe they do, I'd probably choose cap one right now due to uncertainty with Barclays.

Pros to Egg Money
1% cashback
They do some good insurance like extended warranties and missed event (concerts).

Cons egg money
£1 per month fee
Recently bought by Barclaycard - all pros not guaranteed - generally considered a bad thing

Pros capitalone
1% cashback
£18 cashback available from quidco or top cashback
£10 bonus each January

Cons - capital one
£18 annual fee

stuteach

Hi

I know this was posted a wee while ago, but my wife and I have been applying for this card alternately since it first came out. Made a fortune off it over that time in comparison to what can be potentially earned from these types of card.

Cheers.

Sponge

lisyloo wrote: »

I don't consider my statements to be rude but frequently harsh.
I get fed up with people coming on here and defaming decent companies with cries of "ripoff" and "scam" when they've simply missed something very simple.
I don't think it's acceptable to slander/libel (can't remeber which) comapnies on national website in this way.

For example Michael could very easier have worked out how much he spent simply by using a calculator to add up the totals on his statements. Now that's not rocket science to do simple addition of a few months statements (max 12).
He hasn't made any defaming statements but appear to expect Amex to write to him (on knock on his door) to remind him of simple facts.
Personally I think some people have got a cheek with what they expect.
If you want to take advanatge of deals then it's YOUR respoonsibility to work out the Ts & Cs and make sure you meet them.

I agree there is no reason to be rude, but at times some people do need a bit of harshness as they want to blame someone else for something that they are responsible for.
When that goes as far as defamin companies then it's out of order.

And it's your duty to put right these wrongs? These companies are big enough to look after themselves. If you feel a law has been broken then report it to the moderators, police, companies, but there's no need for your 'harshness'.

Thrugelmir

Sponge wrote: »

And it's your duty to put right these wrongs? These companies are big enough to look after themselves. If you feel a law has been broken then report it to the moderators, police, companies, but there's no need for your 'harshness'.

Personally I would read Lisyloo's comments as fair, educational and informative.

"These companies" as you put it are run by people. They play on consumers own lethargy in offering these deals. As its highly profitable to the Companies knowing a significant sum will never be actually paid out. While benefiting from increased fees earnt from card spend.

michaels

I find it states you have spent £X of the £3000 needed to qualify for cash back until you go over the 3k at which point it just says current cashback rate 0.5% on the cashback screen of the website.