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MSE News: Amex overhauls popular Platinum cashback credit card

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in Credit cards
This is the discussion thread for the following MSE News Story:
"Amex has revamped its Platinum cashback card, meaning it may no longer be the top payer for the majority of users ..."
"Amex has revamped its Platinum cashback card, meaning it may no longer be the top payer for the majority of users ..."
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I've done a few sums and it seems that to benefit over a flat 1% card (ignoring the potential fluctuation of the 1 month at 2.5%) its nessecary to spend £7000 in the year - doesn't seem too bad to me. Given Amex's target market I think this could wind up being a very good product for them....
Have had mine 2 months and already hit the £100 'jackpot' as it were so everything else is getting a couple of pence at 0.5%.
But in terms of annual spending next year, I'm not sure I'd clear the £25 charge
Am I being more stupid than usual today? Doesn't n/a normally mean not applicable, therefore there is no fee on the new card?
Should read things twice in future before I post. Sorry!
I've not been informed of one.
I rarely use the card as hardly anywhere accepts it so if there's a fee I'll just cancel.
My theory is:
The reason the old card wins out for high spend is because the extra 0.25% for spend above 7.5k eventually (at £12k) evens out and then wins out over the flat 1.25%.
Any thoughts? I am not an accountant so may have missed something...
Also worth noting the maximum benefit from the new card is £11.25 (if you spend exactly £7.5k/yr). If you manage to spend £18k, the old card is worth £15 more.
* I was going to post a link to the spreadsheet but as a "new user" I'm not allowed... even though I've been registered and reading these forums for years.... try docs.google.com/spreadsheet/pub?hl=en_GB&hl=en_GB&key=0AvL1fstEhlK2dHF0WHJVSXlyVFBJekJEV0Uyd0RBLWc&single=true&gid=0&output=html
The most recent incarnation was
Spend between £0 - £3500 was 0.5%
Spend between £3501 - £7000 was 1%
Spend over £7001 was 1.25%
and the prior one which you mention is slightly different to the levels you have given.
Spend between £0 - £3500 was 0.5%
Spend between £3501 - £10000 was 1%
Spend over £10001 was 1.5%
ALL the old platinum cards have a forfeiture clause if less than £3000 is spent in the year.
I don't have my cashback calculator tool to hand
So on the more recent card.....
Bottom Tier - upto £17.50
Middle Tier - upto £35.00
Top Tier - upto whatever
So, assuming you hit £7000 dead on the most recent iteration you earn £42.50
on the new card £7000 earns £82.50 - so knock the £25 off you get £57.50
£6000 earns £75 so knock the £25 off and you get £50 so for many people the new card is a better one in terms of cashback
There is no spend based forfeiture on the new card so £2000 spend will see you break even
Dont forget though (and I've not included this in the above) on your anniversary month you get 2.5%
I do hope that makes sense.......
It's not possible to simply change your existing account's terms - you have to take out a whole new card. So I've applied and am now waiting.
Secondly, if you cancel your existing card, you forfeit any cashback outstanding - so make sure you keep your existing card account open (and have spent enough) until your card anniversary (Amex can tell you when that is) and only cancel once you've got your money.
The MSE article made it seem like it would be a bit easier than this I have to say...