MSE News: Amex overhauls popular Platinum cashback credit card

neenaww

Sorry I am being a bit dim today. I have had nothing from Amex re the changes to the cards/accounts etc .. as yet.
Should I expect to be getting this sometime soon, when do the changes start? Can anyone tell me in simple terms what my options (if I am to be affected by this) are.. I have had my card for around 3 years and do MOST of my spending on it, stores willing!
Thank you in advance and sorry if its obvious to others but I just dont "get it!"

catflea

Its new cards only....

neenaww

Ah thank you catflea... one thing less to worry about then!! I have no idea why I didnt get that when I read the post by Martin :money: and this thread!

SG_Guy

The main problem with the new AmEx offer is that the £25 annual fee could go up in future whatever the current T&Cs say now. Much better to stick with the older platinum cards that do not carry an annual fee. I suspect the new offer is designed also to entice customers on older platinum cards to switch but thereafter...

In any case, most people spend more on groceries and petrol, so best to just get the MBNA AmEx card that gives 1.5% on these two categories of spend.

jmclusky

SG_Guy wrote: »

The main problem with the new AmEx offer is that the £25 annual fee could go up in future whatever the current T&Cs say now. Much better to stick with the older platinum cards that do not carry an annual fee. I suspect the new offer is designed also to entice customers on older platinum cards to switch but thereafter...

If that was the case then I'd have thought they'd make it easier to switch to the new card! MSE's news item made it sound like it was a simple matter of calling them up, but no - you have to apply for a new one, and cancel your old one (once you have your cashback payment, otherwise you lose what you built up).

I suspect that Amex wouldn't put the fee up too high - if they did they'd simply lose custom so I have no problem with jumping through hoops to get a better deal for myself for now.

markja_2

Yes. I just got off the phone and was also told it was a new application for EVERYONE. Even existing customers. It is just that they will have your existing credit history which will help smooth the way.

I was also suspicious of agreeing to a fee which could subsequently be increased. By that is the risk you take.

You won't lose your cashback unless you cancel your old one. You "may" even be able to get it if you cancel but you would have to wait until the anniversary (but don't quote me on the second bit)

My spreadsheet shows the break even point is ~£29,500 where my old card is better than the new. Anything less than this then the new one is better. My existing card is the .5K@0.5% ; 10k@1.0% ; >10k@1.5%

I don't seem to be able to post attachments otherwise I would upload my workbook.


Mark J

Yer_Wee_Man

i have just got off the phone to Amex and got a few interesting facts... As an existing customer i won't get the initial three months at 2.5% (unless the wife applies for the new card). Also I am on the 0.5% upto 3.5K, 1.0% 3.5k to 7.5K and 1.25% over 7.5K. I always thought I only got 1.25% on anything I spent over 7.5K, but Amex say I get 1.25% on my total spent if it's over 7.5K. So I don't understand MSE's figure of £89 in year 2 on the old card for a £10,002 spent. Surely at 1.25% on £10,000 this is £125 (more than the £110 you get on the new card !). I spend over 10K a year on my card.

For this reason I will be sticking with my old Amex Platinum Card. If anyone disputes my figures please let me know.