AMEX to stop paying cashback under £25

ahxcjb

Anyone else seen this?
http://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/10386932/American-Express-stops-paying-cashback-under-25.html

'Americian Express customers will from next March need to spend at least £4,250 a year to earn any cashback from its older credit card.
Letters have been posted to customers advising that Amex will only pay cashback if more than £25 is accrued over the course of a year.'

cse

I assume that if you earn <£25, the amount will be rolled forward to potentially be redeemed the following year? If not that's a bit rubbish

p00hsticks

cse wrote: »

I assume that if you earn <£25, the amount will be rolled forward to potentially be redeemed the following year? If not that's a bit rubbish

No, it's just wiped.

I'm a bit confused by this article because I have (what I thought was ) such a Platinum Cashback card, and as far as I'm concerned it's always worked that way. When I initially got it I was buying an annual rail season ticket each year which confortably put me above the required spend to receive cashback, but when I stopped having to commute a few years back I no longer put that much on the card and have never received any cashback since - the cashback balance (such that it is) is simply cleared down on the card anniversary date each year as I haven't earned the minimum £25 cashback amount.

IJP20

p00hsticks wrote: »

No, it's just wiped.

I'm a bit confused by this article because I have (what I thought was ) such a Platinum Cashback card, and as far as I'm concerned it's always worked that way. When I initially got it I was buying an annual rail season ticket each year which confortably put me above the required spend to receive cashback, but when I stopped having to commute a few years back I no longer put that much on the card and have never received any cashback since - the cashback balance (such that it is) is simply cleared down on the card anniversary date each year as I haven't earned the minimum £25 cashback amount.

Yes, I agree with you, mine has been wiped in the past as well and definitely was at the start of this year. I checked the terms early in the year and it had this rule back then.

However, I have just got the letter stating this starts in 2014!

It made me move to another cash back card so I can safely switch spending to the best offer without worrying about losing the bit of cashback I've already built up.

FreddieFrugal

Am I right in interpreting that this isn't effecting the Platinum Everyday Cashback card I applied for at the weekend?

ahxcjb

IanRi wrote: »

Am I right in interpreting that this isn't effecting the Platinum Everyday Cashback card I applied for at the weekend?

It absolutely will be.

Cell

IJP20 wrote: »

Yes, I agree with you, mine has been wiped in the past as well and definitely was at the start of this year. I checked the terms early in the year and it had this rule back then.

However, I have just got the letter stating this starts in 2014!

It made me move to another cash back card so I can safely switch spending to the best offer without worrying about losing the bit of cashback I've already built up.

Yep. Me too.

I earned £6 or so and it was wiped. I queried the threshold as I simply couldn't find it anywhere, and they advised me of the £25. Rather pleasingly they also voluntarily credited the earned cashback without me asking. In fact I wouldn't have asked!

FreddieFrugal

ahxcjb wrote: »

It absolutely will be.

The new rule, which takes effect on March 1 2014, applies specifically to Platinum Cashback cards issued prior to August 2009.

Is what it says. Haven't found anything suggesting otherwise online.

ahxcjb

Yes, sorry, you are correct. Please ignore my previous reply!

Alarae

IanRi wrote: »

The new rule, which takes effect on March 1 2014, applies specifically to Platinum Cashback cards issued prior to August 2009.

Is what it says. Haven't found anything suggesting otherwise online.

A different cps applies;

As long as you spend a minimum of £3,000 in a year, almost every full pound you spend on your Card qualifies for cashback.

From Amex website. Need to hit that or it gets wiped I assume.

Cell

IanRi wrote: »

The new rule, which takes effect on March 1 2014, applies specifically to Platinum Cashback cards issued prior to August 2009.

Is what it says. Haven't found anything suggesting otherwise online.

Strange. Mine was issued in 2005 and yet I was given the answer in my previous post. As my anniversary was in August then the policy of £25 minimum must have, been there, for me at least (and I doubt I've been picked out specially!) since August 2012.

Unless they made a mistake, thus explaining why they credited my account without asking.