Amex platinum everyday cashback query

Dr_Wu

Hi there

Thinking about applying for this card (amex platinum everyday cashback) to use for 3 months, spend around 2K over the holiday period and get £100 cashback i.e. 5.0% of 2K. Plan is then to cancel the card and apply for a Santander 123 cashback card which we shouldn't have to pay an annual fee on as we've just opened up a 123 current account. Obviously we then get cashback on utility bills with the 123 account and cashback on petrol etc with the credit card

Seems the best way to maximise cashback potential (along with Quidco of course!)

Just wondering if there was an obviously better plan or if I was missing something? (we clear the cards every month and have never been turned down for a card so have a good credit rating)

Thanks in advance

lisyloo

You won't get any cashback with your plan.

That's because the minimum spend is £3K.
You'll also have to wait a year for cashback.

Have you considered the Preferred rewards gold card?
You only need to spend £2K and rewards come a lot earlier.
You get rewards rather than cash, but one of the options is tesco gift cards which you could spend on groceries (online if tescos isn't close to you).

FreddieFrugal

There's also no need to cancel the card as it has no fee. You'd probably be best off to keep using it for a year, then if need be apply for the 123 if you think that'll be the best card for you.

Also with regard to your plan. Getting the £100 cashback is good if you would be spending £2,000 during that period anyway. But if you're deliberately aiming to spend more than you would normally be you're not actually gaining anything.

lisyloo

You'd probably be best off to keep using it for a year

I believe you HAVE to keep it for a year to get cashback (but not necessary use it once you've reached the £3K quota).

You really do need to familiarise yourself with the details because otherwise you'll sabotage the deal on two counts (not reaching the quota and cancelling the card too early).

pingles

I believe you HAVE to keep it for a year to get cashback

I can confirm that. I have the plat. cash back credit card and switched most of my spend over to their BA Premium Plus instead- I wanted to close the account, transfer the cash back and merge credit lines.

They said I could close the account but I'd forfeit the cash. I'll have to wait until the card renews before I close it down.