Which Amex Platinum Card?

firsttimemover

With the Capital One Cashback being withdrawn, I'm on the hunt for a new cashback credit card.

I already have the Amex Platinum Cashback Card (no annual fee, tiered up to 1.25% which I think is the same as their Everyday Platinum Cashback card now) which has been sat in a drawer except for the occasional foursquare offer etc, but I'm just looking into whether it might be better to swap to their Cashback card with the £25 annual fee, or just to use what I have.

It's been a while since I've used it so can't remember how the tiers work - is it that you will only get the lower cashback on the lower tiers even if you spend over £7,500, and the higher 1.25% kicks in at this point? Or once you get over £7,500 do you get 1.25% on everything you've spent?

If the former, my math means that on for example a £10,000 spend, you'd get £100 cashback (£125 - £25 monthly fee) but on the tiered structure you'd get £86.25, so the one with the annual fee is best. There also seem to be some extra perks on this card.

If the latter, then obviously they would both be £125 cashback so the one without the £25 fee would win.

Can someone clarify how the tiers work, and let me know if I'm missing something with the card with the annual fee before I look at seeing if I can swap over?

Thanks!

InsideInsurance

Its stepped, like income tax, so you dont get the full benefit on all spend once you hit the top tier.

firsttimemover

fab, I thought so, so looks like the one with the fee is best.

firsttimemover

in fact, bar the fact that Amex isn't accepted everywhere (which is why I stopped using it so I didn't have to carry a back up card) it should actually work out better than Capital One

eagle

firsttimemover wrote: »

in fact, bar the fact that Amex isn't accepted everywhere (which is why I stopped using it so I didn't have to carry a back up card) it should actually work out better than Capital One

If you want to use your AmEx card where it's not currently accepted, let Amex know using this link.

m0ns00n

As long as you spend at least £3333.34 per year on it, the card with the fee is better.

The first £3333.34 on the fee free card will earn you 3333.34 x 0.5% = £16.67

The first £3333.34 on the fee card will earn you 3333.34 x 1.25% = £41.67

This makes up the £25 fee. Any spend over this amount will earn you more cashback on the fee card, up until you hit the £7500 tier (at which point they'll both earn the same 1.25%).

The fee card also eans 2.5% cashback during your anniversary month (if you spend at least £10,0001 in the previous year).