Amex slashes cashback rates on market-leading cards

in Credit Cards
30 replies 7.7K views
The Platinum Everyday top rate has fallen from 1.25% to 1%, and those with the standard Platinum will earn less too...
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'Amex slashes cashback rates on market-leading cards'
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  • rusty_frusty_f Forumite
    119 Posts
    I only applied for this card last week as the cash back rate was higher than my Barclaycard Cashbsck Amex. Now it will end up being the same. Oh well, I can take advantage of the higher rate until the second part of 2017 at least!
  • King_Of_FoolsKing_Of_Fools Forumite
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    I think the writing is on the wall for the Barclaycard Amex 1% cashback! :(
  • SuiDreamsSuiDreams Forumite
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    Not great I'm losing the £5 per month on Halifax clarity at end of September and now they are reducing my cashback on my Amex card in November. Running out of places to get cashback now.
  • PincherPincher
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    Guess what, my anniversary date is 24th November.

    So I'm going to miss out on the 2.5% anniversary month, as it's beyond 8th November 2016. And I'm on track to go over £10,001.

    Already planned to spend big in Costco, so I get 2% for Executive Member, and 2.5% for Amex anniversary month.
    Arrrrggghhhhh :mad:
  • bengalknightsbengalknights Forumite
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    Guess everyones accounting for interbank rates
  • gwapenutgwapenut Forumite
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    I think the writing is on the wall for the Barclaycard Amex 1% cashback! :(

    I'm surprised they kept it going this long after the fairly early binning of the high-5 cashback.

    They've been making a loss on the 0.5% visa cashback for half a year.
  • So good old EU trying their best to help consumers!!??
  • King_Of_FoolsKing_Of_Fools Forumite
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    gwapenut wrote: »
    I'm surprised they kept it going this long after the fairly early binning of the high-5 cashback.

    They've been making a loss on the 0.5% visa cashback for half a year.
    Well if they are still offering a flat 1% in November it would be better than both the Platinum Everyday and Platinum cards (unless you spend more than £20,000 per year).
  • SystemSystem Forumite, Community Admin
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    The third party issued Amex cards are definitely subject to the interchange caps - therefore many of the current deals such as Barclaycard are not sustainable.

    I would bet many of these 3rd party Amex cards won't last much longer.

    There are also question marks around (Amex issued) cards that are co-branded e.g. BA and finally even other Amex cards themselves due to their UK market share.
  • PincherPincher
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    At the top right on my log-in page,
    this is what it's been saying for two years:

    "An extra 1.25% Cashback for one month every year if you spend £10,001 or more on purchases within your anniversary year."

    And I have been labouring to spend £10,001 all year since the last anniversary date, based on this PROMISE.

    Sue for breach of promise?

    In fact, I could have got 2% cashback on the Santander 123 credit card, instead of the Amex 1.25%, from John Lewis, because I wanted to get to £10,001, so they are also attracting business under false pretences.

    I believe the only reasonable approach is to honour the next anniversary month, and give notice that the offer will be withdrawn afterwards.

    I did spend £10,001+ last year, and used the 2.5% offer during the anniversary month.

    Badly handled, Amex.
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