Amex slashes cashback rates on market-leading cards 9 August 2016 at 7:10PM in Credit Cards 30 replies 7.7K views

Former_MSE_Faye

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_f

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_Fools

I think the writing is on the wall for the Barclaycard Amex 1% cashback!

SuiDreams

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.

Pincher

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:

bengalknights

Guess everyones accounting for interbank rates

gwapenut

King_Of_Fools wrote: »

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.

than_prutt

So good old EU trying their best to help consumers!!??

King_Of_Fools

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).

System

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.

Pincher

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.