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Amex slashes cashback rates on market-leading cards

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  • gwapenut
    gwapenut Posts: 1,386 Forumite
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    @Pincher I do think you have a valid point and that scenario had already occurred to me. Best bet is to contact them and ask for it to be honoured, and if it is not then take it to the ombudsman.
  • Former_MSE_Faye
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    A spokesperson for Amex has now confirmed the following regarding the 2.5% anniversary month:
    While the 2.5 per cent anniversary bonus has been removed from the fee Card, all existing Cardmembers will get their anniversary bonus for their current membership year.
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  • Alexsas
    Alexsas Posts: 22 Forumite
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    that's relatively good news. my 'renewal' is in June-July... and I guess it would not have been fair if someone was consciously spending on amex card in order to achieve 2.5%, just to be told to 'go away'....

    but it does feel like the end for cashback cards, as you need so much spend to get any meaningful return.


    i am wondering how barclaycard 'freedom points' card survives, paying 0.5% cashback with fees capped at 0.3%...
  • Deadbeat
    Deadbeat Posts: 133 Forumite
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    I think now it's only (marginally) worth keeping mine for the effect its age will have on my credit file.

    I've cut my spending significantly in the last few years so there's no chance I'd be able to earn the cashback.
  • ScoobyZ
    ScoobyZ Posts: 487 Forumite
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    SuiDreams wrote: »
    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.

    Same here!
  • Doc_N
    Doc_N Posts: 8,321 Forumite
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    Still (probably) the best rate around for anyone spending a fair amount on their card.

    Unless anyone knows better................:)
  • ratechaser
    ratechaser Posts: 1,674 Forumite
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    Does anyone on here have one of the legacy free Amex plat CCs that pays up to 1.5%? My OH does and got the letter notifying of a reduction to a top rate of 1.25%, but unfortunately didn't keep it. I know there are tiers involved and am trying to work out whether we should switch back to hers or stick with my £25/year one now that its rate is only 1% over 10k of spend...
  • pvt
    pvt Posts: 1,433 Forumite
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    ratechaser wrote: »
    Does anyone on here have one of the legacy free Amex plat CCs that pays up to 1.5%? My OH does and got the letter notifying of a reduction to a top rate of 1.25%, but unfortunately didn't keep it. I know there are tiers involved and am trying to work out whether we should switch back to hers or stick with my £25/year one now that its rate is only 1% over 10k of spend...
    Yes - I've got one. Think it gives 0.5% on £0-£3,500; then 1% from £3,500 to £7,000; then 1.5% on any spend over that.


    I have not had a letter warning of any cashback rate reduction as yet.
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  • ratechaser
    ratechaser Posts: 1,674 Forumite
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    pvt wrote: »
    Yes - I've got one. Think it gives 0.5% on £0-£3,500; then 1% from £3,500 to £7,000; then 1.5% on any spend over that.


    I have not had a letter warning of any cashback rate reduction as yet.

    I suspect your letter may be in the post then...

    I think she will just have to call them and confirm. My guess is that we'll be better off switching back to her one.
  • andi2
    andi2 Posts: 708 Forumite
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    Got the letter about our old platinum amex today (no annual fee).

    It's moving from 0.5% on first £3.5k of purchase, 1% between £3,501 up to & including £10k. 1.5% over £10k, minimum cashback rebate of £25

    to

    0.5% cashback on first £5k, 1% between £5,001 & £10k, 1.25% over £10k. Minimum annualspend of £3k to qualify for cashback.

    From 8th November, 2016.
    Smile and be happy, things can usually get worse!
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