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Amex slashes cashback rates on market-leading cards

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  • ratechaser
    ratechaser Posts: 1,674 Forumite
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    andi2 wrote: »
    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.

    Ah, interesting. So basically makes it exactly the same value as my one after the fee is taken care of. Plus I will still get one more years 2.5% bonus. Will keep things as they are for now then...

    Thanks.
  • planteria
    planteria Posts: 5,321 Forumite
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    i've been spending with the 0.5/1/1.5 version for a good few years, but my top rate is being sliced to 1.25 too:(.. that said, i spend less than i used to and might not make the 10k threshold this 'Amex year' anyway:undecided
  • pvt
    pvt Posts: 1,433 Forumite
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    Finally got my letter too :(

    I spend about £20k a year on it so I calculate I'll be about £35 a year worse off.

    Still worth having, so I guess it's not the end of the world.
    Optimists see a glass half full :)
    Pessimists see a glass half empty :(
    Engineers just see a glass twice the size it needed to be :D
  • James_Thomson
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    Ole' bait and switch. I am a bit surprised actually as Amex is generally one of the better CC companies. Time to switch I guess
    - James
  • Doc_N
    Doc_N Posts: 8,300 Forumite
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    Ole' bait and switch. I am a bit surprised actually as Amex is generally one of the better CC companies. Time to switch I guess

    Bait and switch? Hardly. Amex have been paying the present rates for years, and there's a perfectly good reason for the changes.
  • The-Truth
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    Ole' bait and switch. I am a bit surprised actually as Amex is generally one of the better CC companies. Time to switch I guess

    Where are you going to switch to? I know who I'm going to switch to with a better rate but why should I share it with cynics?

    And why on earth are you on about bait and switch anyway?
  • ScoobyZ
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    My Amex is going once I have this years cashback in November.
    Halifax clarity will also become a Travel card only.

    Main card will be a TSB 1% up to first £500 (until sept 2017).
    For over £500 will get a Nationwide 0.5% cashback and £25 quicdo.
  • voodoofish
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    Has anyone who applied between 22 August 2015 and 8 August 2016 been told their card is going to change yet? They've not told me of any changes. My 2.5% cashback month is Dec, I'm not sure if it's worth trying to reach the £10k spend minimum to get this if they're just going to send me a letter in the next few months withdrawing that benefit?
  • WillPS
    WillPS Posts: 3,709 Forumite
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    voodoofish wrote: »
    Has anyone who applied between 22 August 2015 and 8 August 2016 been told their card is going to change yet? They've not told me of any changes. My 2.5% cashback month is Dec, I'm not sure if it's worth trying to reach the £10k spend minimum to get this if they're just going to send me a letter in the next few months withdrawing that benefit?
    Same boat, no communication of any changes yet. I applied in October 2015.

    I'm guessing I'll get a letter about it around renewal time this year.

    If you've been working towards the 2.5% cashback benefit I don't see how they could take it from you.
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
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    WillPS wrote: »
    Same boat, no communication of any changes yet. I applied in October 2015.

    I'm guessing I'll get a letter about it around renewal time this year.

    If you've been working towards the 2.5% cashback benefit I don't see how they could take it from you.

    I don't recall receiving anything either, I got my card in early July last year.
    urs sinserly,
    ~~joosy jeezus~~
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