Amex slashes cashback rates on market-leading cards

ratechaser

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

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

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.

James_Thomson

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

Doc_N

James_Thomson wrote: »

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

James_Thomson wrote: »

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

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

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

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

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.