Does anyone stagger Amex cashback cards between spouses/partners?

copperclock

My OH has had an Amex Platinum cashback card for nearly a year, with me as an additional card holder. We've 'earned' £300 in cashback

I should have done it earlier maybe, but I have just bitten the bullet and applied for the same card for myself with him as an additional cardholder. That way we can benefit from the 5% introductory cashback again.

Does anyone else do this? And if so, how long have you been ping-ponging between yourselves? Any downsides?

WillPS

Loads of people churn Amex cards in this way. There was a scare some years ago as they made all the signup bonuses once per lifetime (rather than as long as you've not held the card in 6 months) in the USA, but the UK business doesn't seem to have followed suit, they're still quite happy to let you do this.

There is always a risk that they wont be willing to give you the card again (although they don't seem to be in the business of declining former customers, so this is more likely to be as a result of a change in your circumstances or something nasty on your credit report).

There's also a risk that a product could be withdrawn for new applicants but grandfathered for existing customers.

Finally, you need to consider that this will be a hard hit on your credit report every time you apply for it. It'll also reduce your average account life. I don't personally think these things are huge issues but it all varies lender by lender and YMMV.

copperclock

Great, thank you. We'll see how we get on with it. I don't actually know what my credit limit is yet. Hopefully it'll be generous enough to make the plan a goer!

mrmajika

Been doing this on both Amex Platinum and Rewards Gold for over ten years without issue. There are no cons other than a large list of previous cards on your credit file. We've had mortgages, loans and interest free credit during this time and it's never been questioned, let alone caused a problem.