How does the American Express 5% cashback work?

acc

I took the American Express platinum cashback card with the recent 5% cashback for 3 months promotion, and have just received my first statement.

The statement says cashback is 0.5% for £0-3500 spend, 1% for £3500-10000, then 1.5%.

The statement balance was £96, and the moneyback summary gave an eligible spend of £192, from which I expect the cashback to be 0.5% x £192, ie 96p.

I believe the eligible spend figure should be £960, to achieve the 5% promotional cashback, giving 0.5% x £960, ie £4.80.

Can someone who understands how the Amex cashback system works please advise me.

Many thanks.

gelato_cat

If you have spent £96 so far, isn't the eligible spend £96? You would then get 5% of that back in 12 months.

Suze

malcolm000

Have had the same offer in the past and found that up to the end of the 3 month period the cashback being awarded on the statements is 0.5% for £0-3500 spend, 1% for £3500-10000, then 1.5%.
Can't remember which exactly, either after the 3 month promotion period, an additional cashback correction will be added and it will then calculate to 5% cashback rebate for your entire 3 month spend or you have to wait until 12 months before this additional cashback is credited.

acc

Thanks folks. It seems a matter of waiting for the cashback to be credited after 12 months and then confirming that the 5% has been applied to the first 3 months' spend.

ashton100

Check your terms and conditions carefully.I applied on the 5% offer, but when i received the card they were only paying me 3%! I called to complain and i was told not to worry i would receive 5%.I asked the lady I spoke to confirm that was 100% the case.
Surprise surprise, the T&C's were right!
i was again told not to worry her supervisor would speak the "back room" and i would get the 5%.
I am not so sure and have written asking for confirmation.
Misleading or what?
Rule 1 never trust a bank!

Floop1977

On my statement it showed the 'eligible spend' for Moneyback being double what I had spent, which to me looked like they were increasing the eligible spend by a multiplier so that when they then calculated the cashback, it would be correct.

However, I should be getting 5%, so I would have hoped to have seen my eligible spend being my actual spending multiplied by 5%, not 2%.

To clear this up I phoned Amex who told me that their systems have a problem with showing the correct cashback amount on the first three months statements and it is something they are trying to get rectified.

I was assured that on my 4th statement, the moneyback would reflect the correct amount of cashback earned.

I was also assured that this would be 5% for the first three months.

Here's hoping!


Floop

lindos90

Can anyone confirm if the cashback offer continues after the first 12 months? (I know the 5% is only for the first 3 months, but just wanted to check about the other cashback levels).

Sorry if its a silly question, but just want to make sure its a longer term option than what we have at the mo.

We have been doing a simple stooze for almost a year now, and have decided to chicken out of a balance transfer, and pay it off in full befoe the 12 months is up.

A cashback CC may be better for us as we would prefer to pay up at the end of every month. (Our 0% Halifax CC has been going now for about 9 months and we owe nearly 9K and its making me get more grey hairs every time we get a statement)

JohalaReewi

After a year, the moneyback is paid to your account and everything is reset back to zero to start again for another year except you don't get the 5% introductory bonus - you start at 0.5%.

nick74

Floop1977 wrote: »

I was also assured that this would be 5% for the first three months.

Here's hoping!

Yes they assured me on the phone I would get 5% for 3 months, my T&Cs show 5% for 3 months, the leaflet that came with the card shows 5% for 3 months, but I received my 13th statement today and how much cashback have they paid me?
3%!!

I phoned Amex this morning and they are "looking into it". Amex have seriously gone down in my estimation. Are their systems really this bad?

To anyone else who has one of these cards, check the Cashback they pay very carefully.

MrsTinks

Mmmm will do! I have one and spent a fair bit on it at the beginning (in the first 3 months - happily corresponded with when we got married so paid for as much as I could of the wedding with the card (had the money so it was paid straight off anyway just liked the cashback and the fact it protected me a bit more as it was a credit card.
However will definite check it with them!

nick74

Just a quick update.
Following my complaint, Amex paid a credit to my account yesterday to correct the cashback to 5%.

They have been having "technical problems" with the cashback apparently.