How does the American Express 5% cashback work?

lindos90

JohalaReewi wrote: »

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%.

Great, so the 5% is the introductory bit, the other tiered cashback carries on, but resets to zero every twelve months, and it depends how much you spend in the next 12 months for you to get 0.5% cahback or more. I get it now!! (Doah!)

Thank you!

gelato_cat

Can anyone help me with the maths please?

I spent £3332.52 in the first three months - 5% of this is £166.63.

In months 4-12 I spent £627.00.

I got £172.85 cashback in total, which means I got £6.22 cashback on the spend after the three months. As I spent between £3501 and £10000 in the year then it looks like I got approx 1% on the £627.00, which seems to be correct.

Once I have convinced myself of the accuracy I shall close the account

Suze

M271

It would help clear up some of the cashback uncertancy if they printed a running total and amount earned in the last month on each statement, it can't be that difficult to do.

pjbltd

Does the cashback get credited onto the card or to your bank account? Thanks

sloughflint

Suzey wrote: »

Can anyone help me with the maths please?

I spent £3332.52 in the first three months - 5% of this is £166.63.

In months 4-12 I spent £627.00.

I got £172.85 cashback in total, which means I got £6.22 cashback on the spend after the three months. As I spent between £3501 and £10000 in the year then it looks like I got approx 1% on the £627.00, which seems to be correct.

Once I have convinced myself of the accuracy I shall close the account

Suze

3332.52*0.05+627*0.01= £172.89

gelato_cat

Thanks - looks like they owe me 4p!

Suze

sloughflint wrote: »

3332.52*0.05+627*0.01= £172.89

lisyloo

Does the cashback get credited onto the card or to your bank account? [?QUOTE]

I can't say categorically for AMEX<but every other card I've had credits it to the account.
You can either spend it or ask for the money, however when I asked capitalone for the oney, the cheque took 5 weeks, so it may be easier simply to put some petrol on your card unless you have strong reasons for not wanting to do so (like cashback elsewhere) in which case ask for the moeny (just eb prepared to be patient as it won't be their top priority).