Using Amex for cashback overseas?

mulevariations

For a trip overseas in January I'll still be within the timeframe for the intro bonus for 5% cashback, so with the 5% will I still be 2.01% up after the overseas fees of 2.99 percent? seems better to use the Amex rather than a no fees card?

lr1277

As long as your total spend over the 3 months is less than £2500 as you get maximum £125 cashback with this offer.

So it depends on what you have already bought with the card and what you intend to buy before the 3 months is up.

Edited to add: this information is probably wrong. Please see my post below.

lr1277

Hmm after posting my reply, I decided to look up 'when do I get my cashback' as I don't have such a card but am looking to get it.

According to this FAQ, cashback is not paid on FX transactions:

https://www.americanexpress.com/uk/benefits/american-express-platinum-cashback-credit-card/faqs.html 

Perhaps a chat with Amex might clarify this issue.

Marchitiello

lr1277 said:

Hmm after posting my reply, I decided to look up 'when do I get my cashback' as I don't have such a card but am looking to get it.

According to this FAQ, cashback is not paid on FX transactions:

https://www.americanexpress.com/uk/benefits/american-express-platinum-cashback-credit-card/faqs.html 

Perhaps a chat with Amex might clarify this issue.

Also worth considering that outside of USD (where Amex can be competitive but not always) Amex has a worst exchange rate than Both MasterCard (usually best) and Visa. Therefore a 1% cashback with Chase MasterCard DC could actually be a better option.

Anyway, purely academic if Amex does not even pay cashback on forex spend. 

sausage_time

I have a Platinum Cashback Credit Card, and I definitely get cashback on foreign purchases.   I suspect "foreign exchange transactions" in the FAQ refers to cash advances in a different currency?   Long time card, so well past any 5% bonus.

lr1277

sausage_time said:

I have a Platinum Cashback Credit Card, and I definitely get cashback on foreign purchases.   I suspect "foreign exchange transactions" in the FAQ refers to cash advances in a different currency?   Long time card, so well past any 5% bonus.

Thanks. I would have found it odd if Amex didn't pay cashback on foreign purchases.

jbrassy

I used my Amex Platinum cashback card in Malta in November and can confirm I received cashback on the transaction. However, this was not the 5% introductory offer cashback, but the regular 0.75% cashback (I've had the card for a few years). Therefore, maybe it's the case that they won't pay 5% cashback, but instead pay the 0.75% on FX spend. 

mulevariations

After double checking with Amex customer service, yes the 5% cashback is still received on overseas spending. I'm going to use it and still get the cashback, makes sense because it'll still be more than the other alternatives. Thanks forum.

jbrassy

Just to say, once the 5% introductory offer ends, I would avoid using Amex abroad since the fees will outweigh the cashback. I avoid using it abroad unless I absolutely have to. I only used it in Malta because I booked a car rental online (in GBP) using my Amex and Hertz used the card the card on file to automatically pay the congestion charge in Valetta. Barclaycard Rewards is good when the Amex offer expires.