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    • Kavanne
    • By Kavanne 31st Jul 09, 5:20 PM
    • 5,014 Posts
    • 2,551 Thanks
    Kavanne
    • #2
    • 31st Jul 09, 5:20 PM
    • #2
    • 31st Jul 09, 5:20 PM
    Er you've linked to the wrong article It goes to the insurance one
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

    • joebloggs69
    • By joebloggs69 1st Aug 09, 9:24 AM
    • 164 Posts
    • 70 Thanks
    joebloggs69
    • #3
    • 1st Aug 09, 9:24 AM
    • #3
    • 1st Aug 09, 9:24 AM
    How infuriating, I only applied the other day and got my approval email yesterday! I'm not going to spend enough to earn cashback, and not worth keeping if it has a 20 inactivity charge. Are they trying to lose customers?

    I think I'll email them and tell them to cancel due to these new changes...I reckon chances are slim they'll try to keep me though. And I was just feeling slightly swanky for being an Amex platinum card holder too!

    Grrr!
    • TREVORCOLMAN
    • By TREVORCOLMAN 1st Aug 09, 9:30 AM
    • 931 Posts
    • 297 Thanks
    TREVORCOLMAN
    • #4
    • 1st Aug 09, 9:30 AM
    • #4
    • 1st Aug 09, 9:30 AM
    I had one. I emailed them on the Anniversary when I read that they would not pay cashback unless I had a minimum spend which I think worked out to around 200 per month on the card. As a lot of places I go to will not take Amex I cancelled mine.
    I am NOT a mortgage & insurance adviser - or anything to do with finance, that was put on by the new system I dont know why?!
  • LongTermLurker
    • #5
    • 1st Aug 09, 9:38 AM
    • #5
    • 1st Aug 09, 9:38 AM
    How infuriating, I only applied the other day and got my approval email yesterday! I'm not going to spend enough to earn cashback, and not worth keeping if it has a 20 inactivity charge. Are they trying to lose customers?

    I think I'll email them and tell them to cancel due to these new changes...I reckon chances are slim they'll try to keep me though. And I was just feeling slightly swanky for being an Amex platinum card holder too!

    Grrr!
    Originally posted by joebloggs69
    If you use it once a year, you won't get hit by the inactivity charge - better though to use it twice a year so you don't have to remember the exact date you last used it. The minimum spend to get cashback is going to prevent a lot of people benefitting though.

    I don't understand why they are creating this 2-tier system. I can understand if they need to maintain existing customers' benefits, but the idea of giving existing customers a higher minimum spend than new ones is surely going to create chaos with the account management side of things. I guess they are trying to balance out the two sets of benefits, but it's not a very clean way of doing things.
    You've never seen me, but I've been here all along - watching and learning...
    • wizk1
    • By wizk1 1st Aug 09, 10:28 AM
    • 901 Posts
    • 609 Thanks
    wizk1
    • #6
    • 1st Aug 09, 10:28 AM
    • #6
    • 1st Aug 09, 10:28 AM
    I've just called Amex, and customer services are oblivious to any pending changes to the rewards system.

    Dan > What is your source of this information?
  • 97trophy
    • #7
    • 1st Aug 09, 11:09 AM
    • #7
    • 1st Aug 09, 11:09 AM
    Are they trying to lose customers?
    Originally posted by joebloggs69
    Yes.

    The truth is they do want to lose some credit card customers. Their foray into credit cards has been seen bad debts on a scale they never had before. In the US they have been paying some customers $300 to go elsewhere.
  • oakhouse13
    • #8
    • 1st Aug 09, 3:52 PM
    • #8
    • 1st Aug 09, 3:52 PM
    I've just called Amex, and customer services are oblivious to any pending changes to the rewards system.

    Dan > What is your source of this information?
    Originally posted by wizk1
    MSE is an affiliate for American Express. Affiliates are usually told in advance of new terms so they can update their websites. Otherwise AmEx would fall foul of OFT credit card advertising regs if its affiliates displayed incorrect terms.
    • Joe_Bloggs
    • By Joe_Bloggs 1st Aug 09, 4:30 PM
    • 4,486 Posts
    • 1,582 Thanks
    Joe_Bloggs
    • #9
    • 1st Aug 09, 4:30 PM
    • #9
    • 1st Aug 09, 4:30 PM
    Closed Amex Blue today. Not used it in years. I had no complaints with them.
    J_B.
  • Former MSE Dan
    Hi folks,

    We were told this via the American Express press office, from the products team.

    If you applied already, or do so before August 11, you will get the current T&Cs and cashback rates.

    Dan
    • rebeccak
    • By rebeccak 2nd Aug 09, 8:31 PM
    • 129 Posts
    • 29 Thanks
    rebeccak
    I'm an existing customer and get my cashback early in the year (sometime between Feb and April, IIRC). If the minimum spend for cashback changes from October, what does that mean for purchases that I made *after* my last cashback payment but *before* the change in terms and conditions came into effect?
    • wizk1
    • By wizk1 2nd Aug 09, 9:02 PM
    • 901 Posts
    • 609 Thanks
    wizk1
    If you applied already, or do so before August 11, you will get the current T&Cs and cashback rates.
    Originally posted by MSE Dan
    This is not what is implied in the article, and I quote "Is existing customers' cashback affected?

    The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from 2,400 to a substantial 4,250 – or 355 per month."


    Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.
    Last edited by wizk1; 02-08-2009 at 9:04 PM.
    • marksoton
    • By marksoton 3rd Aug 09, 7:10 AM
    • 16,507 Posts
    • 36,523 Thanks
    marksoton

    Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.
    Originally posted by wizk1
    Seemed quite clear to me. And if these changes induce panic in anyone i would suggest they have too much time on their hands.

    The article was concise and to the point. Lighten up.
  • LongTermLurker
    This is not what is implied in the article, and I quote "Is existing customers' cashback affected?

    The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from 2,400 to a substantial 4,250 or 355 per month."
    Originally posted by wizk1
    It does, however, go on to say something like "there's still time to apply and get the old deal" - however, you're right, you'd only get the old deal as far as cashback levels were concerned, you're still going to be stung by the high required spend, effectively taking away most people's benefit of only running the card for the 3 month intro period.

    Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.
    Now that I do agree with. MSE news articles look like they've been written by a Sun reporter
    The article was concise and to the point. Lighten up.
    A bit too concise - not enough meat I'm afraid. Like many such articles, it's sensationalist in character and misses out important detail - reading the comments of people who clearly know the regulations, the one about Salary Sacrifice is case in point.
    You've never seen me, but I've been here all along - watching and learning...
  • oakhouse13
    I can't find any other source notifiying this change which I'd expect if AmEx has sent out a press release. This was written as news and MSE has registered its news feed with Google News so anyone searching Google News on this topic is likely to find this article high up and click through to read 'news'. Call me stupid but I'm a bit worried that websites that are affiliates for products are writing straight news and posting it before any independent sources. They just can't be impartial in my view although I know I am more scpetical than most. I would really like the news to give me reasons why I might not want to take out an AmEx card at all. I don't think I'm alone in being concerned about this new news feed and hopefully the website will be listening.
    • cazza1968
    • By cazza1968 3rd Aug 09, 11:05 AM
    • 69 Posts
    • 55 Thanks
    cazza1968
    I got a letter this morning with the new terms and conditions...i've had my card for about 8 months. It doesnt say anything about a 200 min spend per month though. It says min spend for cashback is going up to 25.00 from 12. It also says the direct debit date is changing from October. Maybe ive missed it but i dont think so.
  • Former MSE Dan
    Hi folks,

    I'm sorry a few of you didn't find the article useful, though I am a little confused at some of the points raised.

    This is not what is implied in the article, and I quote "Is existing customers' cashback affected?

    The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from £2,400 to a substantial £4,250 – or £355 per month."


    Any mention of registrations after a certain date accommodating these changes was neglected from the article. I feel this is yet another example of the news feed being treated like a sensationalist tabloid, and causing panic amongst people who needn't be concerned.
    The second paragraph says that the cashback rate changes are for new customers, then goes on to say that cashback rates are unchanged for existing customers, or if you apply before 11 August, but that some of the non-cashback changes (the inactivity fee and the £4,250) will apply from October.

    I can't find any other source notifiying this change which I'd expect if AmEx has sent out a press release. This was written as news and MSE has registered its news feed with Google News so anyone searching Google News on this topic is likely to find this article high up and click through to read 'news'. Call me stupid but I'm a bit worried that websites that are affiliates for products are writing straight news and posting it before any independent sources. They just can't be impartial in my view although I know I am more scpetical than most. I would really like the news to give me reasons why I might not want to take out an AmEx card at all. I don't think I'm alone in being concerned about this new news feed and hopefully the website will be listening.
    The writing of this article has NOTHING to do with affiliate links. In fact, the affiliate link (or unaffiliated version always included in articles) are not used in this piece, when they could easily have been.

    it is about spreading information quickly, and hopefully usefully. We have good relations with the American Express press office and they gave us this info without embargo, which is great.

    We're happy that we will be near the top of google news for this - we always want the reach of the site to be as large as possible. But we are writing this news because one of the top cards on the market - that a lot of MoneySavers will hold - is changing and it is correct that we should inform readers of what these changes mean.

    Also, there IS a paragraph giving reasons why not to take out Amex Plat. It has been there since Friday so I assume you just missed it:

    However, for cashback cards to be profitable, you must always repay them in full every month, so the minimum payment is irrelevant. Otherwise, the interest paid dwarfs any profit made via cashback. Anyone paying interest should consider 0% or Balance Transfer cards.
    I hope this helps explain our reasons for doing news and this news in particular.

    Dan
    Last edited by Former MSE Dan; 03-08-2009 at 4:17 PM.
    • jacqhale
    • By jacqhale 3rd Aug 09, 1:20 PM
    • 308 Posts
    • 415 Thanks
    jacqhale
    Hi, I'm probably being thick and not reading properly but if someone could clarify for me that would be great!
    I took out the Amex cashback card in Jan 09 (through Quidco which was 40 cashback I think and has already been paid)
    However I only used it for the first three months as I didn't think I would cross the threshold for higher cashback so was safer and easier to stay using my Capital One cashback card (how MSE am I??!!)
    So I'm due about 70 in Jan 2010. Will I lose this cashback as have not spend 1,000's and will I get hit with a no-use fee as I won't use again until I cream off the cashback or do those three months of use count within a 12 month period?
    Would hate to think it's been a waste of time but would rather cancel than get hit with a fine.
    Thanks!
    • wizk1
    • By wizk1 3rd Aug 09, 1:24 PM
    • 901 Posts
    • 609 Thanks
    wizk1
    These changes come as a blow to those who don't spend that much on this card (such as myself) because AMEX isn't accepted everywhere. I'm forced to use an alternative, accepted card in the places where AMEX isn't. So I don't think I'm going to reach the threshold.

    I can't help but think that I'm being cheated out of what I was promised when I originally signed up for the card a few months back. I'm sure I'm not the only one who feels this way.

    Nice one AMEX! Moving the goalposts and all that!
    Last edited by wizk1; 03-08-2009 at 1:28 PM.
    • FarleyFlavors
    • By FarleyFlavors 3rd Aug 09, 2:14 PM
    • 35 Posts
    • 12 Thanks
    FarleyFlavors
    "The current cashback rates will not change, but from 1 October, the minimum yearly spend required to earn any cashback will rise from 2,400 to a substantial 4,250 – or 355 per month."

    I've just been through the current terms and conditions for the Platinum Amex card. The only restriction mentioned is "No rebate payment will be made if, in the 12 months preceding your card anniversary date, the amount of rebate earned totals less than 10".

    So where did this 2400/4250 figure come ?
    Last edited by FarleyFlavors; 03-08-2009 at 2:14 PM. Reason: sp
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