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  • FIRST POST
    • MSE Faye
    • By MSE Faye 9th Aug 16, 6:10 PM
    • 146Posts
    • 55Thanks
    MSE Faye
    Amex slashes cashback rates on market-leading cards
    • #1
    • 9th Aug 16, 6:10 PM
    Amex slashes cashback rates on market-leading cards 9th Aug 16 at 6:10 PM
    The Platinum Everyday top rate has fallen from 1.25% to 1%, and those with the standard Platinum will earn less too...
    Read the full story:
    'Amex slashes cashback rates on market-leading cards'

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Page 1
    • rusty_f
    • By rusty_f 9th Aug 16, 6:47 PM
    • 108 Posts
    • 50 Thanks
    rusty_f
    • #2
    • 9th Aug 16, 6:47 PM
    • #2
    • 9th Aug 16, 6:47 PM
    I only applied for this card last week as the cash back rate was higher than my Barclaycard Cashbsck Amex. Now it will end up being the same. Oh well, I can take advantage of the higher rate until the second part of 2017 at least!
    • King Of Fools
    • By King Of Fools 9th Aug 16, 10:23 PM
    • 1,551 Posts
    • 599 Thanks
    King Of Fools
    • #3
    • 9th Aug 16, 10:23 PM
    • #3
    • 9th Aug 16, 10:23 PM
    I think the writing is on the wall for the Barclaycard Amex 1% cashback!
    • SuiDreams
    • By SuiDreams 10th Aug 16, 7:52 AM
    • 2,352 Posts
    • 10,467 Thanks
    SuiDreams
    • #4
    • 10th Aug 16, 7:52 AM
    • #4
    • 10th Aug 16, 7:52 AM
    Not great I'm losing the 5 per month on Halifax clarity at end of September and now they are reducing my cashback on my Amex card in November. Running out of places to get cashback now.
    • Pincher
    • By Pincher 10th Aug 16, 7:59 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #5
    • 10th Aug 16, 7:59 AM
    • #5
    • 10th Aug 16, 7:59 AM
    Guess what, my anniversary date is 24th November.

    So I'm going to miss out on the 2.5% anniversary month, as it's beyond 8th November 2016. And I'm on track to go over 10,001.

    Already planned to spend big in Costco, so I get 2% for Executive Member, and 2.5% for Amex anniversary month.
    Arrrrggghhhhh
    • bengalknights
    • By bengalknights 10th Aug 16, 7:59 AM
    • 4,582 Posts
    • 1,693 Thanks
    bengalknights
    • #6
    • 10th Aug 16, 7:59 AM
    • #6
    • 10th Aug 16, 7:59 AM
    Guess everyones accounting for interbank rates
    • gwapenut
    • By gwapenut 10th Aug 16, 10:33 AM
    • 948 Posts
    • 395 Thanks
    gwapenut
    • #7
    • 10th Aug 16, 10:33 AM
    • #7
    • 10th Aug 16, 10:33 AM
    I think the writing is on the wall for the Barclaycard Amex 1% cashback!
    Originally posted by King Of Fools
    I'm surprised they kept it going this long after the fairly early binning of the high-5 cashback.

    They've been making a loss on the 0.5% visa cashback for half a year.
    • than_prutt
    • By than_prutt 10th Aug 16, 10:56 AM
    • 118 Posts
    • 39 Thanks
    than_prutt
    • #8
    • 10th Aug 16, 10:56 AM
    • #8
    • 10th Aug 16, 10:56 AM
    So good old EU trying their best to help consumers!!??
    • King Of Fools
    • By King Of Fools 10th Aug 16, 11:09 AM
    • 1,551 Posts
    • 599 Thanks
    King Of Fools
    • #9
    • 10th Aug 16, 11:09 AM
    • #9
    • 10th Aug 16, 11:09 AM
    I'm surprised they kept it going this long after the fairly early binning of the high-5 cashback.

    They've been making a loss on the 0.5% visa cashback for half a year.
    Originally posted by gwapenut
    Well if they are still offering a flat 1% in November it would be better than both the Platinum Everyday and Platinum cards (unless you spend more than 20,000 per year).
    • Heng Leng
    • By Heng Leng 10th Aug 16, 2:32 PM
    • 4,730 Posts
    • 1,549 Thanks
    Heng Leng
    The third party issued Amex cards are definitely subject to the interchange caps - therefore many of the current deals such as Barclaycard are not sustainable.

    I would bet many of these 3rd party Amex cards won't last much longer.

    There are also question marks around (Amex issued) cards that are co-branded e.g. BA and finally even other Amex cards themselves due to their UK market share.
    • Pincher
    • By Pincher 10th Aug 16, 2:59 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    At the top right on my log-in page,
    this is what it's been saying for two years:

    "An extra 1.25% Cashback for one month every year if you spend 10,001 or more on purchases within your anniversary year."

    And I have been labouring to spend 10,001 all year since the last anniversary date, based on this PROMISE.

    Sue for breach of promise?

    In fact, I could have got 2% cashback on the Santander 123 credit card, instead of the Amex 1.25%, from John Lewis, because I wanted to get to 10,001, so they are also attracting business under false pretences.

    I believe the only reasonable approach is to honour the next anniversary month, and give notice that the offer will be withdrawn afterwards.

    I did spend 10,001+ last year, and used the 2.5% offer during the anniversary month.

    Badly handled, Amex.
    • gwapenut
    • By gwapenut 10th Aug 16, 3:07 PM
    • 948 Posts
    • 395 Thanks
    gwapenut
    @Pincher I do think you have a valid point and that scenario had already occurred to me. Best bet is to contact them and ask for it to be honoured, and if it is not then take it to the ombudsman.
    • MSE Faye
    • By MSE Faye 11th Aug 16, 10:16 AM
    • 146 Posts
    • 55 Thanks
    MSE Faye
    A spokesperson for Amex has now confirmed the following regarding the 2.5% anniversary month:
    While the 2.5 per cent anniversary bonus has been removed from the fee Card, all existing Cardmembers will get their anniversary bonus for their current membership year.
    See the latest news from MoneySavingExpertNews
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    • Alexsas
    • By Alexsas 11th Aug 16, 1:12 PM
    • 16 Posts
    • 4 Thanks
    Alexsas
    that's relatively good news. my 'renewal' is in June-July... and I guess it would not have been fair if someone was consciously spending on amex card in order to achieve 2.5%, just to be told to 'go away'....

    but it does feel like the end for cashback cards, as you need so much spend to get any meaningful return.


    i am wondering how barclaycard 'freedom points' card survives, paying 0.5% cashback with fees capped at 0.3%...
    • Deadbeat
    • By Deadbeat 12th Aug 16, 11:47 AM
    • 131 Posts
    • 144 Thanks
    Deadbeat
    I think now it's only (marginally) worth keeping mine for the effect its age will have on my credit file.

    I've cut my spending significantly in the last few years so there's no chance I'd be able to earn the cashback.
    • ScoobyZ
    • By ScoobyZ 18th Aug 16, 5:41 PM
    • 399 Posts
    • 137 Thanks
    ScoobyZ
    Not great I'm losing the 5 per month on Halifax clarity at end of September and now they are reducing my cashback on my Amex card in November. Running out of places to get cashback now.
    Originally posted by SuiDreams
    Same here!
    • Doc N
    • By Doc N 18th Aug 16, 6:46 PM
    • 6,945 Posts
    • 19,805 Thanks
    Doc N
    Still (probably) the best rate around for anyone spending a fair amount on their card.

    Unless anyone knows better................
    • ratechaser
    • By ratechaser 2nd Sep 16, 1:54 PM
    • 567 Posts
    • 487 Thanks
    ratechaser
    Does anyone on here have one of the legacy free Amex plat CCs that pays up to 1.5%? My OH does and got the letter notifying of a reduction to a top rate of 1.25%, but unfortunately didn't keep it. I know there are tiers involved and am trying to work out whether we should switch back to hers or stick with my 25/year one now that its rate is only 1% over 10k of spend...
    • pvt
    • By pvt 2nd Sep 16, 5:04 PM
    • 1,370 Posts
    • 1,080 Thanks
    pvt
    Does anyone on here have one of the legacy free Amex plat CCs that pays up to 1.5%? My OH does and got the letter notifying of a reduction to a top rate of 1.25%, but unfortunately didn't keep it. I know there are tiers involved and am trying to work out whether we should switch back to hers or stick with my 25/year one now that its rate is only 1% over 10k of spend...
    Originally posted by ratechaser
    Yes - I've got one. Think it gives 0.5% on 0-3,500; then 1% from 3,500 to 7,000; then 1.5% on any spend over that.


    I have not had a letter warning of any cashback rate reduction as yet.
    Optimists see a glass half full
    Pessimists see a glass half empty
    Engineers just see a glass twice the size it needed to be
    • ratechaser
    • By ratechaser 2nd Sep 16, 6:06 PM
    • 567 Posts
    • 487 Thanks
    ratechaser
    Yes - I've got one. Think it gives 0.5% on 0-3,500; then 1% from 3,500 to 7,000; then 1.5% on any spend over that.


    I have not had a letter warning of any cashback rate reduction as yet.
    Originally posted by pvt
    I suspect your letter may be in the post then...

    I think she will just have to call them and confirm. My guess is that we'll be better off switching back to her one.
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