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American Express Discussion Area

Hi..quick question
The Amex Blue and Circle One rebate cards (I have both) still being widely plugged as the cashback cards to have.
However on reading the T&C's for the Platinum CC is seems to me, that as long as you spend in excess of £6K a year, the platinum CC is now the one to have. T&C's state;
up to £2K earns 0.5%
£2K - £5K earns 1%
£5K+ earns 2%
I'm the first to admit, this kind of thing isn't my strong point...so can someone tell me if I'm missing something?
fankks...I'm not very clever, but I can lift heavy things  ;)
I'm only here for the banter
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Comments

  • MSE_Martin
    MSE_Martin Posts: 8,272
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    Take a look at the top of my article on cashback cards - the updat bit ;)
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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  • dark_star_3
    dark_star_3 Posts: 1,448 Forumite
    Thanks Martin...I did do a search..honest injun  :-[

    For others who share my limited abilities with maths and search engines...

    Paul has provided a link below

     

    D_S
    PS...Martin..is there a link to the maths behind this...I'd love to know where I went wrong  :(
    I'm only here for the banter
  • vanoonoo
    vanoonoo Posts: 1,897
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    not sure what calcs you used d_s, but I read it that you get (if you spend say £6,001):

    up to £2K earns 0.5% so that is 0.5% on £1,999
    £2K - £5K earns 1% so that is 1% on £3000
    £5K+ earns 2% and 2% on say another £1,001?

    what you don't get is 2% on £6,001 - does that help?
    Blah
  • dark_star_3
    dark_star_3 Posts: 1,448 Forumite
    Thats pretty much what I came up with..but Martin says you need to spend £8K in year one (I think this is becase of the Blue introductory rate of 2%) then £7K in subsequent years..but if I understand what you are saying we both agree that a £6K + spend would get more cashback?
    Owch...my noggin hurts ;)
    I'm only here for the banter
  • Paul_Herring
    Paul_Herring Posts: 7,481
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    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • vanoonoo
    vanoonoo Posts: 1,897
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    remind me of the rates on amex blue and curcle rebate - cos I usually avoid this board as I can't change my credit cards at the moment so lead me not into temptation etc.

    basically that maths goes like this:

    for 8k spend

    £1,999 at 0.5% you'd get £9.995 back
    £3,000 at 1.0% you'd get £30.00 back
    £3,001 at 2.0% you'd get £60.02 back

    which is a total of £100 and one and a half pence rebate

    on an 8k spend at flat rate of 1.0% you get back just £80

    however if you spend under 5k (say £4,999) then you get back only £39.995 on the platinum but £49.99 on the blue.

    does that make any more sense?

    the bit that you need to consider is that the first two grand is only on 0.5 percent - so you have to spend an extra 4k at 1% or 2k at 2% to balance it out

    edit - that last bit doesn't make proper sense cos if it was £4k it would click over into 2% but I know what I mean
    Blah
  • dark_star_3
    dark_star_3 Posts: 1,448 Forumite
    Sorry if I'm missing something really obvious, but my reconing seems to mirror yours...
    £1,999 at 0.5% you'd get £9.995 back
    £3,000 at 1.0% you'd get £30.00 back
    £1001 at 2% you'd get back £20.02 back
    Giving a total of £60.01 cashback for a £6K spend
    against the blue which (after the introductory offer) gives yo a flat 1% cashback ..so a £6K spend would net £60 cashback...bringing me back to my question..why is it only good if you spend £7K ?
    I'm only here for the banter
  • vanoonoo
    vanoonoo Posts: 1,897
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    it's only BETTER if you spend more

    otherwise it's the same

    haven't read the t&c's of either tho .....
    Blah
  • MSE_Martin
    MSE_Martin Posts: 8,272
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    DS don't know what you're talking about ::) - the article says if you spend over £6k a year then you're better off on blue amex

    (even MSE's occassionally make wee calculation errors on quickly noted updates ;) )
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • dark_star_3
    dark_star_3 Posts: 1,448 Forumite
    Thanx again Martin...
    You're still a deity in my eyes ;D
    I'm only here for the banter
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