On the back of a general crackdown on credit card benefits, American Express have just changed the cashback rates on their Platinum credit card. Running the numbers, the new rebate schedule looks like this:
You now need to spend £4.5k per year to make the card pay. This is quite difficult if you play multiple cards off against each other, especially given that AmEx are probably the least widely accepted (after Diners’ Club?). I think that these changes will lose them a lot of smarter customers: good for them, bad for me. Note also the new £20 dormancy charge. Putting the card in the back of the wallet is not an option.
I think AMEX Platinum still gives a generous 5 points on everything spent within the first three months of the account oppening, which, if you’re planning a holiday or moving home, might come in handy.
Indeed, using a new Amex Platinum and going through quidco.com would earn you almost 10 points on a holiday booked with expedia.co.uk or ebookers.com
True. But you only get to keep that cashback if you spend more than £4.5k on that card each year. Otherwise, you lose it.