Amex hikes minimum spend to get cashback on old Platinum cards
From next year old American Express Platinum cardholders will need to spend more in order to receive any cashback. We look at the best alternatives if you want to switch.
American Express has contacted some customers to warn them it is changing the minimum amount of cashback they need to earn before it pays out on some of its older credit cards.
From March next year Amex will only pay cashback once £25 or more has been accrued - rather than the £12.50 minimum usually required, on Platinum Cashback Cards issued prior to August 2009 - Other benefits will be unaffected.
Platinum cashback rates pre-2009 are tiered. Cardholders can earn 0.5% on spends up to £3,500, 1% on spends between £3,501 and £10,000 and 1.5% on spends over £10,001.
Under the new minimum threshold rules you will have to spend over £4,250 in order to qualify and earn £25 in cashback.
If you're one of those affected and looking for a new card, or even if you're new to cashback credit cards and fancy being rewarded for your spending, here are some cashback credit cards worth a look.
Santander 123 Credit Card
You can earn cashback each month with the Santander 123 Credit Card.
With this card you can get 1% cashback on supermarket spending, 2% on the money spent at department stores and 3% on petrol, TFL travel and National Rail.
There’s no minimum spend before you receive your cashback; however the card does come with an annual fee of £24.
But you can get it fee-free for one year if you are a 123 current account holder.
Sainsbury’s Bank Cashback Low Rate Credit Card
If you’re a regular Sainsbury’s shopper - or happy to convert to one - you could benefit from the Sainsbury’s Cashback Low Rate Credit Card.
You can earn 5% cashback on Sainsbury’s shopping for the first three months, capped at £50 a month.
In addition you get £5 cashback each month you spend at least £250 on Sainsbury’s shopping and £250 a month on shopping elsewhere.
That's a potential £210 up for grabs in your first year with the card.
The cashback credit card also serves another purpose as a low rate card.
The card doesn’t come with an annual fee or a minimum spend threshold so you can instantly feel the satisfaction of earning money back on your spending.
Sainsbury’s Bank Cashback Credit Card
If you're after a card that has more than one trick up its sleeve the Sainsbury’s Bank Cashback Credit Card might be a good fit.
Like the card above it offers 5% cashback for the first three months on Sainsbury’s shopping capped at £50 a month as well as £5 cashback for when you spend £250 at Sainsbury’s and £250 elsewhere.
But it also serves as a purchase and balance transfer credit card too.
The card comes with six months interest free on purchases as well as 15 months 0% on balance transfers. Balance transfers come with a 3% transfer fee.
Despite serving three functions instead of one, the Sainsbury’s Bank Cashback Credit Card doesn’t charge an annual fee.
American Express Platinum Everyday
If you want to stick with American Express there are two cards which have great introductory offers.
The first is the American Express Platinum Cashback Everyday Card with which you can earn 5% cashback in the first three months, up to £100. That means spending £2,000.
Thereafter you can earn tiered rates of up to 1.25%.
You get 0.5% on spends up to £3,500, 1% on spends between £3,501 and £7,500 and 1.25% on spends over £7,501.
However, you have to spend at least £3,000 on this card per year to receive the cashback (equivalent to earning £15), though on the plus side it doesn’t come with an annual fee.
American Express Platinum Cashback Card
The other option is the American Express Platinum Cashback Card.
You get 5% cashback on up to £2,500 worth of purchases in your first three months, which equates to £125.
After that you’ll get an ongoing flat rate of 1.25% on all spending. That’s £12.50 for every £1,000 you spend.
You can also get double the cashback rate (2.5%) in your anniversary month with the card providing you have spent over £10,001 in the previous 12 months.
No minimum spend or cashback threshold applies to this card but you do have to pay a £25 annual fee.
Compare credit cards with lovemoney.com
More on credit cards:
The best air mile credit cards
The best 0% purchase credit cards
The best money transfer credit cards
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