When using credit cards it’s always good to keep an eye on the small print.
This week American Express announced that from the 1st March 2014, their ‘Platinum Cashback Everyday’ credit card customers will need to spend a minimum of £4,250 a year in order to qualify for a cashback payment. So, unless your cashback earnings are sufficiently high, American Express will no longer pay out. This fee free card currently offers 5% cashback for the first three months on up to £2,000 worth of purchases with a tiered cashback feature following the offer period.
These changes to the terms and conditions however will not impact customers with the American Express ‘Platinum Cashback’ credit card which already levies a £25 annual fee.
American Express is not the first provider to make changes to its cashback credit card portfolio this year. Capital One also withdrew their Aspire World MasterCard and Barclaycard withdrew their Cashback Card. Which just goes to show that when it comes to the ever changing credit card comparison is vital if you want to find the best card for you at any given time.