Skip to main content

Cash back cut back

LONDON, October 17th, 2013.

American Express ‘Platinum Cashback Everyday’ credit card customers must spend over £4,250[1] a year or they won’t earn a penny.

From the 1st March 2014, American Express ‘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. This means that if customers earn less than £25 a year in cashback, 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 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 the Cashback Card. Will Becker, CEO and co-founder of TotallyMoney.com comments: “Going forward, it’s unlikely that American Express will be the last credit card provider to change the terms and conditions on their existing deals, particularly those associated with less profitable customers. Much of this could be in anticipation of the forthcoming interchange fee changes – due to new EU legislation - which is predicted to reduce card provider’s revenue by up to £2.4 billion[2]. We shouldn’t feel too sorry for them, American Express just announced a 9% rise in quarterly profits and most card providers will inevitably look to recoup this money via other means. Consumers with cashback and reward cards will probably be the first to suffer as a direct result of this. We recommend that consumers bag one of the best deals while they are still available. “Most cashback card holders spend far more than £4,250 a year on their card. For these people, there are still some terrific deals out there. For the more typical consumer spending £1,600 per month on their reward card, the TotallyMoney.com rewards calculator shows that the American Express Platinum Cashback is the highest earning card out there – you’d earn £779 over the first three years despite the £25 annual fee, compared to £612 on the fee free product in second place. “TotallyMoney.com’s eligibility checking technology will enable consumers to see if they’re likely to be accepted for the best offers. This could more than double the individual’s chances of being accepted for a credit card.”

ENDS

About TotallyMoney.com:

TotallyMoney.com, launched in 2007, is the UK’s leading credit-focussed comparison website which sets out to make it simpler for consumers to compare credit cards, loans and mortgages. With a revolutionary approach to credit comparison, TotallyMoney.com uses exceptional comparison tools to empower people to make better financial choices. As part of the Media Ingenuity Group, TotallyMoney.com sits alongside affinity credit card brands. Fluid is a portfolio of market leading ‘prime’ products issued in partnership with MBNA, Luma a ‘sub-prime’ credit card partnership with Capital One and Granite card with Vanquis Bank. Being both a credit comparison service and a marketer of credit card brands gives the business a unique and in-depth perspective of the industry.

Notes to Editors

1 This calculation is based on existing customers that are no longer in the offer period. These figures will vary for new customers as they will benefit from a three month offer period which includes 5% cashback on purchases of up to £2,000. 2 Figures taken from the Europe Economics report, The Economic Impact of Interchange Fee Regulation in the UK, 28th June 2013.


For more information, please contact the press team

About TotallyMoney

  • TotallyMoney is the credit app built to help people move forward and achieve their financial goals
  • It’s the only credit app that provides customers with their live credit score for free
  • Almost 4 million customers have already signed up to TotallyMoney, and its service is rated 4.6/5 on TrustPilot
  • TotallyMoney is the UK’s 5th best financial services company to work for, with a 3 star accreditation that reflects ‘world class’ levels of workplace engagement
TotallyMoney Logo

We're on a mission to improve the UK's credit score and help people move on up to a better future.


TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of TM Connect Limited, which is registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Trading Address and Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status, only to UK residents aged 18 or over.

We use cookies as described in our Cookie Policy. Continue browsing or click to accept.