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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 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 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. “’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.”


About, 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, uses exceptional comparison tools to empower people to make better financial choices. As part of the Media Ingenuity Group, 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.

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