Amazon slashes credit card rewards bonuses

The changes, which came into effect on Monday, apply to existing customers too. The cashback bonus for spending at Amazon itself is unaffected and will stay at 1.5 per £2 spent.

The announcement comes just a couple of weeks after Amex HALVED introductory bonuses on several popular reward cards.

How many points can I collect?

You'll now get 75 points for every £100 spent at Amazon, and 25 points for every £100 spent elsewhere. The value of one point is 1p.

This is on top of the £10 Amazon gift card you get if you sign up for the Amazon Platinum Mastercard. You can earn more rewards with other cards:

• Our top pick for cashback is the Platinum Cashback Everyday. It pays 5% cashback on your first £2,000 of spending (£100 max) in the first three months, then 0.5% on up to £5,000/year and 1% above this. You need to spend at least £3,000 on the card in a year to get any cashback. Repay IN FULL each month to avoid 22.9% rep APR interest.

• Alternatively, if you want points the Amex Nectar gives 20,000 Nectar points – worth £100+ to spend at Nectar retailers such as Sainsbury's – if you spend £2,000 within three months. Repay IN FULL each month to avoid 28.2% rep APR interest (incl fee).