Amazon Classic or Platinum holder? Your credit card will stop working sooner than expected - here's what's happening
If you're an Amazon Classic or Platinum cardholder, then watch out as your card may stop working sooner than expected. The original date of January 2023 has been brought forward and, for some, their cards will stop working as soon as October. Here's what's happening.
NewDay, the Classic and Platinum card issuer, announced it would walk away from its partnership with Amazon earlier this year. At the time, some 800,000 card-holders were told they could continue to use their cards until January 2023, at which point they'd be automatically moved to NewDay's 'Pulse' card. You could ask for your account to be closed.
However, Amazon and New Day have since said that cardholders will be written to and given one of three new options detailed below. The choice you're offered depends on your credit needs and spending.
Below we explain what's happening, but you're after an alternative, see our Credit card rewards guide - though remember to always repay your balance in full each month and not to use the card as an excuse to overspend.
Here's what's changing for Amazon Classic and Platinum cardholders
- Some will be asked to OPT IN to receive a Pulse card.
- Whether you opt in or not, Classic cards will stop working and accounts will close on 14 October. Platinum cards will stop working and accounts will close on 11 November.
- You MUST contact NewDay to confirm you want the Pulse card. You can find the contact details on the letter provided.
- When moving to Pulse, Amazon cardholders will keep the same APR rate and credit limit as their Amazon card and there will be no credit checks on the transfer - though the new card will be registered on credit files.
- Others will be asked to OPT OUT of receiving a Pulse card - though they can still get one.
- Tell NewDay you're opting out, and your card will stop working and your account will close on the day you contact it.
- Fail to tell NewDay you're opting out, and Classic and Platinum cards will stop working and accounts will close on 5 January 2023. Platinum card customers will stop earning points from 11 November. Classic cardholders don't earn points.
- If you don't opt out, you will receive a Pulse card.
- And some will be told their accounts are closing and offered no choice to get the Pulse card.
- Here, cards will stop working and accounts will close on 14 October for Classic card members, and on 11 November for Platinum members.
- This may be due to several reasons, such as you don't use your card.
- It isn't clear if you'll be able to challenge this and get a Pulse card. We've asked and we'll update this story when we know more.
Amazon accounts can be closed sooner if you want
Prefer to close your Platinum or Classic Mastercard account sooner? You can do so by either logging into the Amazon Mastercard app, or by logging in online and visiting your account settings. Alternatively, you can call the Amazon Platinum Mastercard customer services team on 0333 220 2672, or the Classic Mastercard team on 0330 838 0160.
This information should also be on the letter you receive from Amazon asking you to opt in or out, or telling you that your account is closing.
You can close your card even if there's still debt to repay and continue to pay this off in the following months.
How the Platinum, Classic, and Pulse reward cards work
- Platinum cardholders earn 0.75 points per £1 spent at Amazon (1.5 points per £1 for Prime members) and 0.25 points per £1 spent elsewhere. One point equates to 1p at Amazon - the equivalent of 1.5% back at Amazon and 0.25% elsewhere. For every 1,000 points earned, you receive a £10 Amazon giftcard. This is automatically loaded onto your account. You also get a £20 Amazon giftcard on successfully signing up for the card. The card has an APR of 21.9%.
- Classic cardholders can't earn points but they get a £20 Amazon giftcard on successful application. The card has an APR of 29.9%.
- Pulse cardholders earn 0.25% cashback on every transaction, up to £150 a year. As explained above, when moving to Pulse, Amazon cardholders will keep the same APR rate and credit limit as their Amazon card and there will be no credit checks on the transfer - though the new card will be registered on credit files.
Classic cardholders will be better off with Pulse, but Platinum users may want to consider switching
The switch to the Pulse card could be beneficial for Classic customers who repay their card in full every month - as now they'll earn money on spending. You can, however, currently earn a higher cashback rate with other top reward cards, so do your research first - see our Credit Card Rewards guide for the best buys.
For Classic and Platinum cardholders who are paying interest, don't wait to switch to Pulse - you can use a 0% balance transfer card to cut costs now. For more information, see our Balance Transfers guide.
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