American Express Platinum customers who took out their credit card between August 2015 and August 2016 will see their cashback cut next year, to match what other existing customers and new customers already get.

The firm says Amex Platinum Cashback Everyday or Platinum Cashback cardholders who took out their card between 22 August 2015 and 8 August 2016 will see their rates fall from 31 January 2018.

The announcement means all Platinum credit card holders will soon earn the same amount of cashback, following previous changes announced last August.

Martin Lewis
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Who is affected?

Only those who took out an Amex Platinum card between 22 August 2015 and 8 August 2016 will see a change to their cashback from 31 January - if you're affected, you'll receive a letter from Amex over the next few weeks.

Here's the situation for other cardholders:

  • New customers and existing customers who signed up from 9 August 2016 never benefited from the higher rates.
  • Existing customers who signed up on or before 21 August 2015 had their rates reduced on 8 November 2016.

What are the changes?

If you did take out an Amex Platinum card between 22 August 2015 and 8 August 2016, here's what's changing:

Amex Platinum cashback

Card Current cashback (1) Cashback from 31 Jan (1) Annual fee
Amex Platinum Cashback Everyday 0.5% on up to £3,500 (2)
1% between £3,501 and £7,500
1.25% on £7,500+
0.5% on up to £5,000
1% on £5,000+
£0
Platinum Cashback credit card 1.25% on all spending 1% cashback on up to £10,000
1.25% on £10,000+
£25
1) After introductory 5% cashback in first three months. 2)The 'minimum spend' rule hasn't changed and remains in force – you must spend at least £3,000 in the year to get any cashback at all

For both cards the introductory 5% cashback in the first three months will remain (capped at £100 for Platinum Everyday and £125 for Platinum). But those with the standard Platinum card will also no longer get 2.5% cashback in their 'anniversary month'. Previously, this was an extra bonus you got if you spent at least £10,001 in the preceding 12 months.

Both cards continue to charge 22.9% interest on spending if you don't pay them off in full each month.

Is it still worth having one of these cards?

Despite the cuts announced last year, both Amex Platinum cards continue to feature in our Top Cashback Credit Cards Guide - especially as it hasn't got rid of its market-leading 5% introductory rate.

If you're after a cashback credit card, both the Platinum and Platinum Everyday could still earn you £100s. Those with Everyday cards who spend the minimum £3,000 a year won't actually see a difference to how much cashback they earn - it's the biggest spenders who will lose out.

Amex Platinum annual cashback (including £25 annual fee)
 
£3,000
£5,000
£10,000
£20,000
 
Old
New
Old
New
Old
New
Old
New
Year 1
(incl 5% intro rate)
£41 £35 £84 £75 £194 £175 £319 £300
Years 2+ £13 £5 £38 £25 £110 £75 £245 £200
Assumes spending split equally over 12 months.
Amex Platinum Everyday annual cashback
 
£3,000
£5,000
£10,000
£20,000
 
Old
New
Old
New
Old
New
Old
New
Year 1
(incl 5% intro rate)
£49 £49 £89 £81 £179 £165 £304 £265
Years 2+ £15 £15 £32 £25 £88 £75 £213 £175
Assumes spending split equally over 12 months.

What does Amex say?

An Amex spokesperson told us: "In 2016, we made some changes to the rate of cashback that could be earned on our Platinum Cashback Everyday and Platinum Cashback Cards for new and existing card members.

"Card members who took out their Platinum Cashback Card between 22 August 2015 and 8 August 2016 are now being changed to this same construct, which will come into effect on 31 January 2018. We are writing to all these card members to let them know they will join the same construct as the other card members."

Amex previously told us it made changes to its cashback rates in order to 'remain competitive'.

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