American Express cuts rewards on its Platinum Everyday cashback credit card
Blow: American Express has cut its rewards
American Express has cut the rewards on its Platinum Everyday cashback credit card - meaning customers will now earn up to £10 less a year.
It is the latest in a string of blows for shoppers who collect points and cashback. Firms including Capital One, Halifax, Santander and M&S Bank have blamed EU rules for slashing payouts.
They say Brussels has capped the amount they can charge retailers for processing credit card payments.
However, American Express is unaffected by the EU rule. Under the old terms, its customers got 0.5 per cent cashback on spending up to £3,500, 1 per cent between £3,501 and £7,500 - and 1.25 per cent on anything higher.
Now customers will get 0.5 per cent back on purchases up to £5,000, and 1 per cent on purchases over £5,000.
Someone who spent £1,000 a month will get £175 cashback a year, down from £188.75, according to uSwitch.
The changes are in place for new accounts. Existing customers will switch on November 8.
Amex says it chose to change its rates rather than cap the annual cashback on offer.
- My late mother made money bequests to relatives - must I pay...
- Not just a pretty face: First off-road drive of the new Land...
- The 50p that is far rarer than the fabled Kew Gardens coin:...
- A tough year for property ahead: Asking prices tipped to...
- Could Boxing Day sales be banned? MPs to discuss petition...
- The HSBC branch closure hitlist: Remember the adverts for...
- Borrowers locked out of buying a home by tough mortgage...
- TONY HETHERINGTON: 'I've been signed up to a £3-a-week sex...
- FTSE CLOSE: Footsie slumps as traders await US rate hike;...
- Another UK tech star set to fall into foreign hands: E2V's...
- Barclays offloads 74 branches in France to private equity as...
- Will Trump make your money great again? How the new...