For the last few years I’ve enjoyed having a Costco co-branded Amex (UK) however as I’ve been expecting, the card is ending on 29th January 2020 and I will be automatically switched to an Amex Platinum Cashback Everyday Credit Card.
For those unaware of the benefits on the Costco Amex:
3% Cashback on Eating Out (unlimited each year)
2% Cashback on Travel (unlimited each year)
1% Cashback on everything else (capped at £300 per year)
I’m being switched to the Amex Platinum Cashback Everyday Credit Card which gives you:
0.5% Cashback on annual spend up to £5000
1% Cashback on annual spend over £5000
(No cashback paid unless at least £3000 is spent each year)
I tend to make about £75-100 a year cashback at the moment. My annual spend on the card has been between 5k and 10k a year - I don’t use it for all spending but I do for fuel and big purchases (holidays, insurance etc.). I’m struggling to see the point of keeping the Amex Platinum Cashback Everyday Card over the Tandem card (0.5% cashback) I also use abroad and when Amex isn’t accepted.
As I’m not eligible for any sign-up bonuses, is there any other Amex card people would recommend I ask to switch to instead?
To add - I could probably put another 5k through an Amex a year by using it over my Monzo card, but would miss out on the budgeting features I find quite useful.
Not sure if this helps but I’ve been playing the credit card points game for a long time now so, if that’s of interest, the best deals can be found at the link I’ve shared below. The site is for complete obsessives like me who, for my sins, once rented a car I didn’t need and then didn’t drive, because the points were worth more than the cost of the rental…
If you are self-employed then I’d recommend the virgin card as you can get free points when paying your taxes (via Curve).
Head for Points was my first port of call It’s a useful list - just struggling as they mostly emphasise the sign up bonuses, but that’s not something I’m eligible for due to having the Costco card.
Not self employed unfortunately but I do have Curve. I quite like Amex as a company and feel assured they’d have my back in any disputes etc.
I was drawn in by the Gold card but think I’d struggle to justify the annual fee in the second year. I don’t fly much but I’m considering the BA Amex also. Shame there isn’t an easy calculator to see what the best card is dependent on annual spend!
For me, it really depends how much you travel by air - and if you do, whether you use British Airways. I have the premium BA Amex card, which costs £200 per year, but I’ve earned over 45,000 Avios in nine months (including the 24,000 bonus after three months). In terms of cash, it means I’m slightly better off. However, it means I can pay for flights with part Avios, part cash. The main benefit for me is that flights are then refundable until the last minute, so I can plan ahead without having to commit.
With Amex, you also earn rewards by linking from their website to shopping websites (e.g. johnlewis.com), which can further multiply the benefits if you’re rigorous about doing it.
There’s an equivalent card that’s free, but you earn fewer Avios.
If you don’t fly much, neither of these will be of any benefit to you.
For when I’m feeling more charitable, I also have an Amex (RED) card, which gives one percent of my spend to AIDS charities.
I had a letter from Amex last week. I’ve not seen it widely publicised yet (such as on sites like Head for Points) so maybe they’re informing customers in stages. I can DM you a copy of the letter tomorrow if that would help. It was inevitable really - Costco changed over to Visa in the US and the card has been closed to new applicants since May.
Are you sure you wouldn’t all be entitled to referral bonuses? I understood that Gold and Platinum were standalone products from everything else. It used to be a cool thing to get referred so that you and the referrer got the bonus points, then refer your wife and get both sets of points, you could get to 80K without much effort and that’s enough for a load of business class European travel.
You can self refer from any Amex card to any other. I would say the Platinum cashback is best for most people unless the do enough MS to make Mr points better value for sweet spot redemptions.
You might’ve missed the previous context - we’re both Costco Amex cardholders and have been informed we’re being switched to the Everyday Cashback card in January as the Costco Amex is ending. @frankysnr was enquiring whether it’s possible to switch to the regular platinum cashback card instead as the cashback rate is better.
I just spoke with Amex myself and they confirmed the same - disappointing but at least it does avoid the hard check with a new application.
I may struggle to max that £100 cashback bonus which is unfortunate, but the regular platinum card still seems like a better deal for my spending levels.
Costco is minimum 1% on everything, 2% on travel and 3% on eating out. I spend less than 10k a year (or around that mark) on my Amex, so the Costco card is much better for me. Minimum 2k of that is on travel also - if I was a higher spender the answer may be different.
I must’ve misunderstood the way that card works - I (presumably wrongly) thought that 1.25% cashback was paid on purchases when you’re over the annual total of 10k. So £10,100 would attract 1% cashback on 10k and 1.25% on £100. But are you saying that the full £10,100 spend would attract 1.25% cashback?
I guess the other thing was no annual fee. So on a £10k spend, the Costco card would give £100 cashback and the platinum cashback £125 minus a £25 fee. If any of that spend was travel or eating out, the Costco card would come out on top.
It’s a useful list - just struggling as they mostly emphasise the sign up bonuses, but that’s not something I’m eligible for due to having the Costco card.