Best Amex to switch to?

Hi All

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).

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Head for Points was my first port of call :wink: 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.

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I’m in exactly the same position, as in, love the Costco card and disappointed (though not surprised) to see it go.

I’ve been speaking with Amex over this recently. If you let the card convert to the Platinum Cashback everyday card you will still receive the sign up bonus of 5% up to £100, though to get the cashback you have to spend £3000 a year. This almost make it worth it.

However, what I want is the regular platinum cashback card, which has a £25 fee, but gives cashback at 1% or 1.25% over 10k, but I’m unlikely to get to this. But I want the sign up bonus for this as well, which will offset the fee. The 1% makes it worth it for a year at least I think. After that I’ll reconsider.

I spoke to regular customer service who answered via in-app live chat immediately (:wink: Monzo) and recommended I call the number on the back of the Costco card, which is their specialist team, and negotiate with them. Ive not got to that stage yet, but it might be useful for you to do the same.

Well this is unsettling news, i’ve had no communication to say mine would be ending; i’ve held one since 2013.

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.

They’ll be a letter in the post to you.

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Yeah I’m aware of the US partnership ending, just thought that the card would be running to the end date.

It’s pretty poor that the terms aren’t anywhere near close to matching what the Costco card offered cashback wise.

Thanks for the offer, but don’t trouble yourself. I’m sure I’ll be receiving a letter at some point.

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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.

Any chance you heard back from Amex about switching to the regular platinum cashback card instead?

Amex don’t allow switches. It’s a case of applying for a new card and going through the usual process.

Chances are generally higher if you input your current/any previous Amex card number into the application form so they can assign it to your profile.

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 have actually. The answer was a bit meh.

Costco card members are eligible for the sign up cashback bonus 5% on the everyday card, which is £100. It is possible to, once the everyday card is issued, give them a call and upgrade to the regular platinum cashback card (which I’m told is just an update their side, the physical card is the same), however, Costco members are not eligible for the sign up bonus on that.

The upgrade can be done over the phone and is subject to internal checks only, ie no hard check.

What they recommended was to keep the everyday card, max out the £100 cashback bonus and then call and upgrade to the regular platinum card, or go through a brand new application (including hard check) for the regular platinum card.

As I’m trying to avoid hard checks I’m going to go for the former, and upgrade post sign up bonus. The annual charge essentially takes it down to a £75 bonus but, unfortunately, it seems to be the best deal for me at the moment. I’ll run it for a year and see how I feel come 2021.

Any other card is another separate application.

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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.

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I think it’s worth it for a year. It’ll never have my heart like my beloved Costco card though

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I’d say use your tandem card for a couple of years and get a new Amex when you’re eligible for a referral bonus again.

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This is still a no-brainer. It’s the same answer for everyone.