This is really helpful video, especially the part where you show the breakdown, as this is naturally what anyone would want to workout how much they might earn over a year with their spend. I don't personally think 12k is very much to put on a card like this. I personally spend around 15-17k on my Amex, but I don't personally think that the cash back you get is really worth it. I mean, £400 quid back from a year hammering your credit card for 20 grand doesn't seem like much of a reward to me. Not saying I wouldn't want it, but if I'd put 20k on there then I'd want more than £400. To reach that level, you either have to be a high earner or be travelling loads and putting lots of expenses on the card like flights, hotels, meals, and other travel.
Can i just say a big thank you for this video its helped me a lot, I have always wanted a American Express card and today i got accepted im super excited and with my yearly spending this card will make me about £100 each year from year 2 onwards.
@@BeCleverWithYourCash will do I'm new to amex so I will have to see how I go I have visa and MasterCard cards amex give me a high limit its shocked me I won't lie more than I need any tips you can share would be a massive help. All I'm worried about it not being accepted but I hear Google pay is available and everyone takes that so I should be ok? Thanks Andy for your video it's been a great help 👍
Yes, you need to be careful about the limit. Only spend on things you’d normally buy and you should be ok. And obviously clear that balance completely every month. It’s rarer than it used to be for Amex not to be accepted but I can happen, so I have MasterCard on my Apple Pay in case
Thanks for this video. Very helpful. I see there is a minimum spend to receive cashback for the Amex platinum everyday cashback card. Is there a minimum spend for the platinum cashback card?
Thanks for the video! Not sure if you mentioned, but is there a minimum spend to gain any cash back on the everyday card? Still not sure between the everyday card or the rewards credit card (blue). I’m not a big spender.
Hi Pietro, yes there’s a £3k minimum on the Everyday (annually). In terms of spending... think about how much you spend at the supermarket each month - that could be a big chunk of the minimum spend.
can I use abroad, any cash back spending abroad and any fees using abroad, if can use abroad exchange rates good ? or do I need to get another card for using abroad
Great video thanks Andy. Like you I recently got the Platinum Cashback Card and have had no problems with stores accepting it. Online if a vendor doesn't accept Amex but do accept Paypal I simply make sure Paypal uses my Amex as the preferred payment option - win win! One question how does Amex fare with fraud in you opinion - without any Section 75 like Mastercard and Visa is the Amex equivalent cover as good?
Hey Stephen. Yes, you do get Section 75 on all the credit cards (just not the charge cards) - though you'll lose this via Paypal as you do with any credit card. The customer service is always really good too.
I don’t have a 2k expense on the way... should i wait to get the card and in the meantime use my other credit card or go straight for the “everyday” card? Thanks, great content!
Hi Andy, thanks for the video! I just want to ask 2 things about the welcome bonus. 1) For example, if I owe £2,000, will my cashback be standard rate (eg 1%) plus the 5% bonus (so I earn 6%) or just the 5% rate? 2) It says you must spend £2,000 for the 5% bonus. If I have limit of £1,500, that means my utilization over 3 months would be 44%. Would that harm my credit rating ?
Hi Lisa. So rates on these cards have fallen since I made this video so do check you're happy with that (there are alternatives ruclips.net/video/NChYckFmi6M/видео.html&t) But to your questions. 1) It's just 5% for that first spending amount, then drops to the standard rate 2) You're hopefully clearing the card in full every month to avoid interest so it shouldn't make much of a difference. And it'd only be a slight impact so nothing to worry about unless you're applying for a mortgage
Considering the change in cash back rates, is the platinum cash back still a better choice when compared to the platinum cash back everyday? (Purely comparing these 2 cards).
Hi Connor. Yes, it's a shame the rates cut. I'd say the main Platinum Cashback is still better than the Everday, though there are better Amex now. I've looked at the best alternatives here ruclips.net/video/NChYckFmi6M/видео.html&t
If i applied for the card with the fee, do they offer the option to switch to the free version later on? Just thinking would be worth going with the paid version if the fee is covered by a referral but then would switch to free version once the next fee becomes due as I wouldn't spend enough to reach the breakeven point.
The best thing to do will be to cancel the card after you’ve got the annual cashback payout, and then apply for the Everyday card. You won’t get the bonus again, but you won’t pay the fee
Two points to note: 1. The Everyday cashback gives you 1.25% after 10K. 2. You have to spend a minimum of 3K a year on the Everyday cashback or you won't get your cashback.
Thanks Mohammed. Yes, forgot to say about the £3k on the Everyday (it's the full article on the blog), but it's only 1% cashback after £5k spend. The 1.25% is only for the standard Platinum Cashback
@@Equinox4523 I know its not there on the website, but I have the Amex Everyday card and it says on my statement: 0.5% up to 5K 1% after 5K 1.25% after 10K Thats weird..
@@moelta You're right - on my Everyday card statement it also states 1.25% for spending over £10k but I've spent over £10k in my current Cardmember year and can confirm I am still earning just 1% cashback. It must be a mistake on the statements they generate. Thanks for raising this.
It depends what you mean by beginner. If you haven't had a credit card before and want one to help build credit score then there might be better alternatives. I've explained more here. ruclips.net/video/ZTlxpJzXR3U/видео.html&t
Hi Amjith, so if the cards have an annual fee it is charged at the start of each 12 month period. However they're often pro-rata - which means if you were to cancel during the year you'd get a portion back. Eg after six months you'd get 50% off the fee back.
Yeah you don’t have to spend the minimum (unlike points rewards), but that’s the amount of spending where you’ll get the max extra cashback (in order for it to equal £125 or £100 depending on the card)
Hi Andy, great video firstly! I do have a question. It normally said to utilise 30% or less on many credit cards brands, to get a good credit rating. But what about Amex who encourage you to use the most? If I utilise more than 80% of Amex Everyday Reward card, will my credit score go down? 😅
Hi Denis, yes I'm in the same boat. I guess it could have an impact on your score, but hopefully when lenders actually look at your report they'll see it that it's always paid off in full etc. Credit Utilisation can also be viewed across all cards, so that could balance it out. If you are worried about it ahead of a mortgage application for example, you can always pay of the card earlier. You can save your debit card details to the app to process extra payments- just make sure you do them before the direct debit if finalised .
@@BeCleverWithYourCash Ok brill thank you Andy. Atm I am on the trial phases of using AMEX. I probably will utilise 20 or 30% on AMEX but as you said, I will be making full payments as soon as. (However I do like to get the best of the 5% of course for the next 2 to 3 months)
Hi I've just got a Amex cash back card. Do you still earn cash back if I use the card to pay for monthly subscriptions like Nest aware and Google one storage? I had these coming out of my old John Lewis card to earn points and wanted to move them to Amex for the next three months.
Here's my full article on the two cards on the blog becleverwithyourcash.com/whats-best-american-express-credit-card-cashback/
This is really helpful video, especially the part where you show the breakdown, as this is naturally what anyone would want to workout how much they might earn over a year with their spend. I don't personally think 12k is very much to put on a card like this. I personally spend around 15-17k on my Amex, but I don't personally think that the cash back you get is really worth it. I mean, £400 quid back from a year hammering your credit card for 20 grand doesn't seem like much of a reward to me. Not saying I wouldn't want it, but if I'd put 20k on there then I'd want more than £400. To reach that level, you either have to be a high earner or be travelling loads and putting lots of expenses on the card like flights, hotels, meals, and other travel.
Can i just say a big thank you for this video its helped me a lot, I have always wanted a American Express card and today i got accepted im super excited and with my yearly spending this card will make me about £100 each year from year 2 onwards.
That’s great! Make sure you check out the extra offers tab in case there’s a shop you tend to use
@@BeCleverWithYourCash will do I'm new to amex so I will have to see how I go I have visa and MasterCard cards amex give me a high limit its shocked me I won't lie more than I need any tips you can share would be a massive help.
All I'm worried about it not being accepted but I hear Google pay is available and everyone takes that so I should be ok? Thanks Andy for your video it's been a great help 👍
Yes, you need to be careful about the limit. Only spend on things you’d normally buy and you should be ok. And obviously clear that balance completely every month. It’s rarer than it used to be for Amex not to be accepted but I can happen, so I have MasterCard on my Apple Pay in case
Thank you for taking the time and explaining in depth. It was very helpful.
Very informative video, helped me a lot! Props to you sir for taking the time to make the spreadsheet
No problem! The rates have changed now though so the best reward Amex is now a different card. Here's more ruclips.net/video/NChYckFmi6M/видео.html&t
Thanks for this video. Very helpful. I see there is a minimum spend to receive cashback for the Amex platinum everyday cashback card. Is there a minimum spend for the platinum cashback card?
9:44 Amazing and most helpful info!
Hi Andy nice video just a quick question could we use the everyday cashback credit overseas and will there be a fee for it?
Thanks for the video! Not sure if you mentioned, but is there a minimum spend to gain any cash back on the everyday card? Still not sure between the everyday card or the rewards credit card (blue). I’m not a big spender.
Hi Pietro, yes there’s a £3k minimum on the Everyday (annually). In terms of spending... think about how much you spend at the supermarket each month - that could be a big chunk of the minimum spend.
can I use abroad, any cash back spending abroad and any fees using abroad, if can use abroad exchange rates good ? or do I need to get another card for using abroad
If you have the platinum everyday cash back, can you change it at some point to the other one?
Hi, I’m just curious. But can I use the Amex card to pay once rent bill to cover the 5k minimum spending amount?
Great video thanks Andy. Like you I recently got the Platinum Cashback Card and have had no problems with stores accepting it. Online if a vendor doesn't accept Amex but do accept Paypal I simply make sure Paypal uses my Amex as the preferred payment option - win win! One question how does Amex fare with fraud in you opinion - without any Section 75 like Mastercard and Visa is the Amex equivalent cover as good?
Hey Stephen. Yes, you do get Section 75 on all the credit cards (just not the charge cards) - though you'll lose this via Paypal as you do with any credit card. The customer service is always really good too.
Hit him up with text or call. It real and legit
Amex has purchase and fraud protection I believe.
Is this a better option than the BA Amex card?
I don’t have a 2k expense on the way... should i wait to get the card and in the meantime use my other credit card or go straight for the “everyday” card? Thanks, great content!
You can put your giant bills on it if you were to put your rent or mortgage payment on the card that pretty much will get you there
Hi Andy, thanks for the video! I just want to ask 2 things about the welcome bonus.
1) For example, if I owe £2,000, will my cashback be standard rate (eg 1%) plus the 5% bonus (so I earn 6%) or just the 5% rate?
2) It says you must spend £2,000 for the 5% bonus. If I have limit of £1,500, that means my utilization over 3 months would be 44%. Would that harm my credit rating ?
Hi Lisa. So rates on these cards have fallen since I made this video so do check you're happy with that (there are alternatives ruclips.net/video/NChYckFmi6M/видео.html&t)
But to your questions. 1) It's just 5% for that first spending amount, then drops to the standard rate
2) You're hopefully clearing the card in full every month to avoid interest so it shouldn't make much of a difference. And it'd only be a slight impact so nothing to worry about unless you're applying for a mortgage
What card would you suggest to get if you want another Amex card after this one?
Take a look at this video ruclips.net/video/NChYckFmi6M/видео.html&t
Considering the change in cash back rates, is the platinum cash back still a better choice when compared to the platinum cash back everyday? (Purely comparing these 2 cards).
Hi Connor. Yes, it's a shame the rates cut. I'd say the main Platinum Cashback is still better than the Everday, though there are better Amex now.
I've looked at the best alternatives here ruclips.net/video/NChYckFmi6M/видео.html&t
Do these cards work for airport lounge??
If i applied for the card with the fee, do they offer the option to switch to the free version later on? Just thinking would be worth going with the paid version if the fee is covered by a referral but then would switch to free version once the next fee becomes due as I wouldn't spend enough to reach the breakeven point.
The best thing to do will be to cancel the card after you’ve got the annual cashback payout, and then apply for the Everyday card. You won’t get the bonus again, but you won’t pay the fee
Used the £25 referral code provided above, thank you!
Thank you!
Two points to note:
1. The Everyday cashback gives you 1.25% after 10K.
2. You have to spend a minimum of 3K a year on the Everyday cashback or you won't get your cashback.
Thanks Mohammed. Yes, forgot to say about the £3k on the Everyday (it's the full article on the blog), but it's only 1% cashback after £5k spend. The 1.25% is only for the standard Platinum Cashback
Cheers @@Equinox4523
@@Equinox4523 I know its not there on the website, but I have the Amex Everyday card and it says on my statement:
0.5% up to 5K
1% after 5K
1.25% after 10K
Thats weird..
@@moelta You're right - on my Everyday card statement it also states 1.25% for spending over £10k but I've spent over £10k in my current Cardmember year and can confirm I am still earning just 1% cashback. It must be a mistake on the statements they generate. Thanks for raising this.
Mohammed Eltayeb is it halal to get it
Is this Amex platinum every day cashback credit card good for beginners
It depends what you mean by beginner. If you haven't had a credit card before and want one to help build credit score then there might be better alternatives. I've explained more here. ruclips.net/video/ZTlxpJzXR3U/видео.html&t
I used the referral link above also a few days ago!
Thanks!
Can you pay a rent with this type of credit Card and get cashback?
Is this card paid annually or can we get it if we clear eligibility???
Hi Amjith, so if the cards have an annual fee it is charged at the start of each 12 month period. However they're often pro-rata - which means if you were to cancel during the year you'd get a portion back. Eg after six months you'd get 50% off the fee back.
Now it just 5 precent in first 3 months up to 100 so don’t think u have to spend 2000 to get it
Yeah you don’t have to spend the minimum (unlike points rewards), but that’s the amount of spending where you’ll get the max extra cashback (in order for it to equal £125 or £100 depending on the card)
Hi Andy, great video firstly! I do have a question. It normally said to utilise 30% or less on many credit cards brands, to get a good credit rating.
But what about Amex who encourage you to use the most? If I utilise more than 80% of Amex Everyday Reward card, will my credit score go down? 😅
Hi Denis, yes I'm in the same boat. I guess it could have an impact on your score, but hopefully when lenders actually look at your report they'll see it that it's always paid off in full etc. Credit Utilisation can also be viewed across all cards, so that could balance it out.
If you are worried about it ahead of a mortgage application for example, you can always pay of the card earlier. You can save your debit card details to the app to process extra payments- just make sure you do them before the direct debit if finalised
.
@@BeCleverWithYourCash Ok brill thank you Andy. Atm I am on the trial phases of using AMEX. I probably will utilise 20 or 30% on AMEX but as you said, I will be making full payments as soon as. (However I do like to get the best of the 5% of course for the next 2 to 3 months)
Can I use this card in Gucci and Louis Vuitton
Not the smartest person are you
Hi I've just got a Amex cash back card. Do you still earn cash back if I use the card to pay for monthly subscriptions like Nest aware and Google one storage? I had these coming out of my old John Lewis card to earn points and wanted to move them to Amex for the next three months.