Many American Express credit card customers will see their cashback levels cut from January 2018, the provider has confirmed.
Customers who opened a Platinum Cashback Everyday or Platinum Cashback card between 22 August 2015 and 8 August 2016 will see their cashback reduced.
At present, they receive 0.5% cashback on spending up to £3,500 a year, 1% on spending between £3,501 to £7,500, and 1.25% on spending over £7,501.
However, from 31 January 2018 this will be slashed to 0.5% cashback on purchases up to £5,000, and 1% cashback on spending over £5,001 a year.
The changes were first announced in August 2016 and will bring the cashback received by these customers into line with those who opened an account before 22 August 2015 and after 8 August 2016.
A statement released by American Express says: “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 cardmembers.
“These changes were made to new cardmembers applying for the Card from 9 August 2016. The change for accounts acquired before 22 August 2015 took place from 8 November 2016.
“Cardmembers 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 cardmembers to let them know they will join the same construct as the other cardmembers.”
Despite the changes, both the Platinum Cashback Everyday and Platinum Cashback cards remain as Moneywise Best Buys.
The Platinum Cashback Everyday account has no annual fee and has an introductory offer of 5% cashback on spending for the first three months, up to a £100 limit.
After that, cardholders earn 1% cashback on spending over £5,001 per year and 0.5% on spending below this amount.
Bigger spenders should consider the £25-a-year Platinum Cashback card instead. It pays 5% cashback, up to a £125 limit, in your first three months. After the first three months, you get 1.25% cashback on spending over £10,001 a year and 1% on spending below that amount. There is no cap on cashback earnings.
Bear in mind that American Express is less widely accepted than other types of credit card.