You will receive 12,000 Avios for taking out a £155 subscription to the magazine for one year. Whilst this is not a bad deal on its own, it is an even better deal if you take up The Economist on the clause in their terms and conditions which allows you to cancel at any point for a pro-rata refund.
I first got wind of trouble last Monday when a reader told me that he was having difficulty getting the call centre to cancel his subscription. Since the terms and conditions of the offer are very clear, I told the reader to keep pushing back as The Economist has NO CHOICE but to refund him.
I added a warning note to my original article at that time.
On Tuesday, another reader told me that he had successfully cancelled via email with no problems. I thought the first reader had just hit a grumpy agent.
Yesterday, however, this clause started appearing on subscription confirmations:
The terms and conditions were changed on January 16th. If you ordered before that date, you will receive your refund. If there is any push back from the magazine, push back yourself. You are due your money.
If you applied on or after January 16th, you are now bound by these rules:
Unless specifically stated in any Subscription offer or promotion when you place your Subscription order, you have the right to cancel your Subscription at any time. Please note that if your Subscription includes a digital element, by placing your order you agree that we may start your Digital Subscription immediately and you acknowledge that you will lose your right to a refund in relation to any issues that have been published before you cancelled.
If you exercise your right to cancel, unless the terms of any Subscription offer or promotion state otherwise, we will reimburse all payments received from you, less a pro-rated amount for each issue delivered (if your Subscription contains a print element) or published (if your Subscription is a Digital Subscription only) before you cancelled.