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Amazon cuts the cashback earning rate on its Platinum Mastercard credit card

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If you need any further proof of the tough environment out there for credit card rewards, Amazon has just announced big changes to its UK Platinum Mastercard.

I tend to use the Amazon card as one of my default ‘best (almost-)cashback’ cards.  After this change, the best mainstream card is probably the John Lewis / Waitrose one which has no annual fee and still offers 0.5% back, doubled to 1% at John Lewis and Waitrose.

Amazon Mastercard reduces its cashback earning rate

From 29th April, the cashback rate – paid in Amazon vouchers – on the Amazon Platinum Mastercard will drop from 0.5% to just 0.25%.

The earning rate when spending at Amazon remains unchanged.  You will get 1.5% back as a Prime member and 0.75% back otherwise.

Details of the credit card, which do not reflect the upcoming changes, are on this page of the Amazon site. 

Want to earn more points from credit cards? – April 2024 update

If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.

In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.

You qualify for the bonus on these cards even if you have a British Airways American Express card:

Barclaycard Avios Plus card

Barclaycard Avios Plus Mastercard

Get 25,000 Avios for signing up and an upgrade voucher at £10,000 Read our full review

Barclaycard Avios card

Barclaycard Avios Mastercard

5,000 Avios for signing up and an upgrade voucher at £20,000 Read our full review

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.

British Airways American Express Premium Plus

25,000 Avios and the famous annual 2-4-1 voucher Read our full review

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & four airport lounge passes Read our full review

The Platinum Card from American Express

40,000 bonus points and a huge range of valuable benefits – for a fee Read our full review

Virgin Atlantic Reward+ Mastercard

18,000 bonus points and 1.5 points for every £1 you spend Read our full review

Earning miles and points from small business cards

If you are a sole trader or run a small company, you may also want to check out these offers:

SPECIAL OFFER: Until 12th May 2024, the Capital on Tap Business Rewards Visa card is offering a bonus of 30,000 points, convertible into 30,000 Avios. You must have a Limited Company to apply. Click here to learn more and click here to apply.

British Airways Accelerating Business American Express

30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review

American Express Business Platinum

40,000 points sign-up bonus and an annual £200 Amex Travel credit Read our full review

American Express Business Gold

20,000 points sign-up bonus and FREE for a year Read our full review

Capital on Tap Business Rewards Visa

Huge 30,000 points bonus until 12th May 2024 Read our full review

For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending.

Barclaycard Select Cashback Business Credit Card

1% cashback uncapped* on all your business spending (T&C apply) Read our full review

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Comments (153)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • AndyF says:
    28 Mar28 March 10:08

    A very weird of topic. – I just ordered a card for my mother on moonpig. They have now stopped taking Amex as payments and they don’t do the 25% prepaid credit any more either. Disgruntled!

  • illuminatus says:
    28 Mar28 March 10:21

    OT – just booked a London-Santiago-Lima-London reward ticket. Is there a good reason to spend a couple of days in Santiago, or rather head straight to holidaying in Peru which is our main destination, where we are planning to spend around 18 days?

    • Dean S says:
      28 Mar28 March 10:59

      Did this last year, Santiago is nice but 2 nights is enough. LATAM have a nice lounge in Santiago as well!

      • illuminatus says:
        28 Mar28 March 11:47

        Looking back, would you rather have spent those 2 days in Peru? Or still Santiago?

        • EvilDoctorK says:
          28 Mar28 March 12:26

          Having done both I’d say it depends on what you’re trading it against … time in Lima then I’d say yes .. Santiago is a very different city and well worth spending a little time in

          If it’s the difference between going to Macchu Picchu or not though for example then it would be a clear no

          As per Dean’s comments .. 2 nights is plenty anyway .. not really any blockbuster sights to detain you for longer but it’s a nice place to break your journey after a long flight from London and a good ‘easy’ introduction to South America if you haven’t been before.

    • Vivian says:
      28 Mar28 March 12:34

      I did that last year too on 241 redemption. Spent 3 nights in Santiago which I agree with Dean is enough although I also went to Patagonia and San Pedro de Atacama, for which Santiago is a good connecting airport.

      • Chabuddy geezy says:
        28 Mar28 March 13:00

        Valparaiso is a few hours by bus from Santiago and is nice if you like street art.

    • Dezeeko says:
      28 Mar28 March 13:41

      We did a very similar trip a few years ago using 241. Santiago is nice but not overly spectacular, but I would suggest you take a look at the city of Valpariso on the Pacific coast (90mins drive) a very unusual place. And if you have time/inclination there’s a very good “Gastronomic hostel” called Mapuyampay about 2hrs south of Santiago. Its the only place I have ever seen rated Excellent only on TripAdvisor.

  • Bootlace says:
    28 Mar28 March 10:26

    O/T Wow stopped operations and flights Cancelled!

  • BrotherBear says:
    28 Mar28 March 10:48

    O/T

    Made a redemption booking last year and paid via Amex. Late last year lost the card and so reissued a new one with new end number.

    Now want to cancel the flights and get a refund. Is showing the old Amex card number (shows end 4 digits only) as to where the refund will be sent.

    Will Amex correctly recognise that card number has been replaced by my new card and apply the refund to my account? Some subscription services continued without me alerting them eg Spotify and apple.

    Thanks in advance

  • Alan says:
    28 Mar28 March 11:08

    Yep, still working my way through a few k of credit from Morrisons offer from before Christmas but keep topping it up with more Tesco money-off coupons!

  • Jake Mc says:
    28 Mar28 March 11:36

    OT

    Wow air is no more!

  • Craig says:
    28 Mar28 March 11:41

    Another OT, sorry: Amex SPG swept last month on the 26th, nothing yet on the 28th. Hoping to take advantage of the 30% bonus but starting to worry now. My BA Avios have always swept on the same day every month.

    • Aar says:
      28 Mar28 March 13:00

      just curious, what 30% bonus is this?

      my Amex SPG card sweep happened on 23rd and it posted to my Marriot account on the 24th

    • Anna says:
      28 Mar28 March 13:18

      My SPG points are still showing on my Amex page – maybe they went over early last month due to it being February? (i.e. if they go across 2 days before month end, they will go tomorrow?)

  • Alex Sm says:
    28 Mar28 March 12:05

    Is it only me or something happened to AMEX offers? For two or three months I only have had two obscure offers (Hackett and Appleyard Flowers (sic!) while previously it was always about a dozen and they rotated often. Should I uninstall and re-install the app?

This article is closed to new comments. Feel free to ask your question in the HfP forums.

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