American Express and its market-leading cashback credit cards are getting a little less generous, with the provider slashing how much customers earn by as much as 50 per cent in some cases.
Payouts on the free American Express Platinum Cashback Everyday and £25-a-year Platinum Cashback credit cards can currently total hundreds of pounds a year with cashback rates of up to 1.25 per cent.
However, for newcomers from today and for existing customers from 4 August, cashback rates will be cut.
American Express is cutting the cashback paid on some of its credit cards
The free card currently pays 0.5 per cent on up to £5,000 a year and 1 per cent cashback on spending above that. However, under the changes all spending of up to £10,000 will only earn 0.5 per cent.