May 2024’s credit card & BNPL news & round-up

The latest news to help you get the most from your credit card.

Here’s my monthly update sharing changes for leading UK credit cards, as well as some of the relevant articles you might have missed on the blog.

May’s credit card & BNPL update video

I go into more detail on some of this month’s updates in this video.

May’s credit card & BNPL news

Natwest ditch BNPL card

A sign that maybe the Buy Now Pay Later market is too crowded is Natwest’s closure of it’s BNPL card from 7 May 2024.

MSE Credit Club moves to TransUnion

As previously reported, the partnership between MSE and Experian to share full credit report information was due to end this year – and it’s now actually happened.

Instead you’ll see the TransUnion report with MSE, which you can already access for free in a number of places, including TransUnion’s own Credit Karma.

This means there’s no free, fast and easy way to access your Experian report. Though it seems Experian has been trialling a version with some customers, so if that does become available to all, I’ll let you know.

BA Amex cards revamp

New BA American Express Premium Plus customers will find the fee hiked from £250 to £300 a year. Existing customers will pay the new fee the first time they renew after 1 August 2024.

On top of that the spend required to earn a companion voucher will increase from £10,000 on the Premium Plus and £12,000 in the free card to £15,000 a year. I’ve covered both these changes in more detail here.

Amex fee refund end delayed (again)

As part of the changes to the BA Amex Premium Plus, American Express has delayed the end of pro rata refunds on the annual fees if you cancel the card midway through a year. It now won’t happen until at least 1 August 2024, and could well be later.

It could come in at any time, but it’s worth thinking about whether you want to keep existing cards or cancel them sooner rather than later. This is especially the case for those who have just or are about to trigger the huge welcome offer that have run in the last six months or so.

Just make sure if the card is one that earns Amex Reward Points (so Gold or Platinum) that you’ve used them or have opened another (free) Amex card that also earns points. Doing the latter will keep them alive until you are ready to redeem them.

Amex drops “platinum” from Cashback cards

Another quick Amex update. The Amex Platinum Cashback and Amex Platinum Cashback Everyday cards no longer have the word Platinum in their titles on the Amex website. It’s a small change, but it certainly makes things clearer for customers as they’re very different cards to the Platinum card!

May’s credit card special offers

Another Amex Cashback Everyday welcome offer boost

In March I shared a rare boost for the Amex Cashback Everyday card for new users. Well, there’s another one! And this also applies to the Amex Cashback card too. There’s £10 for the former, and £25 for the latter, on top of the usual 5% introductory cashback. And these can be stacked with £25 or £30 cashback from TopCashback or Quidco. All the details in our Amex deals page.

British Airways American Express Premium Plus Avios boost

If you apply via the BA Excecutive Club, there’s an increased 60,000 Avios available, up from the normal 25,000. However, bear in mind the changes to the Premium Plus card outlined above. Here are all the details.

Amex: £350 off £700 United offer

If you’re thinking of flying transatlantic then see if this very good offer is available on your Amex card. You need to book by late May.

This month’s best credit cards

As always when talking about credit cards the best credit card for you will depend on your credit report and why you need one. Make sure you read my rules for having and applying for a credit card.

But assuming you’ve got a great credit report, don’t need one to clear existing debts and will clear the balance completely each month, these are my top picks: