Category: Finance

My (very positive) experience with Amex Refund Protection

One of the lesser-known benefits of some American Express cards is Refund Protection. It’s not so well known because it’s only given a scarce mention in their marketing alongside (in my opinion) mostly worthless benefits such as travel inconvenience insurance.


A bit of background: credit card issuers in the UK are required to provide consumers with two means to resolve disputes with merchants: chargeback, a feature provided by Visa/MC and Section 75 of the Consumer Credit Act. Both, and American Express’s voluntary implementation of Section 75 for charge cards, which are not provided for in the Act, are extremely useful in limited circumstances, such as when you purchase something that isn’t delivered and the seller is unresponsive, or when the seller goes bust just after you’ve placed an order with them.

Refund Protection is in addition to this. It gives you 30 days to arbitrarily decide that you don’t want something (i.e. buyer’s remorse) and, if the seller refuses to take it back, the insurer will reimburse you.

What Happened

I recently purchased some headphones from Argos at a price of £270. The moment I tried them out, I realised the sound was more like that of £50 headphones. With a 14-day moneyback guarantee plastered all over Argos’s website, till receipt and stores, I assumed I was in the clear. I took it back to Argos only to find that the guarantee is void once the shrink-wrapping has been removed, rendering is mostly worthless. The manager had clearly heard it all before and rather than discussing it with me and trying to help at least a bit, she just stormed off in a strop.

This really annoyed me because I had chosen to buy the item from Argos because of this guarantee. Had I known the treatment I’d get, I would have bought it from Amazon, saved myself a small amount of money, the time spent arguing with an overgrown teenager and had the opportunity to return the item.

I debated taking it to another Argos store and trying a bit harder, maybe suggesting that the poor sound could be indicative of a fault but I decided to try Amex’s Refund Protection.

Using the Service

The insurance is administered/underwritten by Chubb. Finding the online form meant digging through the card’s Terms. Once I found it though, it only took about 5 minutes to complete and I was surprised that there wasn’t a long list of exclusions and limitations or an onerous form. I received a call from Chubb a couple of days later in which they told me that I couldn’t keep the item, so I should return it to a charity shop (!) and fill out a very brief declaration that I’d given the item to a charity shop. Again, all very easy and the British Heart Foundation gained a nice donation.

I actually debated going back to the BHF shop to buy the item back, guessing they’d sell it for £25-50 an

d at that price, I’d have been happy to keep them. I decided against this, too, though.

About a week after filling in the very short declaration, the whole amount was back in my bank account.


I got messed around by a big company and a bigger company sorted it out for me. I probably won’t buy from Argos again because none of this would have happened if I’d bought from Amazon. This lesser-known benefit saved me £270, roughly double the annual fee for my Preferred Rewards Gold card.

My 2019 financial reshuffle 2/2: Virgin Atlantic credit card, Curve and Founders Card

Curve and Virgin Reward+ (again)

Just after I posted the first part of my financial reshuffle, Curve launched Amex support, I applied for one of their metal cards, that came with unlimited free Amex spend (and a much higher maximum £1.4m annual spend limit), and Amex terminated Curve’s MSA, pulling Amex support from Curve.

It all happened very quickly but, having missed a few good opportunities, I decided to jump in quickly on this one, and now I’m stuck with Curve metal card that looks and feels really nice but isn’t much use to me.

New Curve metal card

I have 28 days to claim a refund so my plan is to try to get to get a much spend on it as possible within that time, to reassure myself that I won’t get stuck at an annual spend limit. Assuming that happens, I’ll keep it.

The funny thing is, metal cards are quite common among high-fee, high-income reward cards in the US, but in the UK, the only metal cards I’m aware of are the Amex Centurion, N26, Revolut and Curve. In other words, 3 out of the 4 metal cards in the UK are basically pre-paid debit cards open to anyone. How’s that for prestige?!

It’s not that easy, though. no sooner had I cancelled my Virgin Atlantic Reward+ Credit Card that Curve brought out this new product that is literally game-changing for anyone with large tax bills. Because of that, I actually re-applied for the Virgin Atlantic Reward+ Credit Card. Reading the fine-print carefully, I should be eligible for the current 25k miles signup bonus again. The product’s been out less than a year so I guess the possibility for churn hasn’t registered yet… I also got a higher limit second time around.

Founders Card

Speaking of pointless metal cards, I took out a  Founderscard some time ago (I don’t know why they given out cards).

Founders Card

Given how many of the best offers were restricted to the US, I wasn’t sure if I’d keep it, but I’ve recently had a lot of good value out of it:

  • Total Rewards (Caesars) Diamond Elite status was immensely valuable in Vegas and as far as I know, this is the only way to get it in the UK. I also managed to get a status match from Caesars in the UK – the benefits are relatively modest but still nice to have.
  • Stripe became a Founders Card benefit in the US and, shortly after, in the UK as well. The £15,000 in free processing from Stripe combined with the £30,000 in free processing I have in a legacy Braintree account have opened up the possibility of ditching Worldpay for a more modern solution and saving money at the same time.
  • It was time to replace my 2017 Macbook Pro and after perusing the offers on Founders Card, I realised that I could get a very good Lenovo laptop for very good price as long as I could arrange for it to be shipped to the USA and forwarded on from there. It was a bit of a debacle but I saved several hundred pounds, even after all of the extra costs involved in forwarding it.
  • I’ve had a couple of free business lounge visits, discounts at Namecheap, Moo and others. These aren’t worth a lot but still nice to have.

All in all, I have saved a lot compared to the annual fee, both in business and personal expenses. I am also really looking forward to the London event as a place to meet likeminded business owners in a relaxed setting.

My 2019 financial reshuffle 1/2: Virgin Atlantic credit card, Curve and Natwest

Over the past 18 months or so, I’ve very successfully collected a lot of airline miles, without changing my spending habits. In fact, In principle, anyone can do this, and I’m surprised that so many people I know don’t use a miles or cashback earning card.

However, the landscape has changed in the same period. Most people now have more choice but, big spenders, including small business owners such as myself that expense a lot, may have to accept that very generous rewards were great while they lasted.


The first victim of my reshuffle is Curve. Curve is a bit like Apple Pay or Google Pay, but with a physical card. You link your cards to it within the Curve app and select the one you want to use, then use the Curve card to pay. Alongside convenience, advantages included:

  • Cash withdrawals would be treated as purchases on credit cards, thus earning you airline miles,
  • Foreign currency spend would be converted by Curve at the Mastercard rate + 1%, saving you about 2% on most cashback or miles earning cards,
  • Curve is technically a debit card, so you could use it without incurring a fee at HMRC, car dealerships and so on, whilst earning miles on your cashback or miles earning credit card.

The first point has changed: without getting into the technicalities, you’re likely to be charged a cash advance fee if you withdraw cash on your Curve card.

The second point has also changed: instead of a flat 1% markup, there is a 0% markup up to a low limit, then 2% thereafter. My back of fag packet calculation suggests that most people will be worse off, with business users such as myself, hardest hit.

The final point hasn’t changed. However, Curve’s “enhanced” annual limits have stayed at £50,000 and they are making it harder to get the enhanced limit, so big spenders will be limited by how much they can use their card.

My maxed out Curve card
My maxed out Curve card!

Virgin Atlantic Reward+ Card

Virgin Atlantic is my long-haul airline of choice and coincidentally, about 9 months ago, they released the most generous miles earning credit card on the market. In fact, it was hard to see how they could possibly make any money from it.

I signed up almost as soon as it was released and I’ve been using it alongside by Amex since then. On paper, it remains an incredible deal but I’ll be cancelling it in about a month because:

  • The customer service is crap. If you send them a message via online banking, you get an ill-considered copy-paste response. Their call centre seems to be located overseas and apart from the agents’ English, their customer service skills also seem to be lacking. I wholeheartedly believe the best way to respond to poor customer service is to walk away.
  • They gave me a relatively low limit and refused to increase it despite a perfect payment history. The limit it below the amount that I charge to it each month, so I have to keep making interim payments to earn the miles, which is a PITA.
  • Because I keep making interim payments, it can be hard to keep track of how much I spend in a statement period and how much I pay off in the same period. Because of this, I’ve been charged interest a couple of times. The amount I was charged was much, much higher than I had expected, and I eventually figured out that even if you only “carry” a balance of £0.01, you’re charged interest on the whole average balance in the statement period.
  • There is no mobile app, Apple Pay or Google Pay.


I was waiting for Starling for released their business product for non-micro businesses, but eventually decided that since web-based banking isn’t on their agenda, I’d find an alternative. I chose NatWest, and also took advantage of the £125 bribe they were offering for switching a personal account to them. Generally, I find NatWest’s customer service to be better than Santander’s, and there is a working mobile app for business accounts (yay!). There are a few snags but I’ve decided to put up with them:

  • The card reader. You need to carry around one of these things to make most types of payment:
    NatWest card reader
    NatWest card reader

    It is more secure, but it’s also rather annoying.

  • NatWest limit the amount you can charge to one their debit cards, when paying financial institutions, to £2k. I’m used to paying my Amex off by debit card, with the benefit being that your balance is updated immediately. I now have to pay them by bank transfer.
  • NatWest limit the amount that you can pay by BACS/FPS in a given day to £20k for personal accounts. This is rarely a problem for me, as I’m sure it would be for most people, but I hit a snafu a couple of weeks ago where I had hit the limit and needed to make another payment that day. I called them and it turns out that the same limit applies to payments made by telephone banking and there’s nothing that they can do to increase the limit. Luckily, business accounts have a higher limit and I was able to make the payment I needed from there.
  • NatWest show you very limited information about payments received until the day after they arrive. Say you receive £100 on Monday. You’ll see £100 and you’ll see the reference, but you won’t see the sender’s name until Tuesday. WTF?!