American Express Platinum Cashback Card review September 2020
Earn a generous introductory cashback rate on every pound spent on purchases and no rewards cap on the American Express Platinum Cashback Card.
With a low annual fee by platinum card standards and travel insurance thrown in (subject to enrolment), this card could be worth your while if you’re likely to use it a lot for day-to-day spending.
You say: ★★★★★We say: ★★★★★
Doing its job: 5/5
In a nutshell:
Yearly account fee
Up to £125
Up to 56 days
Interest-free each billing period
|Rep. APR||27.3% (variable)|
|Annual/monthly fees||£25 per annum|
|Cashback details||As a new Cardmember, get 5% cashback on your purchases (up to £125) for the first 3 months of Cardmembership.|
|Incentive||£30 per friend/family member that successfully applies for an American Express card (Excl. Basic card) and uses Referral Programme (maximum £150 per annum). The cashback rebate is not payable in respect of any month in which the minimum payment is not received by the due date.|
|Additional Rewards Info||Complimentary one year premium membership to the sleep and meditation app Calm worth £28.99, until 31.10.20. Refund Protection (90 days to return, receive max £200 per item, max £750 per annum). Global Assist - 24/7 help available when travelling outside the UK. Access to tickets for must-see music, theatre and film events, often before they go on sale to the general public with American Express Experiences. Eligible for American Express Connect where cardmembers can choose offers from selected retailers to obtain discounts or cashback.|
|Purchases interest-free period (days)||56|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
If you prefer cashback to points, this card has a decent return on all purchases, with no spending cap on rewards. Additionally, if you spend enough on your American Express Platinum Cashback Card, you’ll access a higher rate of cashback.
The standard rate on purchases isn’t anything to write home about, but if you clear your balance in full each month, you’ll benefit from up to 56 days of 0% interest on purchases each billing cycle – meaning you could avoid interest altogether. If you do end up carrying a balance from month to month, then it’s likely that what you’ll pay in interest will outweigh the rewards you’ll earn.
Ultimately, it’s big spenders who always clear their balance in full each month (you can set up a direct debit to do this) who will stand to benefit the most from this card.
Pros and cons
- Customers report excellent customer service when dealing with American Express.
- Earn cashback on day-to-day spending.
- £25 annual account fee.
- Applicants with low credit scores are unlikely to be eligible.
How does this card compare with other cashback cards?
When it comes to repayments, you can make manual repayments online or over the phone (0800 917 8047), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the American Express Platinum Cashback Card
To apply for the American Express Platinum Cashback Card, simply visit the Amex site. You’ll need to complete an application form, which should only take a couple of minutes, but make sure you meet American Express’s eligibility criteria before applying.
Frequently asked questions
How does cashback work?
Can I earn reward points?
What is the minimum monthly payment?
What is my credit limit?