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American Express Platinum Cashback Card review 2021

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: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a. with a fee of £25 per annum, your representative rate is 29.8% APR (variable).

Earn 1.25p

per £1 spent

Up to £125

Intro cashback

29.8%

Representative APR

£25

Yearly account fee

Details

IssuerAmerican Express
NetworkAmex
Representative APR29.8% APR (variable)
Annual/monthly fees£25 per annum
Loyalty schemeCashback
Cashback detailsAs a new Cardmember, get 5% cashback on your purchases (up to £125) for the first 3 months of Cardmembership. Spend £0 to £10,000 and receive 0.75% cashback on all purchases. Spend over £10,000 and receive 1.25% cashback on purchases.
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 InfoRefund 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.
Purchases24.5%
Purchases interest-free period (days)56

Review by


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.

Expert review

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

Pros

  • Customers report excellent customer service when dealing with American Express
  • Earn cashback on day-to-day spending
  • Up to £125 introductory bonus cashback

Cons

  • £25 annual account fee
  • Applicants with low credit scores are unlikely to be eligible

How does it compare with other Amex rewards deals?

Table: sorted by representative APR, promoted deals first
Name Product Rewards earn rate Max. intro bonus Annual/monthly fees Representative APR Ratings Link Incentive Representative example
British Airways American Express Card
1 point per £1 spent
10,000 points
£0
24.5% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Go to site
Limited time offer: Earn 10,000 bonus Avios when you spend £1,000 in your first 3 months. Earn 1 Avios for virtually every £1 spent. Spend £12,000 annually and get a travel companion voucher when redeeming Avios for a BA reward flight.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a., your representative rate is 24.5% APR (variable).
American Express Platinum Cashback Everyday Card
1% cashback
£100
£0
24.5% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Go to site
New Cardmember offer: Get 5% cashback on your purchases (up to £100) for the first 3 months of Cardmembership. Spend £0 to £10,000 and receive 0.5% cashback on all purchases. Spend over £10,000 and receive 1% cashback on purchases.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a., your representative rate is 24.5% APR (variable).
American Express Rewards Credit Card
1 point per £1 spent
10,000 points
£0
24.5% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Check eligibility
As a new Cardmember, earn 10,000 Membership Rewards® points when you spend £2,000 in your first 3 months of Cardmembership. Earn 1 point for every £1 spent thereafter.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a., your representative rate is 24.5% APR (variable).
The American Express Nectar Credit Card
2 points per £1 spent
20,000 points
Year 1 - £0, Year 2 onwards - £25 per annum
29.8% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Check eligibility
Earn 20,000 bonus Nectar points when you spend £2,000 in your first 3 months. Earn a minimum of 3 Nectar points for virtually every £1 spent at Nectar partners, and 2 Nectar points for virtually every £1 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a. with a fee of £25 per annum (waived in year one), your representative rate is 29.8% APR (variable).
American Express Platinum Cashback Card
1.25% cashback
£125
£25 per annum
29.8% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Check eligibility
As a new Cardmember, get 5% cashback on your purchases (up to £125) for the first 3 months of Cardmembership. Spend £0 to £10,000 and receive 0.75% cashback on all purchases. Spend over £10,000 and receive 1.25% cashback on purchases.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a. with a fee of £25 per annum, your representative rate is 29.8% APR (variable).
The Marriott Bonvoy American Express Card
6 points per £1 spent with selected partners
2 points per £1 spent elsewhere
20,000 points
£75 per annum
41.6% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Check eligibility
Earn 20,000 points bonus when you spend £3,000 in the first 3 months. Earn 2 points per £1 spent and 6 points per £1 of eligible spend at Marriott properties.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a. with a fee of £75 per annum, your representative rate is 41.6% APR (variable).
American Express Preferred Rewards Gold Credit Card
2 points per £1 spent with selected partners
1 point per £1 spent elsewhere
30,000 points
Year 1 - £0, Year 2 onwards - £140 per annum
59.9% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Check eligibility
Limited Time Offer: Earn 30,000 Membership Rewards® points when you spend £3,000 in your first three months of Cardmembership. Offer ends 9 November 2021.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a. with an annual fee of £140 (£0 in first year), your representative APR is 59.9% APR (variable).
British Airways American Express Premium Plus
3 points per £1 spent with selected partners
1.5 points per £1 spent elsewhere
40,000 points
£250 per annum
101.1% APR (variable)
Finder score
★★★★★
User survey
★★★★★
Check eligibility
As a new Cardmember, earn 40,000 bonus Avios when you spend £3,000 in your first 3 months of Cardmembership. Earn 3 Avios for per £1 spent directly with BA and 1.5 Avios per £1 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a. with a fee of £250 per annum, your representative rate is 101.1% APR (variable).
The American Express Green Card
1 point per £1 spent
N/A
£60 per annum
N/A (this product is a charge card).
Finder score
★★★★★
User survey
★★★★★
Check eligibility
1 point earned for virtually every £1 spent. Rewards points can be used as currency to buy flights and package holidays through American Express Travel. Reward points can also be redeemed for a wide range of products, experiences, travel and hotel stays. If you're an existing Cardmember, invite your friends to join American Express and you'll get 5,000 points if they are approved.
The Platinum Card
Finder Award
The Platinum Card
1 point per £1 spent
60,000 points
£575 per annum
N/A (this product is a charge card).
Finder score
★★★★★
User survey
★★★★★
Check eligibility
Limited Time Offer: Earn 60,000 Membership Rewards® points when you spend £6,000 in your first six months of Cardmembership.
Vitality American Express Credit Card
0.5% cashback
N/A
£0 (but £4.75 fee for the Vitality programme)
35.5% APR (variable)
Finder score
★★★★★
User survey
★★★★★
0.5% on £1 to £10,000 of yearly spend and 1% thereafter. Paid on anniversary. Must spend £3,000 annually to earn cashback. Earn up to 2% additional cashback on first £1,000 spend each month based on Vitality products held and monthly activity points earned. New cardmember offer: earn £100 statement credit when £2,000 spent in first three months.
Representative example: When you spend £1,200 at a purchase rate of 24.5% (variable) p.a. with a fee of £0 per month (please note there is a £4.75 fee for the Vitality programme), your representative rate is 35.5% APR (variable).
American Express Basic Charge Card
N/A
N/A
£0
N/A (this product is a charge card).
Finder score
★★★★★
User survey
★★★★★
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.
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Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

You can make manual repayments through American Express's app, by logging in to your online banking or over the phone (0800 917 8047). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) 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

First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for the American Express Platinum Cashback Card. This won't impact your credit score. If it's good news, you can then proceed to American Express's online application, which takes 10-15 minutes to complete.

The verdict

If you’re looking for an affordable premium credit card, the American Express Platinum Cashback card offers a generous intro bonus and a range of other perks for a relatively small annual fee. Of course, the more you spend, the more you’ll get in cashback, which makes this card a better choice for those who do a lot of spending using their credit card.

But if you’re certain to pay off your balance in full every month, you should be able to get good value out of the card’s impressive earn rate, even when you take the annual fee into account.

Frequently asked questions

What credit limit will I get with the American Express Platinum Cashback Card?

If American Express is able to offer you this deal, the offer will specify a personalised credit limit based on American Express's assessment of your situation. The minimum limit offered on this card is £700 and American Express does not specify a maximum. Once you've had the card for a while and shown American Express that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the American Express Platinum Cashback Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the American Express Platinum Cashback Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 31.5% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

How much does it cost to use the American Express Platinum Cashback Card abroad?

Non-sterling transactions are subject to a 2.99% charge. For example, if you spend 200 euros (£169.12), it'll cost you around £5.06 in fees.

Can I use the American Express Platinum Cashback Card with Addison Lee?

Yes, you can use your Amex Platinum card to book a private car or vehicle, and can also use it with CityFleet, Radio Taxis and Checker Cars. You can book a car up to three months in advance by using the Addison Lee app.

Finder credit card ratings

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★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score cashback credit cards to determine their value against similar products on the market. We look at a number of important factors, like welcome bonuses, introductory and ongoing earn-rates, any limits or restrictions to earning cashback, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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