American Express Platinum Cashback Card review November 2019

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.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of £25 per annum, your representative rate is 28.2% APR (variable).

28.2%

Representative APR

£25

Yearly account fee

Up to £125

Intro cashback

Earn 1.25p

per £1 spent

Details

IssuerAmerican Express
NetworkAmex
Rep. APR28.2% p.a. (variable)
Annual/monthly fees£25 per annum
Loyalty schemeCashback
Cashback details5% on £1 to £2500 of yearly spend for introductory period of 3 months. 1% on £1 to £10000 of yearly spend. 1.25% after £10001 of yearly spend. Cashback paid Anniversary into Card Account. 5% intro cashback (max £125).
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.
Purchases22.9%
Purchases interest-free period (days)56

Expert review

Chris Lilly

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.

How does this card compare with other cashback cards?

Table: sorted by representative APR, promoted deals first
Updated November 14th, 2019
Name Product Max. intro bonus Default earn-rate Annual/monthly fees Rep. APR Incentive Representative example
£100
1% cashback
£0
22.9% p.a. (variable)
5% after £1 of yearly spend for introductory period of 3 months. 0.5% on £1 to £5000 of yearly spend. 1% after £5001 of yearly spend. Cashback paid Anniversary into Card Account. 5% intro cashback in the first 3 months (max £100). Must spend £3K annually to earn cashback.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
£125
1.25% cashback
£25 per annum
28.2% p.a. (variable)
5% on £1 to £2500 of yearly spend for introductory period of 3 months. 1% on £1 to £10000 of yearly spend. 1.25% after £10001 of yearly spend. Cashback paid Anniversary into Card Account. 5% intro cashback (max £125).
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of £25 per annum, your representative rate is 28.2% APR (variable).
£25
0.5% cashback
£0
18.9% p.a. (variable)
0.5% after £5000 of yearly spend. Minimum of 12 transactions per year required. Maximum of £250 cashback paid per year. Cashback paid Anniversary into Card Account. For initial £5K a £25 cashback is paid, plus an additional £1 for every further £200 spent.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
N/A
0.5% cashback
£0
18.9% p.a. (variable)
0.5% after £1 of monthly spend. Cashback paid Monthly into Card Account.
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
£100
0.25% cashback
£0
19.9% p.a. (variable)
0.25% after £1 of monthly spend. Cashback paid Monthly into Card Account.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
N/A
0.5% cashback
£3 per month
21.7% p.a. (variable)
0.5% after £1 of monthly spend. Cashback paid Monthly into Card Account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 15.9% (variable) p.a. with a fee of £3 per month, your representative rate is 21.7% APR (variable).
0.5% of all spend in first 3 months
0.25% cashback
£0
22.9% p.a. (variable)
0.25% after £1 of yearly spend. Cashback paid Monthly into Card Account. Cashback on purchases until 31.8.23. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
N/A
0.5% cashback
£0
34.9% p.a. (variable)
0.5% on £1 to £20000 of yearly spend. Maximum of £100 cashback paid per year. Cashback paid Anniversary into Card Account. Maximum spend for cashback purposes is £20000
Representative example: When you spend £1,200 at a purchase rate of 34.95% (variable) p.a., your representative rate is 34.9% APR (variable).

Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents 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

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 click “Go to site” at the top of this page. 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?
For every £1 you spend using your card, you will receive a percentage of that amount back on your account, which is paid each year on the anniversary of your credit account. You’ll need to make your minimum payment each month to receive the cashback amount.
Can I earn reward points?
No, you will not receive reward points on this card, but instead will get cashback on every purchase you make. You’ll need to pay a relatively low annual fee, so you’d ideally ant the amount you receive in cashback each year to be higher than the fee.
What is the minimum monthly payment?
This is the minimum amount you’ll have to pay off your balance each month, and can either be a percentage of the balance amount, or a flat value. You’ll need to pay interest on any remaining balance.
What is my credit limit?
This will depend on your credit history and financial situation. You’ll receive your agreed credit limit when you open your account.

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