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.
American Express Platinum Cashback Card review September 2020
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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 22.2% (variable) p.a. with a fee of £25 per annum, your representative rate is 27.3% APR (variable).
27.3%
Representative APR
£25
Yearly account fee
Up to £125
Intro cashback
Up to 56 days
Interest-free each billing period
Details
| Issuer | American Express |
|---|---|
| Network | Amex |
| Rep. APR | 27.3% (variable) |
| Annual/monthly fees | £25 per annum |
| Loyalty scheme | Cashback |
| 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 | 22.2% |
| Purchases interest-free period (days) | 56 |
Expert review
Review by
Chris Lilly
chris.lilly@finder.comChris 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.
Cons
- £25 annual account fee.
- Applicants with low credit scores are unlikely to be eligible.
How does this card compare with other cashback cards?
Table: sorted by representative APR, promoted deals first
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 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?
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.
Finder credit card ratings
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Our team evaluates credit cards to determine their value against similar products on the market.
We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.
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