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.
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Amex® Cashback Credit Card review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 31% (variable) p.a. with a fee of £25 per annum, your representative rate is 36.7% APR (variable).
- Earn rate
- 1.25p per £1 spent
- Intro cashback
- Up to £125
- Interest-free each billing period
- Up to 56 days
Our verdict
Earn a generous introductory cashback rate on every pound spent on purchases and no rewards cap on the Amex® Cashback Credit Card.
Finder Awards 2024 highly commended
Customer Satisfaction Award
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 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
-
Earn cashback on day-to-day spending
-
Up to £125 introductory bonus cashback
-
Access to pre-sale tickets with American Express Experiences
-
Customers report excellent customer service when dealing with American Express
Cons
-
Account fee of £25 per annum
-
The welcome bonus cashback is only available to customers who have not held a personal Amex card in the previous 24 months
-
Applicants with low credit scores are unlikely to be eligible
Details
Product overview
| Issuer | American Express |
| Network | Amex |
| Representative APR | 36.7% APR (variable) |
| Annual/monthly fees | £25 per annum |
| Loyalty scheme | Cashback |
| Cashback details | Welcome offer: Get 5% cashback on your purchases (up to £125) for the first 3 months of Cardmembership. Terms apply. 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 | Welcome offer: Get 5% cashback on your purchases (up to £125) for the first 3 months of Cardmembership. Terms apply. 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 on opening | Welcome offer: Get 5% cashback on your purchases (up to £125) for the first 3 months of Cardmembership. Terms apply. Spend £0 to £10,000 and receive 0.75% cashback on all purchases. Spend over £10,000 and receive 1.25% cashback on purchases. |
| Additional Rewards Info | 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 | 31% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 31% |
| Potential costs | 2.0 ★★★★★ |
| Doing its job | 4.0 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2% or £25 (whichever is greater) or the total of any interest, default fees and charges, 1/12th of annual fee plus 2% of the outstanding balance. |
| Annual/monthly fees | £25 per annum |
| Balance transfer fee | 3% |
| Money transfer fee | 31% |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Duplicate statement fee | £2 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Residency | UK resident and has a UK bank or building society account. |
| Availability | Available to new customers |
How does it compare with other Amex rewards deals?
Table: sorted by representative APR, promoted deals first
Approval for any credit card depends 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Case study: Hiren likes the cashback he gets with this Amex credit card
Hiren Laxman
London
I chose this card for the cashback and there was a good introductory offer on at the time. The customer service is really good and they were fast at responding when I needed refunds on a couple of things. The card is good to use when travelling abroad too.
If there's one thing you'd tell a friend who's thinking of getting this, what would it be?
I feel like a lot of the Amex cards are similar, so I would look out for introductory offers. This card gives you cashback, so if you’re into saving then it’s good for that.
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 Amex® Cashback Credit 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.
If you’re looking for an affordable premium credit card, the American Express 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 Amex® Cashback Credit Card?
If American Express offers you this deal, it 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 you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Amex® Cashback Credit 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 Amex® Cashback Credit 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 38.3% (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 Amex® Cashback Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£171.26), it'll cost you around £5.12 in fees.
Can I use the American Express Cashback Card with Addison Lee?
Yes, you can use your Amex Cashback 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 scores
★★★★★ — Excellent
★★★★★ — 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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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