Platinum Cashback Credit Card by American Express

The Platinum Cashback Credit Card from American Express pays cashback rewards for purchases where Amex is accepted. Users earn higher-than-average cashback rates on general spending of 5% for the first three months (up to £125 cashback on a maximum £2,500 of purchases) and between 1% and 1.25% after this initial period, depending on your level of spending. The card charges an annual fee of £25.

Platinum Cashback Card Features

  • Boosted 5% cashback on purchases in the first 3 months, up to £125 cashback
  • 1% cashback for the first £10,000 of purchases per year
  • 1.25% cashback on purchases over £10,000 per year, except that purchases at warehouse retailers (i.e., Costco) only earn 0.5%
  • Eligibility checker
  • 22.9% purchases APR (variable)
  • £25 annual fee

Pros...

  • Cashback rewards card
  • Upcoming purchases can earn 5% cashback during intro period
  • No annual rewards cap
  • £25 annual fee
  • Global Assist
  • Travel Insurance
  • American Express Invites
  • Purchase Protection

Cons...

  • Higher-than-average interest rates of 22.9% APR (variable) mean you shouldn’t carry a balance
  • Foreign transaction fees
  • Amex not accepted everywhere

Platinum Cashback by American Express Credit Card Review

The Platinum Cashback Credit Card from American Express pays cardholders cashback rewards on their spending. During the first three months, the cashback rate is 5%; beyond that cardholders earn 1% up to £10,000 of spending and 1.25% on spending over £10,000 (Note: the 5% introductory rate is not available if you’ve had another Amex cashback card in the last 6 months.) There is a reduced cashback rate of 0.5% at warehouse retailers.

Amex cashback rewards appear once a year as a statement credit, on the month after a cardholder’s anniversary date. Users looking to redeem their credit card rewards monthly instead of annually should look at other rewards cards. In order to cover the cost of the annual fee, a user would need to spend £2,500 in ongoing years. (During the first year, lower spending of £500 during the first three months would cover the cost of the annual fee.)

Breakeven - Annual Spending to Cover Annual Fee
Year 1£500
Year 2 and beyond£2,500

The Amex cashback cards are only suitable for people who can pay off their balance on time and in full every month. The higher-than-average purchase interest rate of 22.9% APR (variable) would quickly wipe out any earned rewards, and then some. Plus, missing two consecutive payments means forfeiting all accumulated rewards. Before using the card abroad, it is important to know that the American Express cashback cards charge a 2.99% non-Sterling fee.

The following chart illustrates estimated rewards over the first two years for a selection of cashback cards, for average UK household spend of around £22,000 per year.

A chart comparing the estimated cashback rewards over 2 years for the best UK cashback credit cards, based on average UK household spending
Estimated Cashback Rewards over 2 Years

Bottom Line: The Platinum Cashback Credit Card by American Express is a cashback rewards card offering 5% cashback (up to £125 cashback) during the first three months and either 1% or 1.25% on your purchases, depending on level of spend. This card is not suitable to those who can't pay back their full balance every month.

American Express Platinum Cashback: How Does it Work?

American Express cashback is delivered in the form of credits that will appear on your statement once a year, on the month after your anniversary date. If you prefer gift cards to statement credits, you may be able to redeem rewards in the form of vouchers/gift cards to American Express’s retail partners (e.g., House of Fraser, Boots, Homebase, PC World, or Waterstones). Beware that you will forfeit all accumulated cashback rewards if you miss two consecutive monthly payments.

Cashback is not earned on balance transfers, cash advances, American Express Travellers' Cheques, FX transactions, interest, any spending in excess of the credit limit or any charges.