The Platinum Cashback Credit Card from American Express is one of our favourite UK rewards credit cards, due to strong cashback rewards and the ease of claiming rewards—but it isn't suited for everyone. Read our review to find out if you spend enough on cards to make the Platinum Cashback card valuable for day-to-day purchases, or if the free version (Amex Platinum Everyday card) is a better match for you.
In this review
- Platinum Cashback Credit Card: Our Thoughts
- Platinum Cashback Features
- Comparing the Platinum Cashback Everyday to Other Credit Cards
Platinum Cashback by American Express Credit Card Review
The Platinum Cashback Credit Card from American Express is a highly rewarding cashback credit card relative to other cards in the UK market and is especially suited to those spending more than £10,000 a year on their card. Users earn a market-leading 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.
This is arguably the best cashback card in the UK, due to the low annual fee and higher rewards rates. You may get better rewards out of an airline or hotel rewards credit card, but those types of cards take active management and therefore don’t suit all consumers. In comparison, the Amex cashback card is easy to manage as the rewards appear automatically on your card each year.
While the introductory 5% cashback offer is the best on the market, not everyone is eligible for it—if you’ve had another Amex cashback card in the last 6 months, you won't get this welcome bonus.
Also, if you don't spend a lot on your card then the free Amex Platinum Everyday card may be a better fit.
How much can you earn with the Amex Platinum Cashback Card?
The amount you earn in cashback depends on your annual credit card spending. For example, someone spending £10,000 on their card in the first year would earn £200 in cashback at the end of the year (£2,500 at 5% and £7,500 at 1%, less the £25 annual fee). Spend £25,000 on your card and get £363 back (£2,500 at 5%, £7,500 at 1% and £20,000 at 1.25%, less the £25 annual fee). These year-one rewards reflect the initial 5% cashback rate on up to £125 of rewards/£2,500 of spending; in year 2 the rewards drop.
|Amex Platinum Cashback Annual Card Spend||Year 1 Rewards (less £25 annual fee)||Year 2+ Rewards (less £25 annual fee)|
How does Amex Cashback Work?
Amex cashback is one of the easiest rewards redemption systems in the UK market—cashback rewards appear once a year as a statement credit, on the month after a cardholder’s anniversary date.
FAQs: How Does American Express Platinum Cashback Work?
Should I get the free Amex Platinum Everyday cashback card instead?
Those anticipating spending less than £10,000 will earn more on the Platinum Cashback Everyday Credit Card, since it has no annual fee.
|Annual Spending||Which is the Best Amex Platinum Cashback Card for Me?|
|Spend < £10,000 a year||Platinum Cashback Everyday card (no annual fee)|
|Spend > £10,000 a year||Platinum Cashback card (£25/year)|
The Amex cashback cards are recommended ONLY for people who can pay off their balance on time and in full every month. The relatively high purchase interest rate of 22.9% would quickly wipe out any rewards, and then some. Plus, missing two consecutive payments means forfeiting all accumulated rewards. The American Express cashback cards aren’t the best for using overseas because they charge a 2.99% non-Sterling fee. Frequent travellers may want credit card in their wallet that doesn't charge FX fees, such as the Barclaycard Platinum Travel Credit Card.
Keep in mind that Amex isn't accepted everywhere so this can't be the only card in your wallet—you'll need a VISA or MasterCard for some purchases.
Bottom Line: The Platinum Cashback Credit Card by American Express is a great all-around cashback option with a large early bonus for consumers who want a simple rewards program AND who can pay off their balance every month. Consumers looking to redeem their card rewards monthly instead of annually should look elsewhere, such as American Express's Nectar Card.
Platinum Cashback Credit Card Features
|Platinum Cashback Features|
|Earning Cashback Rewards|
|Eligibility checker||To see your odds of being accepted before you apply|
|Purchase Rate (variable)||22.9%|
|Representative APR (variable)||28.2%|
How Does the Platinum Cashback Credit Card Compare to Other Credit Cards?
To better understand the value of the Platinum Cashback credit card you need to compare it to other available options. We’ve compared this card to other rewards cards so you can see which is better suited to your shopping habits.
Platinum Cashback Card vs Platinum Cashback Everyday Card
The Platinum Cashback Everyday Credit Card by American Express is a solid no-fee cashback credit card for everyday shopping. The card also offers a fabulous initial 5% cashback. Maximize this benefit by charging £2,000 on your card in the first three months, earning a max of £100 cashback. After the initial three-month period, cashback drops down to 0.5% until £5,000 of spend, then 1% beyond that.
While the cashback rate is slightly lower for the Platinum Cashback Everyday card, the lack of annual fee means the effective overall rewards rate is very similar to the £25/year Platinum Cashback card. Consumers who may not hit the minimum purchase requirement to receive any cashback of £3,000 per year are definitely better off with the no-fee Platinum Cashback Everyday card. Users who will exceed £10,000 of spending a year will extract more value from the Platinum Cashback Credit Card.
Quick Takeaway: Generally speaking, the free Platinum Cashback Everyday card is best for cardholders who spend less than £10,000 a year; the £25/year Platinum Cashback card is best for those spending more than £10,000 a year.
Platinum Cashback Card vs Costco TrueEarnings Credit Card
The Costco TrueEarnings credit card, also by American Express, offers frequent diners and travelers a great value creation opportunity. There is no other card on the market that delivers 3% rewards on restaurant dining. Cardholders earn a further 2% on travel bookings and 1% on all other spending, making it good for everyday use. Rewards are delivered via a paper Costco voucher at the end of each year with the card, which may not suit everyone. Additionally, while the TrueEarnings card carries no annual fee, cardholders must maintain a Costco membership and have their photo on file at their local Costco.
Quick Takeaway: Those who frequently dine in restaurants and make travel bookings may very well earn higher rewards with the Costco TrueEarnings cards, due to higher rewards rates in these categories. Both cards are quite rewarding overall. Consider whether you'd prefer rewards as statement credits (Platinum Cashback card) or Costco vouchers (Costco TrueEarnings card).
Platinum Cashback Card vs Preferred Rewards Gold Card
The Preferred Rewards Gold Card is probably American Express's most rewarding charge card. The first year creates noticeably more value, due to a 20,000 Membership Rewards welcome bonus and a waived annual fee. In subsequent years, an annual bonus, 2X points on flights and 3X points on American Express travel can keep rewards very competitive. The average UK household, however, will only earn around 0.65% on this card. Higher levels of spend, especially on flights or Amex travel, are required to make the £140 annual fee worthwhile. As a charge card, the full balance must be paid back every month.
Quick Takeaway: If you're looking for a card for average levels of spend, the Platinum Cashback card is simpler and more rewarding. Those spending thousands a year on flights (any airline) and/or travel bookings through American Express Travel can create more value on the Preferred Rewards Gold Card, due to higher rewards in these categories.
Platinum Cashback Card vs Partnership Card
The Partnership Card is one of the highest-earning Mastercards in the UK, especially for those who shop at John Lewis and Waitrose. Expect to earn 1% on John Lewis/Waitrose shopping and 0.5% elsewhere. Rewards are distributed three times a year as vouchers to use in store at John Lewis or Waitrose, as you see fit.
Quick Takeaway: The Partnership Card has the benefit that rewards are distributed more frequently and, as a Mastercard, it is accepted nearly everywhere. Plus it's a free card.