Platinum Cashback Everyday Credit Card from American Express: No Fee Cashback Card

Platinum Cashback Everyday Credit Card from American Express: No Fee Cashback Card

A good all-around cashback card for those with good credit, but also look at the £25/year Platinum Cashback Card especially if you’re a big spender.

Good for

  • Earning higher-than-average cashback rewards
  • Paying no annual fee
  • Getting extra cashback in the first 3 months

Bad for

  • Those wanting only one credit card in their wallet (Amex not accepted everywhere)
  • Those who don't want to pay fees when using abroad
  • Rewards delivered once a year

Editor's Rating

4.5/5.0

The guidance on this site is based on our own analysis and is meant to help you identify options and narrow down your choices. We do not advise or tell you which product to buy; undertake your own due diligence before entering into any agreement. Read our full disclosure here.

The Platinum Cashback Everyday Credit Card from American Express is one of our favourite rewards credit cards. Users earn a market-leading 5% for the first three months (up to £100 cashback) and between 0.5% and 1% after this initial period, depending on how much they spend. Is this a good card for you? Read our review to help you decide.

Platinum Cashback Everyday Card Review

The Platinum Cashback Everyday Credit Card from American Express is a very good everyday cashback card. The introductory cashback offer of 5% is one of the best we’ve seen. Beyond the intro rate, the ongoing cashback reward rates of 0.5% to 1% on all purchases are also competitive, especially for a free card.

Note: the 5% introductory rate is not available if you’ve had another Amex cashback card in the last 6 months.

Higher ongoing reward rates for grocery and fuel purchases may be found with a store-specific credit card, like the Sainsbury’s Nectar Purchase Credit Card or the Amex BA credit card, but these types of points-based rewards cards require more active management and are therefore more difficult to actually receive good value from. In contrast, rewards on a cashback card like the Everyday card are easy to manage.

Big spenders can find more earning potential with the Platinum Cashback card by American Express, which costs £25 a year but also sports a 5% intro offer, and higher rewards on spending thereafter.

Do you travel overseas frequently? The American Express cashback cards are not great for use abroad, unfortunately, as they charge a 2.99% non-Sterling fee. Frequent travelers concerned about foreign transaction fees may need another no-FX-fee card in their wallet, such as the Barclaycard Platinum Travel Credit Card.

Bottom Line: The Platinum Cashback Everyday Credit Card by American Express is a great all-around cashback option with a large early bonus for those with a strong credit rating. If you think you’ll charge at least £10,000 a year to your card, however, you’ll find higher rewards with the £25/year Platinum Cashback Credit Card instead.

Amex Platinum Everyday Cashback Rewards: How Much Can You Earn?

Cashback rewards are higher the first year due to the 5% intro cashback rate, with cardholders earning £165 in cashback if they spend £10,000 using their Amex Everyday cashback card. Rewards are lower in year 2 and beyond, but cardholders spending £10,000 a year could still earn an extra 75 quid in cashback statement credits each year.

Annual Card SpendYear 1 RewardsRewards Year 2 and beyond
£3,000£105£15
£5,000£115£25
£10,000£165£75
£15,000£215£125
£20,000£265£175
£25,000£315£225
£30,000£365£275
Chart showing estimated cashback on free Everyday Amex cashback credit card by level of spending

Free Amex Cashback Card vs. £25/yr Amex Cashback Card

The £25/year Amex Platinum Cashback card does have an annual fee, but the rewards rates are higher than the free Everyday card. Which is better? It depend on how much you spend.

In the first year of card ownership, the free Platinum Cashback Everyday card may net you lower rewards than the fee-charging Platinum Cashback card, due to the latter’s extended 5% cashback offer. However, if you are planning to keep your card beyond the first year, you may find higher long-term value with this free Everyday card.

Long-term rewards: If you expect to charge less than £10,000 a year, you’ll find greater long-term rewards with the free Everyday card. If you’ll charge over £10,000 a year, you’ll earn more with the £25/year Platinum Cashback card card. When making this calculation, remember that American Express is not accepted everywhere, so you're unlikely to put all of your credit card spending on one of these cards—that said, Amex is accepted at most major retailers.

Long-term Estimated Rewards by Annual Card Spend (less annual fee)FREE Amex Platinum Everyday Card Cashback Rewards£25/yr Amex Platinum Card Cashback Rewards
£3,000 annual spend£15£5
£5,000 annual spend£25£25
£10,000 annual spend£75£75
£15,000 annual spend£125£138
£20,000 annual spend£175£200
£25,000 annual spend£225£263
£30,000 annual spend£275£325
Chart showing estimated cashback on free Everyday Amex cashback credit card vs. paid card

How Amex Cashback Rewards Work

Amex cashback is one of the easiest rewards redemption systems out there. Amex cashback rewards appear once a year as a statement credit, on the month after a cardholder’s anniversary date. Be sure to pay on time, because missing two consecutive payments means forfeiting all accumulated rewards for the year.

The Amex cashback cards are recommended ONLY for people who can pay off their balance on time and in full every month. This is because the higher-than-average purchase interest rate of 22.9% would quickly wipe out any rewards earned, and then some.

Platinum Cashback Everyday Card Features

Platinum Cashback Everyday Features
Earning Cashback Rewards
  • 5% cashback on purchases in the first 3 months, up to £100 cashback
  • 0.5% cashback for the first £5,000 of purchases
  • 1% cashback on purchases beyond £5,001, except 0.5% at warehouse retailers (i.e., Costco
Eligibility checkerTo see your odds of being accepted before you apply
Annual Fee£0
APR (variable)22.9% on purchases

How Does the Platinum Cashback Everyday Credit Card Compare to Other Credit Cards?

To better understand the value of the Platinum Cashback Everyday 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 Everyday Card vs Platinum Cashback Card

The Platinum Cashback Credit Card by American Express is a great cashback credit card for everyday shopping. While this card charges a £25 annual fee, you can easily make this up through the fabulous initial 5% cashback offer. Maximize this benefit by charging £2,500 on your card in the first three months, earning a max of £125 cashback. After the initial three-month period, cashback drops to a market-leading 1% or 1.25%, depending on how much you purchase.

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 Everyday Card vs Santander All In One Card

The Santander All In One card is a good card for those who want to earn some cashback and who want a credit card to use abroad. You'll earn 0.5% cashback and pay no fee for non-Sterling transactions made overseas. This card does come at a cost of £3 per month, so those who primarily want a cashback card for use in the UK may do better with the free Platinum Cashback Everyday card.

Quick Takeaway: If you need a card for overseas spending, you may find more value in the Santander All In One card. For UK use only, the Platinum Cashback Everyday card has the potential to earn more since there is no monthly fee.

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. It's also a free card.

Erin Yurday

Erin Yurday is the CEO, Co-founder and Editor of NimbleFins. Prior to NimbleFins, she worked as an investment professional and as the finance expert in Stanford University's Graduate School of Business case writing team. Read more on LinkedIn.

Comments

The guidance on this site is based on our own analysis and is meant to help you identify options and narrow down your choices. We do not advise or tell you which product to buy; undertake your own due diligence before entering into any agreement. Read our full disclosure here.