The informational content on this site is based on our own analysis. There may be other products on the market with better features. Consumers should undertake their own due diligence before entering into any agreement. Read our full disclosure here.

Recent Personal Finance Articles

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

The Platinum Cashback Everyday Credit Card from American Express delivers cashback rewards on general purchases. Users earn 5% cashback for the first three months (up to £100 cashback on a maximum £2,000 of purchases) and between 0.5% and 1% after this initial period. Cashback appears once a year as a statement credit on your account.

Platinum Cashback Everyday Card Features

  • 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)
  • No annual fee
  • Eligibility checker
  • 22.9% purchases APR (variable)


  • 5% initial cashback rate
  • No annual rewards cap
  • No annual fee


  • Amex not accepted everywhere
  • Must spend at least £3,000 in a year to receive any cashback

Platinum Cashback Everyday Card Review

The Platinum Cashback Everyday Credit Card from American Express has an introductory 5% cashback offer for the first three months. While Amex doesn’t cap your overall rewards, they do cap the amount you can earn at this 5% rate to £100 cashback, which is hit by spending £2,000 in this period. After this initial period, ongoing cashback rewards are 0.5% of the first £5,000 of spend and 1% beyond. (Note: the 5% introductory rate is not available if you’ve had another Amex cashback card in the last 6 months.)

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

You may also like to learn about the £25/year Platinum Cashback card, which is the paid sister card to the Cashback Everyday card. The break-even point suggests that (in year two and beyond) annual spend above £10,000 earns more on the paid Platinum Cashback; spend under £10,000 would earn the same or more on the free Everyday card.

Calculation of Rewards in Year 2 and Beyond

CardAnnual SpendEstimated Rewards (less any annual fee)
Amex Platinum Cashback Everyday£3,000£15
Amex Platinum Cashback£3,000£5

Amex cashback rewards appear once a year as a statement credit, on the month after a cardholder’s anniversary date.

Cardholders should be able to 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 earned, and then some. Plus, missing two consecutive payments means forfeiting all accumulated rewards. The American Express cashback cards charge a 2.99% non-Sterling fee. Frequent travelers can read more about foreign transaction fees.

Bottom Line: The Platinum Cashback Everyday Credit Card by American Express is an all-around cashback card that can deliver a 0.5% to 1% rewards rate on general spending. Cardholders also get a 5% cashback rate during the first three months (£100 max cashback during this period).

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 Amex’s retail partners (i.e., 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.

On the Cashback Everyday card there is a minimum spend of £3,000 in a year to receive your cashback awards. That is, if you spend less than £3,000 a year you won't get any cashback.

Comments and Questions