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

Editor's Rating

5.0/5.0

The Platinum Cashback Everyday Credit Card from American Express is one of our favourite cashback 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.

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, although those take more active management to make the most of your Nectar points. Big spenders can find more earning potential with the Platinum Cashback card by American Express.

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 (the Platinum Cashback card also sports a 5% intro offer). Beyond that, the ongoing cashback reward rates of 0.5% to 1% on all purchases are also competitive, as you can see in the following chart of two-year rewards on the best cashback cards. (Note: the 5% introductory rate is not available if you’ve had another Amex cashback card in the last 6 months.)

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

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 – it depends on your individual level of spending. If you expect to charge less than £10,000 a year, you’ll find greater rewards with the Everyday card. If you’ll charge over £10,000 a year, you’ll earn more with the £25/year Platinum Cashback card.

Long-term Rewards Estimates for...Annual SpendEstimated Rewards (less any annual fee)
Amex Platinum Cashback Everyday£3,000£15
£5,000£25
£10,000£75
£15,000£125
Amex Platinum Cashback£3,000£5
£5,000£25
£10,000£75
£15,000£137.5

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.

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 earned, and then some. Plus, missing two consecutive payments means forfeiting all accumulated rewards. The American Express cashback cards aren’t great for use abroad, 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. Frequent travelers can read more about

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, you’ll find marginally higher rewards with the £25/year Platinum Cashback Credit Card instead.

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

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.

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.

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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.