By: Kate Anderson | Updated: 8th January, 2019.
American Express Platinum Cashback Credit Card
Good for: Everyday cash back with an extra boost for big spenders
Our Bottom Line
If your goal is maximizing your cashback rewards, the American Express Platinum Cashback Credit Card could be your best bet. The downside is that the card carries an annual fee of £25. However, you get 5% cashback over the first three months (up to £125) and 1% cash back after that. And if you spend more than £10,000, you unlock an even higher 1.25% cashback rate.
Representative APR (variable):
Are you looking to maximise the amount you can earn from your spending? The American Express Platinum Cashback Card allows you to do just that, with the added extra of a large up-front bonus, as long as you are happy to pay a £25 annual fee.
Credit Rating Requirement: Good/Excellent
What I like about the American Express Platinum Cashback Card
If you are a big spender, there is real potential to make some money from your card. With no limit on cashback earned, and with referral bonuses and complimentary supplementary cards, cardholders could really reap the rewards.
- Cashback welcome bonus – American Express is ready to reward its cardholders from the start, giving them 5% cashback on purchases (up to £125 cashback) for the first three months of card membership.
- Ongoing cashback – After the first three months, cardholders can continue to earn cashback, although at a lower rate. The card pays 1% cashback on spend between £0 and £10,000, while cashback climbs to 1.25% once you are spending over £10,000. There is no cap on the amount of cashback earned in a year, so the rewards could be limitless.
- Referral bonus – If you are looking to earn even more from your card, then refer a friend. You will receive a cashback boost of £30 for each approved referral, up to £150 a year.
- Complimentary supplementary card – Make this card really work for you by taking advantage of the complimentary supplementary card offer. Share the card with a family member and you could increase your spending potential and therefore the amount of cashback you could feasibly earn.
- Other benefits – With this being an American Express card, there are certain benefits you could receive if you take out the Platinum Cashback Card. These include travel accident insurance up to £150,000 on public transport when you purchase your ticket with your card, access to in-demand music, film and theatre tickets and to Global Assist, a 24/7 help service available when you travel outside the UK.
- Worth knowing – You are not eligible for the 5% cashback welcome bonus if you hold or have held any cashback American Express card in the past six months. Purchases made at warehouse retailers will only earn a cashback rate of 0.5% (you can find out who American Express classes as warehouse retailers in the FAQs section on its website). Also, something to be aware of is that you will not earn cashback on interest, fees, balance transfers, cash advances, loading prepaid cards, AMEX Travellers Cheque purchases or foreign exchange transactions.
Why you can trust me
I worked on the front line of personal-finance best buys for over eight years at one of the world’s largest research companies, Nielsen. I reported daily on the developments of the 2008 financial crisis and beyond, keeping up with the changing financial landscape and providing insights to all the major banks in the UK. I know the key players in the market and the tactics behind how they behave. All of which I will apply to highlight the best deals and give honest reviews to help you in your search.
What could be improved
The American Express Platinum Cashback Card could unlock great rewards, but as with any benefits, there is often a trade-off. Here are a few areas to turn your attention to.
- Annual fee – Unlike its sister card (the Platinum Cashback Everyday Card), the Platinum Cashback Card carries an annual fee of £25. With this card you have the potential to gain higher cashback rewards, but you need to take into account that initial expenditure.
- Short welcome bonus – A welcome bonus of 5% cashback is generous but is only available for the first three months of card membership. This card does have the added benefit of no limit on cashback earned, but you need to be aware of the short introductory bonus time-frame in order to really make use of the cashback offer.
- High APR on purchases – The card charges a comparatively high APR on purchases. This isn’t a problem if you pay off your balance each month, but if you fall behind then the interest charge could swallow up any cashback benefits you have earned.
How does the American Express Platinum Cashback Card offer stack up?
If you can accept the annual fee of £25, then the American Express Platinum Cashback Card offers some real rewards. Cashback cards aren’t as readily available as they used to be due to changes in regulations, so it is a real bonus to find a card that has a generous up-front welcome offer plus ongoing cashback. This card also has the added benefit of no limit on the amount of cashback earned in a year, so you have the potential to unlock a decent amount of money.
The American Express Platinum Cashback Card credit score
American Express has some high eligibility requirements, stating that applicants must have no history of bad debt. Additionally, applicants need to be aged 18 or over, UK residents and have a current UK bank or building society account.
How to apply
The application can be made through the American Express website and will reportedly take less than 10 minutes. You will need to provide your name and address and nationality, alongside some financial information such as your employment status and details of your annual income and outgoings.
Is the American Express Platinum Cashback Card right for you?
If you are looking for a card that will reward you for high spending, then the American Express Platinum Cashback Card is definitely one to consider. With a welcome bonus, ongoing cashback and the potential for higher cashback rewards the more you spend, you could really make your money work for you. Just take into account the £25 annual fee and make sure that is something you are happy with. But if you are clever and take advantage of the friend referral scheme and complimentary supplementary cards, you could really benefit from what the card has to offer.
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