By: Harvey Jones | Updated: 18th January, 2019.
Fancy earning a little money every time you spend? The American Express Platinum Cashback Credit Card lets you do just that. Hit the shops and get ongoing cashback of up to 1%, and with no annual card fee either.
On American Express's Secure Website
|Representative APR||22.9% APR variable|
|Annual fee||Based on £0|
|Credit Limit||Assumed credit limit of £1,200|
|Purchase Rate||22.9% variable for purchases|
There aren’t as many cashback cards as there used to be, and the rewards aren’t so generous either. This makes the American Express Platinum Cashback Credit Card a rare beacon of light.
If you expect to clear your card balance every month, and don’t need a 0% deal on balance transfers or new purchases, then switch your focus to cashback or rewards points instead. American Express Platinum Cashback Credit Card entices with cashback of 5% on all purchases in the first three months, up to a maximum £100. Thereafter you get ongoing cashback of up to 1%, depending on how much you spend each year. All this and no annual fee.
American Express Platinum Cashback Everyday Card rewards you every time you flash your plastic. The more you spend, the more you earn, and if you splash out more than £5,000 in a year the cashback climbs to 1%.
I’ve been a personal financial journalist for 30 years, writing for national newspapers, magazines and websites. I reported on the technology boom in the 1990s, and the subsequent bust. I covered the financial crisis, and the tentative recovery. Decades of writing about the big banks has taught me to be sceptical, to examine every pledge and promise, and look closely at the small print of their product offerings. I’m on the side of the consumer, alert to rip-offs while also keen to highlight top deals. There are plenty out there, if you know where to look.
American Express Platinum Cashback Everyday Card is one of the most eye-catching cashback cards on the UK market today, but that doesn’t make it perfect, because nothing is. So here are a few gripes.
Cashback cards ain’t what they used to be. Providers blame EU rules introduced in 2015, which capped the fees retailers pay to process card transactions. So full marks to American Express for giving it a go. I’ve reviewed its rivals, and can’t see a more enticing deal right now. Most offer a maximum 0.5% cashback, sometimes with a monthly fee on top. None of them comes near to offering this initial 5% cashback rate, which effectively gives you £100 of free money. What’s not to like?
To avoid wasting everybody’s time (most importantly, your own!), make sure you fulfill the criteria before making an application. You must be aged at least 18, with a current UK bank or building society account, and a permanent UK home address.
If you have had credit problems at any point, you can forget it. American Express only wants people who have “no history of bad debt”. I hope you are squeaky clean on that front.
As with every credit card application, you should assemble all the information you are likely to need first.
Card issuers will want to know your name, address and personal details like gender, date of birth and nationality. Also, keep your passport or driving licence number handy to verify your identity, and a bank statement or utility bill as proof of address.
You must also confirm your employment status, and supply details of your yearly income and outgoings.
The answer depends on your priorities. If you have existing credit card debt then you shift that to a 0% balance transfer card and pay it down. If you want to avoid interest on your spending for a year or two, look for a 0% purchases card. But if you want cashback this is leading the field, especially if you spend more than £5,000 a year. Just make sure you can clear your balance every month, otherwise that 22.9% APR will sting. And don’t be tempted to buy stuff you don’t need just to hit your cashback targets. Happy shopping!
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