We’ve named this cashback credit card a ‘Top Product’ on our site, and with 5% cashback for the first 3 months (and up to 1% thereafter) it’s easy to see why!


Our summary:

  • 5% cashback on all purchases for first 3 months (up to £100, subject to eligibility)
  • Thereafter earn 0.5% cashback (if you spend £1 to £10,000) or 1% cashback when spending over £10,000.
  • No annual fee
  • No annual cap on cashback earned
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to special offers from American Express

 

Note – In order to qualify for cashback, you must spend at least £3,000 per year. If you don’t think you’d qualify for that, you might want to check out this other similar American Express card instead.

Great For: Everyday cash back with no fee

American Express Platinum Cashback Everyday Credit Card *

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5% cashback for first 3 months (up to £100)

  • 0.5% cashback after first 3 months (if you spend £1 to £10,000)
  • 1% cashback after first 3 months with spending above £10,000 

24.5%

£0

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CREDIT RATING REQUIREMENTS:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

OUR BOTTOM LINE

Cashback rewards are hard to come by these days, but if that’s what you’re looking for, the American Express Cashback Everyday Credit Card may be a good bet. The standard cashback yield is 0.5%, but for those that spend more than £10,000, that bumps up to 1%. New cardholders also get a bonus of 5% cashback over the first three months, which maxes out at £100. Its sister card offers a bigger welcome bonus and higher cashback, but the Everyday Credit Card has the advantage of no fee.

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HIGHLIGHTS

  • 5% cashback for first 3 months (up to £100, subject to eligibility)
  • 0.5% cashback after first 3 months (if you spend £1 to £10,000)
  • 1% cashback after first 3 months with spending above £10,000 
  • Note that you must spend at least £3,000 to earn any cashback
  • No annual fee
  • No cap on cashback earned
  • Travel accident insurance (subject to enrolment) and global assist services
  • Access to special offers from American Express offers

KEY SCORES

Perks 4/5
Fees 5/5
APR 3.5/5

REPRESENTATIVE EXAMPLE

Representative APR 24.5% APR variable
Annual fee Based on £0
Credit Limit Assumed credit limit of £1,200
Purchase Rate 24.5% variable for purchases

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

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Why we gave this account a 5 star review

Introductory bonus – American Express greets new customers with a welcome bonus of 5% cashback on all purchases for the first three months, up to a maximum £100.

Ongoing cashback – The cashback continues to flow after the first three months, but at a slower pace. You get 0.5% cashback on all purchases from £1 up to £10,000, measured over a 12 month period. Once your spending hits £10,001 this climbs to 1% on all further spending. You must spend at least £3,000 a year to qualify for cashback, otherwise you will get nothing at all, not even that welcome bonus.

No annual fee – This card comes with no annual fee. This means that you pay nothing for annual membership. Zero. Zilch.

Other benefits – With this card you’ll also get up to 56 days interest-free credit on purchases, provided you pay your balance in full and on time each month.

Worth knowing – You cannot claim the 5% introductory offer if you currently have any personal American Express cards, or have done so in the past 24 months. Cashback is paid by crediting your account on the annual anniversary of taking out your card, based on spending over the preceding 12 months. You do not earn cashback on balance transfers, cash advances, American Express Travellers Cheques, foreign exchange or any spending above your credit limit. And you won’t get cashback in any month where you do not make the minimum payment by the due date.

How can I make the most out of a cashback card?

If you are looking to maximise the amount of cashback you earn, the best way to do so is to spend lots on your card. What that doesn’t mean is out-of-control spending and racking up lots of debt you can’t afford to repay! Instead, you can simply use your credit card like a debit card. If you make your credit card your main form of payment then either pay off the amount you spend immediately or budget to pay off the full amount at the end of the month, you can maximise the amount of cashback you earn.

Be sure to take into account whether your card has a cashback cap, as there will be little point in spending on your card if you have already gone over your cashback limit.

Who is this account good for?

If you fancy earning a little money every time you spend, The American Express Platinum Cashback Everyday Credit Card lets you do just that. It’s one of the most generous cashback cards out there – especially if you plan to spend more than £10,000 a year on it. Just make sure you can clear your balance every month, otherwise that 22.9% APR will sting.

What credit score do I need?

Cashback cards typically require you to have a good/excellent credit score. Due to the nature of the reward, cashback cards are more suited to borrowers who can repay their balance in full each month.

If you plan to carry a balance, a cashback card may not be the card for you, as any potential cashback you earn could be wiped out by high interest charges (unless you have a 0% interest on purchases offer in place).

If you’re unsure what your credit score is, you can check to see if you are eligible to apply for this card using the button below – it’s completely free and will not affect your credit score.

Final take

There aren’t as many cashback cards as there used to be, and even then the rewards aren’t so generous – but the American Express Platinum Cashback Everyday Credit Card is a rare beacon of light!

With 3-months of 5% cashback to start, ongoing cashback of up to 1% available – and no annual card fee either, this is a cashback card with plenty of enticing rewards.

Apply Now!

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Completely free and will not affect your credit score.


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