American Express Platinum Cashback Credit Card Review 2022

• Welcome bonus of 5% cashback on purchases for the first three months (capped at £125)
• Bonus cashback of £35 (offer ends 6 July 2022)
• Ongoing cashback offering of 0.75% cashback on purchases up to £10,000, and 1.25% cashback on those over £10,000 within card membership year
• Access to exclusive events

In return for its attractive cashback offering, American Express charges a fixed annual fee of £25.

There is no introductory rate on purchases, meaning new spending will be charged at a representative annual interest rate (APR) of 30% (variable). This rate includes the fee.

However, what you do get is up to 56 days’ interest-free on purchases, as long as you pay off your balance in full and on time each month. Do this, and you won’t pay a penny in interest.

Late payments will trigger a £12 fee.

This card offers an introductory cashback rate of 5% on spending for the first three months. To get the maximum amount – £125 – you will need to spend £2,500. And, until 6 July 2022, new cardholders can also get bonus cashback of £35 (conditions apply).

Once the welcome bonus period comes to an end, you will earn 0.75% on spending up to £10,000 within your card membership year, and 1.25% on spending above £10,000.

Cashback is paid into your account annually on the anniversary of your account opening.

Additional cashback can be earned via the Referral Programme. You can earn £30 bonus cashback for each family member or friend who applies – and who is approved – for an American Express card. The maximum you can earn through this scheme is £150 per year.

As a cardholder, you will also get access to selected offers from retail and travel partners via American Express offers.

As with any credit card, the American Express Platinum Cashback Credit Card offers protection on all purchases you make costing over £100 and up to £30,000.

This safety net is offered under section 75 of the Consumer Credit Act. Note that this protection is available even if you only pay for a deposit on an item worth between those values. Find out more by reading our guide.

With a generous cashback offering, particularly on larger balances, expect the American Express Platinum Cashback Credit Card to be reserved for applicants with a very decent credit score.

Before making a formal application, it can help to use an eligibility checker tool, as this will enable you to view your likelihood of being accepted, without leaving a mark on your credit report.

• Generous cashback offering
• Cashback applies to all purchases (not just specific stores)
• Introductory bonus
• Additional cashback can be earned via the Referral Scheme
• No limit on cashback
• Access to exclusive events
• No minimum income requirement

• Sizeable annual fee
• Relatively high APR
• No introductory 0% rate on purchases or balance transfers
• Foreign transaction fees for use overseas
• American Express is not as widely accepted in stores as Mastercard and Visa

If you’ve held a personal American Express card in the past 24 months, you will not be eligible for the introductory 5% cashback rate.

With this card, as with any cashback offering, it’s crucial to pay off your balance in full each month on the due date. If not, there’s a risk that high interest rates could quickly wipe out any gains from any cashback you earn. A good way to avoid missing a payment is by setting up a direct debit.

Be aware that cashback cannot be earned on transactions such as balance transfers, cash withdrawals, Travellers’ Cheques or foreign exchange.

If you use your card to make a withdrawal from an ATM, interest will be charged from the day you make the withdrawal.

Note that if you use your card abroad, you will face foreign transaction fees.

If you’re a big spender, this could be just the card deal for you – especially if you plan on making some hefty purchases in the first few months when cashback is at its most generous.

If you don’t think you’re likely to spend more than £10,000 over the course of a year, you may want to consider a card which doesn’t charge an annual fee. However, this is likely to mean settling for a lower level of cashback, and a less generous welcome bonus.

Depending on your circumstances, you may also be better with a card deal offering 0% on purchases or balance transfers. But again, this will mean forfeiting such an attractive cashback offering.