The Platinum Cashback Credit Card from American Express offer cashback rewards on purchases, with a £25 annual fee. This review covers how much cashback the card can earn, how it compares with the free Platinum Cashback Everyday card, and the card’s rates and fees.

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Platinum Cashback Credit Card review

Cardholders earn 5% cashback for the first three months (up to £125 cashback, on a maximum of £2,500 of purchases), then 0.75% on the first £10,000 of spending in the previous 12 months and 1.25% above that (0.5% at UK warehouse retailers). Cashback is paid automatically once a year as a statement credit, so there are no points to track or redeem. Airline and hotel rewards cards can give higher returns, but their value depends on how points are redeemed.

The introductory cashback isn’t available to anyone who holds, or has held in the last 24 months, a personal American Express card.

A fee-free version, the Platinum Cashback Everyday Credit Card by American Express, pays lower rates (0.5% on the first £10,000 of annual spending and 1% above that) with no annual fee.

The card’s purchase rate is 29.1% variable. Interest on a balance carried from month to month would quickly outweigh 0.75%–1.25% cashback, so the cashback only comes out ahead if the balance is paid in full each month.

How much cashback can the card earn?

The amount earned depends on annual spending. For example, £10,000 of spending in the first year earns £156 net: 5% on the first £2,500 (£125) plus 0.75% on the remaining £7,500 (£56.25), minus the £25 annual fee.

£25,000 of spending in the first year earns £344 net (£2,500 at 5%, £7,500 at 0.75% and £15,000 at 1.25%, less the £25 fee). From the second year, the 5% introductory rate no longer applies, so the net cashback is lower.

How Amex cashback is paid

Cashback is paid once a year as a credit to the card account, on or around the anniversary of the first statement date, based on cashback earned in the previous 12 months. It reduces the account balance and can’t be taken as cash.

FAQs

Can Amex cashback be lost?

Cashback can be lost in three situations: missing two consecutive monthly payments (all cashback earned so far is lost, and cashback starts again once payments are up to date); when a purchase is refunded (the cashback earned on it is removed); and when the account is closed (cashback earned but not yet credited is lost).

Is cashback earned on all spending?

Cashback isn’t earned on interest, fees, balance transfers, cash advances (including transactions treated as cash), loading prepaid cards or buying foreign currency. It also isn’t earned while payments are behind and Amex has stopped purchases on the account. Purchases at UK warehouse retailers earn 0.5%.

What’s the difference between Platinum Cashback and Platinum Cashback Everyday?

The two cards use the same structure (a lower rate on the first £10,000 of annual spending and a higher rate above that) but at different rates, and only Platinum Cashback has an annual fee. The 0.25% difference in cashback on the first £10,000 equals the £25 fee at exactly £10,000 of spending:

American Express cashback cards charge a 2.99% non-sterling transaction fee. Some credit cards charge no foreign transaction fees, such as the Barclaycard Rewards Credit Card (Representative 28.9% APR variable). American Express is also accepted by fewer retailers than Visa or Mastercard.

Summary: The card pays 0.75%–1.25% cashback automatically once a year, plus 5% for the first three months (up to £125). Above £10,000 of annual spending, it earns more than the free Platinum Cashback Everyday card after its £25 fee. It charges 2.99% on non-sterling transactions, and interest on a balance carried over would cost more than the cashback earned. The Nectar Credit Card from American Express transfers its rewards monthly rather than once a year (see below).

Platinum Cashback Credit Card features

Representative example: Representative 34.6% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) and a £25 annual fee.

Checking eligibility doesn’t guarantee acceptance, which depends on American Express’s own criteria and checks.

How the Platinum Cashback card compares with other cards

Platinum Cashback vs Platinum Cashback Everyday

The Platinum Cashback Everyday Credit Card by American Express has no annual fee. It pays 5% cashback for the first five months, on up to £2,500 of spending (a maximum of £125), then 0.5% on the first £10,000 of annual spending and 1% above that. No cashback is paid in a year with less than £3,000 of spending.

Based on the cashback rates, the paid Platinum Cashback card earns more above £10,000 of annual spending, and the free card earns more below it.

Representative example (Platinum Cashback Everyday): Representative 29.1% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) with no annual fee.

Quick Takeaway: Platinum Cashback Everyday has no annual fee and earns 0.5%/1% at the same £10,000 threshold; Platinum Cashback has a £25 annual fee and earns 0.75%/1.25%.

Platinum Cashback vs Preferred Rewards Gold

The American Express Preferred Rewards Gold Credit Card earns Membership Rewards points rather than cashback, with a £195 annual fee (£0 in the first year). New cardmembers can earn 20,000 bonus points for spending £3,000 in the first three months (not available to anyone who holds, or has held in the last 24 months, a personal American Express card). The card earns 2 points per £1 on flights and 3 points per £1 on American Express Travel bookings. Higher spending, particularly on flights and Amex Travel, is needed for the rewards to outweigh the £195 fee from the second year.

Representative example (Preferred Rewards Gold): Representative 85.8% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) and a £195 annual fee (£0 in the first year).

Quick Takeaway: Preferred Rewards Gold is a credit card with a £195 annual fee (waived in year one) that pays bonus points on flights and American Express Travel bookings. Platinum Cashback has a £25 fee and no category bonuses; its 0.75%/1.25% cashback applies the same way to all spending.

Platinum Cashback vs Partnership Card

The Partnership Card earns around 1.25% in rewards at John Lewis and Waitrose. Outside John Lewis and Waitrose, it earns 1 point per £10 spent (about 0.1%), so Platinum Cashback’s 0.75% base rate is 7.5 times higher on other spending.

Representative example (Partnership Card): Representative 29.9% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.95% p.a. (variable) with no annual fee.

Quick Takeaway: The Partnership Card has no annual fee, issues vouchers three times a year (rather than once), and runs on Mastercard, which is more widely accepted than American Express. Outside John Lewis and Waitrose, it earns about 0.1% compared with 0.75%–1.25% on Platinum Cashback.

Platinum Cashback vs Nectar Credit Card

The Nectar Credit Card from American Express earns 2 Nectar points per £1 on purchases (1 point per £1 at warehouse retailers), with points transferred to the cardholder’s Nectar account each month. New cardmembers can earn 20,000 bonus points for spending £2,000 in the first three months (not available to anyone who holds, or has held in the last 24 months, a personal American Express card). The annual fee is £30, with no fee in the first year.

Representative example (Nectar Credit Card): Representative 35.8% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) and a £30 annual fee (£0 in the first year).

This review compares Platinum Cashback with a small number of cards and doesn’t cover the whole market. Our cashback credit cards guide compares other options.

Card details correct as of 22 September 2026. Terms, rates and features are subject to change — always verify current details before applying. This article is for general information only and does not constitute financial advice.