The Platinum Cashback Credit Card from American Express remains a top-tier choice for UK rewards credit cards, due to strong cashback rewards and the ease of claiming rewards - but it isn't suited for everyone and rewards have dropped for annual spending under £10,000. Is it a good card for you? Read our review to help understand whether the Platinum Cashback card might be valuable for your day-to-day purchases, or if the free version (the Amex Platinum Everyday card) might be a better match for you.

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Platinum Cashback by American Express Credit Card Review

The Platinum Cashback Credit Card from American Express is a rewarding cashback credit card relative to other cards in the UK market and is especially suited to those spending more than £10,000 a year on their card. Users earn a market-leading 5% for the first three months (up to £125 cashback on a maximum £2,500 of purchases) and between 0.75% and 1.25% after this initial period.

While the cashback rate has dropped, it is arguably still one of the best cashback cards in the UK, due to the low annual fee and higher rewards rates for larger levels of spend. You may get better rewards out of an airline or hotel rewards credit card, but those types of cards take active management and therefore don’t suit all consumers. In comparison, the Amex cashback card is easy to manage as the rewards appear automatically on your card each year.

While the introductory 5% cashback offer is the best on the market, not everyone is eligible for it - if you’ve had another personal Amex card in the last 24 months, you won't get this welcome bonus.

A fee-free version of this card also exists — the Amex Platinum Everyday — with a lower cashback rate (0.5% up to £10,000 spend, 1% above) and no annual charge.

Note, as with all credit, the Platinum Cashback card requires a disciplined strategy in the current January 2026 economy. With the average UK credit card interest rate (APR) hitting a 30-year high of 24.66%, the priority must be paying your balance in full every month. Failing to do so will result in interest charges that instantly evaporate your 0.75%–1.25% cashback yield, turning a rewarding tool into a costly debt.

How much can you earn with the Amex Platinum Cashback Card?

The amount you earn in cashback depends on your annual credit card spending.

For example, someone spending £10,000 on their card in the first year would now earn a net total of £156 by the end of the year. This accounts for the introductory 5% rate on the first £2,500 and 0.75% on the remaining £7,500, minus the updated £25 annual fee

Spend £25,000 on your card and get £344 back (£2,500 at 5%, £7,500 at 0.75% and £15,000 at 1.25%, less the £25 annual fee). These year-one rewards reflect the initial 5% cashback rate on up to £125 of rewards/£2,500 of spending; in year 2 the rewards drop.

How does Amex Cashback Work?

Amex cashback is one of the easiest rewards redemption systems in the UK market - cashback rewards appear once a year as a statement credit, on the month after a cardholder’s anniversary date.

FAQs: How Does American Express Platinum Cashback Work?

How do you claim Amex cashback in the UK?

American Express cashback will appear as a credit on your statement once a year, effectively reducing your account balance.

When do I get my UK Amex cashback?

Amex pays cashback once a year. Cardholders get their Amex cashback rewards annually on the month after their card anniversary date.

Can I lose my Amex Platinum cashback rewards?

There are three circumstances that can lead to lost Amex cashback in the UK. First, you'll lose all accumulated cashback rewards if you miss two consecutive monthly payments. Second, cashback that was earned on a transaction that is later refunded will be lost. Third, if you close your account, you'll lose the cashback you've earned since the last annual cashback credit was paid to your account.

Do you earn Amex cashback on all spending?

Amex cashback is not earned on balance transfers, cash advances, American Express Travellers' Cheques, FX transactions, interest, any spending in excess of the credit limit or any charges.

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

The two cards share the same cashback structure — a flat rate up to £10,000 of annual spend, then a higher rate above that — but at different levels, and with a different fee attached.

The Amex cashback cards are only suitable for people who can pay off their balance on time and in full every month.

The cost of carrying a balance is even more pronounced in 2026, as the variable purchase rate has climbed to 34.6%, which is significantly higher than the already-lofty national average of 24.66%.

Carrying a balance from month to month would quickly wipe out any rewards, and then some. Plus, missing two consecutive payments means forfeiting all accumulated rewards. When used for overseas transactions, American Express cashback cards charge a 2.99% non-Sterling fee. Frequent travellers should be aware that there are credit cards that do not charge FX fees, such as the Barclaycard Platinum Travel Credit Card.

Keep in mind that Amex isn't accepted everywhere so this can't be the only card in your wallet - you'll need a VISA or MasterCard for some purchases.

Bottom Line: The Platinum Cashback Credit Card by American Express is a great all-around cashback option with a large early bonus for consumers who want a simple rewards program AND who can pay off their balance every month. Consumers looking to redeem their card rewards more frequently than annually can also consider other options, such as the American Express's Nectar Card.

Platinum Cashback Credit Card Features

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

How Does the Platinum Cashback Credit Card Compare to Other Credit Cards?

To better understand the value of the Platinum Cashback credit card you need to compare it to other available options. We’ve compared this card to other rewards cards so you can see which is better suited to your shopping habits.

Platinum Cashback Card vs Platinum Cashback Everyday Card

The Platinum Cashback Everyday Credit Card by American Express is a solid no-fee cashback credit card for everyday shopping. The card also offers a fabulous initial 5% cashback. Maximize this benefit by charging £2,000 on your card in the first three months, earning a max of £100 cashback. After the initial three-month period, cashback drops down to 0.5% until £5,000 of spend, then 1% beyond that.

While the cashback rate is slightly lower for the Platinum Cashback Everyday card, the lack of annual fee means the effective overall rewards rate is very similar to the £25/year Platinum Cashback card. Consumers who may not hit the minimum purchase requirement to receive any cashback of £3,000 per year are objectively better off with the no-fee Platinum Cashback Everyday card. Spend exceeding £10,000 a year should extract more value from the Platinum Cashback Credit Card.

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

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

Platinum Cashback Card vs Preferred Rewards Gold Card

The Preferred Rewards Gold Card can be one of American Express's more rewarding charge cards, for bigger spenders. The first year creates value from the 20,000 Membership Rewards welcome bonus and a waived annual fee. In subsequent years, an annual bonus, 2X points on flights and 3X points on American Express travel can keep rewards very competitive. Broadly speaking, higher levels of spend, especially on flights or Amex travel, would be required to make the £195 annual fee worthwhile. As a charge card, the full balance must be paid back every month.

Representative example: 85.8% APR representative (variable). Based on an assumed credit limit of £1,200, a purchase rate of 29.1% p.a. (variable), and the £195 annual fee (waived in year one).

Quick Takeaway: Preferred Rewards Gold is a charge card with a £195 annual fee (waived in year one) that pays bonus points specifically on flights and American Express Travel bookings, on top of its base earn rate. Platinum Cashback is a credit card with a flat £25 fee and no category-specific bonuses — its 0.75%/1.25% cashback applies the same way to all spending.

Platinum Cashback Card vs Partnership Card

The Partnership Card is one of the highest-earning Mastercards in the UK for in-store spending, for those who shop at John Lewis and Waitrose. While the Partnership Card still offers a solid 1.25% on John Lewis and Waitrose purchases, its appeal for general spending has dwindled. The out-of-store reward rate has dropped to 0.1% for every £10 spent. This makes the Amex Platinum Cashback’s 0.75% base rate 7.5 times more rewarding for non-John Lewis or Waitrose shopping in 2026.

Representative example: 29.9% APR representative (variable). Based on an assumed credit limit of £1,200, a purchase rate of 29.95% p.a. (variable).

Quick Takeaway: The Partnership Card has the benefit that rewards are distributed more frequently and, as a Mastercard, it is accepted nearly everywhere. Plus it's a free card.