The Platinum Cashback Everyday Credit Card from American Express is a cashback rewards credit card with no annual fee. Cardholders earn 5% cashback for the first five months (up to £125), then 0.5% or 1% depending on how much they spend. This review covers the cashback rates, how much the card can earn, and how it compares with the £25-a-year Platinum Cashback card.

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Platinum Cashback Everyday review

After the introductory period, the card pays 0.5% cashback on the first £10,000 of spending in the previous 12 months and 1% above that (0.5% at UK warehouse retailers). Cashback is only earned in a card membership year (the 12 months from account opening, and each 12 months after) with at least £3,000 of purchases. Cashback is paid automatically once a year as a credit to the account, 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.

The Platinum Cashback Credit Card by American Express costs £25 a year and pays higher rates after its introductory period (0.75% and 1.25%). The two cards earn the same net cashback at £10,000 of annual spending. Below that, Platinum Cashback Everyday earns more because it has no fee: at £5,000 of spending, it earns £25 compared with £12.50 net on the paid card. Above £10,000, the paid card earns more: at £15,000, it earns £112.50 net compared with £100 on Platinum Cashback Everyday.

American Express cashback cards charge a 2.99% fee on non-sterling transactions. Some credit cards charge no foreign transaction fees; see our no foreign transaction fee cards guide.

Summary: Platinum Cashback Everyday has no annual fee, pays 5% cashback for the first five months (up to £125), then 0.5%–1%, paid automatically once a year. Below £10,000 of annual spending, it earns more than the £25-a-year Platinum Cashback card; above £10,000, the paid card earns more. It charges 2.99% on non-sterling transactions, and the 29.1% purchase rate means interest on a balance carried over would outweigh the cashback earned.

How much cashback can the card earn?

Cashback is higher in the first year because of the 5% introductory rate. For example, £10,000 of spending in the first year earns £163 (£125 at 5% on the first £2,500, plus 0.5% on the remaining £7,500). The year 1 figures assume at least £2,500 is spent in the first five months, to earn the full £125. From the second year, £10,000 of spending earns £50 a year.

Platinum Cashback Everyday vs Platinum Cashback: long-term cashback

After the introductory period, the free card earns more below £10,000 of annual spending and the £25-a-year card earns more above it. American Express is accepted by fewer retailers than Visa or Mastercard, so not all card spending may be possible on either card.

How Amex cashback works

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. All cashback earned so far is lost if two consecutive monthly payments are missed; cashback starts again once payments are up to date.

Interest on purchases is avoided by paying the balance in full and on time each month. At the card’s 29.1% variable purchase rate, interest on a balance carried over would quickly outweigh the cashback earned.

Platinum Cashback Everyday features

Representative example: 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.

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

FAQs

When is Amex cashback paid?

Once a year, as a credit to the card account, on or around the anniversary of the first statement date. Cashback is lost if two consecutive monthly payments are missed.

Does the Platinum Cashback Everyday card have an annual fee?

No, there’s no annual fee.

What’s the American Express non-sterling transaction fee?

American Express charges 2.99% of the transaction amount after converting it into sterling.

How is American Express cashback redeemed?

It’s credited to the account automatically once a year, reducing the balance. It doesn’t need to be claimed.

How Platinum Cashback Everyday compares with other cards

Platinum Cashback Everyday vs Platinum Cashback

The Platinum Cashback Credit Card by American Express has a £25 annual fee. It pays 5% cashback for the first three months, on up to £2,500 of spending (a maximum of £125), then 0.75% or 1.25% depending on spending.

Representative example (Platinum Cashback): 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.

Quick Takeaway: After the introductory period, Platinum Cashback Everyday earns more below £10,000 of annual spending, and the £25-a-year Platinum Cashback card earns more above it.

Platinum Cashback Everyday vs Partnership Card

The Partnership Card earns around 1.25% at John Lewis and Waitrose and about 0.1% elsewhere. Rewards are issued three times a year as vouchers for John Lewis and Waitrose.

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: Both cards have no annual fee. The Partnership Card issues rewards three times a year and runs on Mastercard, which is more widely accepted than American Express. Outside John Lewis and Waitrose, it earns about 0.1% compared with 0.5%–1% on Platinum Cashback Everyday.

This review compares Platinum Cashback Everyday 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.