The Platinum Cashback Everyday Credit Card from American Express is a no-fee rewards credit card. Users earn 5% for the first five months (up to £125 cashback) and between 0.5% and 1% after this initial period, depending on how much they spend. Read our review to help you learn more about the rewards rates, APRs, and features.

Platinum Cashback Everyday Card Review

The Platinum Cashback Everyday Credit Card from American Express is an everyday cashback card for the UK market with an introductory 5% cashback offer. Beyond the intro rate, the ongoing cashback reward rates of 0.5% to 1% on all purchases are also competitive, especially for a free card. And it's easier to manage and claim your rewards, which come once a year as a statement credit (compared to other types of rewards cards, like airline cards, which can take more active management and deliver variable returns).

Note: the 5% introductory rate is not available if you’ve had another personal Amex card in the last 24 months.

There is more earning potential for higher levels of spend with the Platinum Cashback card by American Express, which costs £25 a year but also sports a 5% intro offer, and higher rewards on spending thereafter. The mathematical breakeven point between the free and the paid cards is £10,000 of annual spend. Below £10,000 of annual spend, Platinum Cashback Everyday comes out ahead since it has no fee to overcome — for example, at £5,000 spent, Everyday earns £25 versus just £12.50 net on the paid card. Above £10,000, Platinum Cashback pulls ahead instead, because its higher 0.75%/1.25% rates start outweighing the £25 fee — for example, at £15,000 spent, Platinum Cashback earns £112.50 net versus £100 on Everyday. At exactly £10,000, both cards land on precisely the same £50 net reward, making that figure the breakeven point.

Do you travel overseas frequently? The American Express cashback cards charge a 2.99% non-Sterling fee on spending abroad. Frequent travellers can avoid foreign transaction fees by using a no-FX-fee card.

Bottom Line: The Platinum Cashback Everyday Credit Card by American Express is an all-around cashback option with an early bonus. Mathematically, card spend of over £10,000 a year would earn higher rewards with the £25/year Platinum Cashback Credit Card instead.

Amex Platinum Everyday Cashback Rewards: How Much Can You Earn?

Cashback rewards are higher the first year due to the 5% intro cashback rate, with cardholders potentially earning £163 in cashback if they spend £10,000 using their Amex Everyday cashback card. Note: the year 1 calculations here assume a front-loading of spending to get the most out of the 5% welcome bonus rate.

Rewards are lower in year 2 and beyond, but cardholders spending £10,000 a year could still earn an extra 50 quid in cashback statement credits each year.

Free Amex Cashback Card vs. £25/yr Amex Cashback Card

The £25/year Amex Platinum Cashback card has an annual fee, but higher ongoing rewards rates than the free Everyday card. The two break even at £10,000 of annual spend.

Long-term rewards: Annual spend of less than £10,000 a year should earn greater long-term rewards with the free Everyday card. Annual spend of more than £10,000 a year should earn greater rewards with the £25/year Platinum Cashback card card. When making this calculation, remember that American Express is not accepted everywhere, so you're unlikely to put all of your credit card spending on one of these cards - that said, Amex is accepted at most major retailers.

How Amex Cashback Rewards Work

Amex cashback is one of the easier rewards redemption systems in the marketplace. Amex cashback rewards appear once a year as a statement credit, on the month after a cardholder’s anniversary date. Be sure to pay on time, because missing two consecutive payments means forfeiting all accumulated rewards for the year.

Paying the balance in full and on time can help avoid purchase interest; otherwise, interest may outweigh cashback earned. This is because the higher-than-average purchase interest rate of 29.1% variable APR could quickly wipe out any rewards earned, and then some.

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.

Disclaimer: ClearScore is a credit broker, not a lender, and does not cover the whole of the market. The offers shown are drawn from ClearScore's panel of lenders and partners, so other products may be available elsewhere that are not featured here. ClearScore may receive a commission from the lender if you take out a product through the service. This does not affect the price you pay.

FAQs

When is Amex cash back paid?

Amex cash back is paid once a year as a statement credit, on the month after your card's anniversary date. For example, if you opened your Amex cashback card in June, cash back would be payable every July. But you forfeit your cash back rewards if you miss two consecutive payments so be sure to pay on time each month!

Does the Amex platinum cashback everyday credit card charge a fee?

No, there is no annual fee for the Amex platinum cashback everyday credit card.

What's the American Express international transaction fee?

On most cards including the Amex Platinum Cashback Everyday card, American Express charges a non-sterling transaction fee of 2.99% of the amount after they’ve converted an overseas transaction into Pounds Sterling.

How do you redeem American Express cash back?

American Express cash back is automatically credited to your account once a year; this credit essentially reduces your credit card balance.

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

To better understand the value of the Platinum Cashback Everyday credit card you need to compare it to other available options. We’ve compared this card to other rewards cards so you can see how they compare.

Platinum Cashback Everyday Card vs Platinum Cashback Card

The Platinum Cashback Credit Card by American Express is a paid (£25 per year) cashback credit card for everyday shopping. The initial 5% cashback offer would be maximized by charging £2,500 on the card in the first five months, to hit the max of £125 cashback. After the initial five-month period, cashback drops to 0.75% or 1.25%, depending on how much you purchase.

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.

Quick Takeaway: Generally speaking, the free Platinum Cashback Everyday card earns higher rewards for spending of less than £10,000 a year; the £25/year Platinum Cashback card earns more for spending of more than £10,000 a year.

Platinum Cashback Card vs Partnership Card

The Partnership Card is one of the higher-earning Mastercards in the UK, especially for those who shop at John Lewis and Waitrose. Expect to earn 1.25% on John Lewis/Waitrose shopping but only 0.1% elsewhere. Rewards are distributed three times a year as vouchers to use in store at John Lewis or Waitrose.

Representative example: 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 the benefit that rewards are distributed more frequently and, as a Mastercard, it is accepted nearly everywhere. It's also a free card.