The American Express Platinum Cashback card is a great for those that want a high rate of cash back over a long period of time as opposed to just a high introductory rate in preparation for a big spend.
It pays new cardholders 2.5% cash back for the first three months up to £4000 of spending (max cash back you can earn during the first three months is £100). After this, you get a healthy 1.25% cash back. Furthermore, if you spend over £10,000 in a year, you’ll also get unlimited 2.5% cashback in your anniversary month as an extra little treat.
A way to further maximise cashback with this card is to request a complimentary supplementary card. Give this to a trusted family member and anything that’s spent on it will also count towards your total spend and earn cashback.
The drawbacks of this card is that they charge a £25 annual fee. However, if you spend just £85 a week for 3 months you’ll earn over £25 cashback, easily covering the fee. After the 3 months, you’ll get the leading 1.25% rate with no limit on what you can earn.
The only other drawback is that Amex isn’t accepted everywhere. If you generally shop at the same places, check out this site for a list of places that accept Amex.
Despite these minor drawbacks, the American Express Platinum Cashback card still comes highly recommended due to the high level of introductory and ongoing cash back.
The table below shows the different levels of cash back with varying spend levels:
| Annual spend | £3,000 | £5,000 | £10,000 | £20,000 |
|---|---|---|---|---|
| Year one cashback (after fee) | £22 | £53 | £131 | £275 |
| Years two+ cashback (after fee) | £13 | £38 | £110 | £246 |
Click here to apply.
Card Facts:
- Cashback: 3 months at 2.5% (up to £100 during this period). Pays 1.25% after.
- Bonus: Get 2.5% cash back for a month, every year, following your card anniversary
- Paid out: On card anniversary
- Max cashback/year N/A
- Annual Fee: £25
- Min spend N/A
- Rate: 18.5% representative APR inc. £25 fee – spending is charged at 14.9%
- Min income: £30k household salary
Eligibility Information:
- You are 18 or over
- You have a current UK bank or building society account
- You have a permanent UK home address
- You have a household income of at least £30,000
- You have no history of bad debt
- If you’re self-employed, your company must have been trading for more than one year
