If you’re searching for a credit card that offers substantial cashback rewards and a range of additional benefits, the American Express Platinum Cashback Credit Card might be a great choice. Known for its impressive cashback incentives, this card stands out among its competitors by rewarding users for almost every purchase they make.
In this detailed review, we’ll break down all the essential aspects of the American Express Platinum Cashback Credit Card, from its annual fees and credit limits to the card’s advantages and drawbacks. By the end of this guide, you’ll have a clear understanding of whether this card aligns with your financial needs.
Key information about the credit card
How does the annual fee work?
The American Express Platinum Cashback Credit Card comes with an annual fee of £25. Although some might find an annual fee off-putting, the value you receive in cashback and benefits can easily offset this cost, especially if you’re a frequent spender. Unfortunately, there is no option for fee waiver based on spending, so cardholders will need to factor this cost into their decision-making process.
How is the credit limit determined?
The credit limit for the American Express Platinum Cashback Credit Card is determined by American Express based on several factors. These include your income, credit history, and financial behavior. For example, applicants with higher incomes and stronger credit profiles may receive higher credit limits.
Advantages of the credit card
5% cashback on purchases during the first three months: New cardholders can enjoy a significant cashback boost in the initial months, with the potential to earn up to £125.
0.75% cashback on annual spending up to £10,000: After the welcome period, the card continues to offer a consistent cashback rate on everyday spending, providing value to regular users.
1.25% cashback on spending above £10,000 per year: High spenders benefit even more, as the cashback rate increases for purchases beyond the £10,000 threshold, rewarding those with larger expenses.
Plan ItTM installment option: This feature allows users to break down purchases of £100 or more into fixed monthly payments, without the burden of high-interest rates.
Access to American Express Offers: Cardholders gain exclusive access to a variety of offers, including discounts and deals from retail and travel partners, further enhancing the value of the card.
Standout advantage
One of the standout features of the American Express Platinum Cashback Credit Card is its simple, tiered cashback structure. The card offers a clear incentive for higher spending without imposing complicated restrictions.
Whether you’re spending under or over £10,000 annually, you’ll always receive cashback. This transparent system, combined with no limit on the cashback amount earned, makes the card highly appealing for those who want consistent rewards throughout the year.
Disadvantages
£25 annual fee: While some cashback cards offer no annual fee, this one charges £25, which may not be appealing to those looking for fee-free options.
Limited acceptance: American Express isn’t as widely accepted as Visa or Mastercard, which means cardholders may face difficulties using it in certain stores, especially smaller merchants.
High representative APR of 36.7% variable: For those who carry a balance, the high-interest rate can quickly lead to significant charges, making this card less ideal for people who don’t pay off their balance in full.
No fee waiver options: The £25 fee is unavoidable, regardless of how much you spend on the card, which could be a downside for those who prefer cards with fee-waiver conditions.
A standout disadvantage
One significant downside of the American Express Platinum Cashback Credit Card is its relatively limited acceptance compared to other cards. While American Express has increased its network of partnered merchants, there are still many places, particularly smaller businesses, where the card is not accepted.
This can be frustrating for cardholders looking to earn cashback on all their purchases, especially in regions where American Express has a smaller market presence.
Who can apply for this card?
Applying for the American Express Platinum Cashback Credit Card is a relatively straightforward process, but there are a few requirements that applicants must meet. To be eligible, you need to be at least 18 years old, a UK resident, and have a permanent UK home address.
Additionally, applicants must have a UK bank or building society account to facilitate payments. You should also ensure that your credit history is free from any major blemishes, as American Express will conduct a thorough credit check during the application process. Furthermore, to qualify for the welcome cashback bonus, you should not have held any personal American Express card in the past 24 months.
How to apply for the American Express Platinum Cashback Card
For the website
The most common and convenient way to apply is through the official American Express website. Start by visiting the page dedicated to the Platinum Cashback Credit Card, where you’ll find all the necessary information, including terms and conditions, representative APR details, and eligibility criteria.
Once you feel ready to proceed, you can click on the “Apply Now” button, which will take you to the secure application form. The form typically requires your personal details, such as your full name, address, employment information, and financial details.
The entire application process takes just a few minutes, and American Express usually provides an instant decision. In some cases, however, they may require additional documentation or time to assess your eligibility.
Through the app
If you prefer using your smartphone for financial transactions, you can also apply for the American Express Platinum Cashback Credit Card via the American Express mobile app. The app is available for download on both iOS and Android platforms, and once installed, you can easily navigate to the credit card section.
The application process is similar to the one on the website, where you’ll input your personal and financial details before submitting. The app also offers real-time updates, allowing you to track the status of your application as it’s being processed.
At the branch
Although less common in the digital age, American Express does have physical branches where potential applicants can go through the application process in person. If you prefer face-to-face interactions, visiting a branch may be the right choice.
An American Express representative will assist you in filling out the application and provide immediate feedback on any questions or concerns you may have. This method ensures that you receive personalized support throughout the process, although it may take a little longer compared to the online options.
