This is my review of the American Express Platinum Cashback Everyday Credit Card.

Cashback cards don’t get a huge amount of attention on Tricks of the Trade. That’s largely because if you’re looking for an outsized return on your credit card spending, cashback doesn’t generally get the pulses racing in the same way that miles and points do.

But should that still be the case?

American Express Platinum Cashback Everyday Credit Card

Welcome bonus

This card currently offers 5% cashback on all of your purchases (capped at £100) for the first three months of card membership.

Annual fee

The Platinum Cashback Everyday Credit Card has no annual fee.

Representative 22.9% APR variable. Based on purchases rate 22.9% p.a. variable and no annual fee.

Day-to-day earnings rate

After the first three months of Card membership you’ll earn up to 1% cashback, depending on how much you spend on your card:

  • Spend £0 to £5,000 and receive 0.5% cashback on purchases
  • Spend over £5,000 and receive 1% cashback on purchases

However, you must spend at least £3,000 on your card in a membership year in order to receive any cashback.

Cashback is only paid once a year, in the month following your card anniversary. This is a major downside compared to a miles and points-earning Amex card, where the points are available to use within a few days – in the case of Membership Rewards points, or at worst swept across to your British Airways or Marriott account once a month.

Refer-a-friend for extra cashback

Much like many of the other American Express cards, there is a refer-a-friend system available on this card. You’ll earn a £20 bonus for each approved referral – up to £150 a year.

Am I eligible for the welcome bonus?

American Express made some significant changes to their sign-up bonus rules in recent months.

To be eligible for a sign-up bonus on the Platinum Cashback Credit Card, you cannot have held a personal American Express card of any kind in the last 24 months.

That includes:

There are NO minimum income requirements to be eligible for any cards issued by American Express. Those restrictions were removed a number of years ago.


If you were choosing a card to apply for, this card was traditionally less enticing than some of the other points-earning Amex cards, at least in terms of its sign-up bonus. Is that still the case?

The Amex Gold card was my previous benchmark and used to offer a 20,000 Membership Rewards points welcome bonus (worth 20,000 Avios). However, the Amex Gold bonus has since been reduced to 10,000 Membership Rewards points.

£100 cashback versus 20,000 points was a no-brainer. But the equation is now £100 cashback v 10,000 points, which is an altogether different consideration.

The real downside of this card for me is that cashback is only paid annually. If you’re looking for a return on your spending, having to wait a year to see anything back is not particularly encouraging.

However, if cashback is your thing, this card offers a good return for a no-fee product.

The application page for the Platinum Cashback Everday Credit Card is here

Do you prefer earning cashback or miles and points from your spending?

Disclaimer: The information provided by Tricks of the Trade is intended solely as a helpful guide to relevant travel rewards card products and their various features and offers. You should always conduct your own research as recommendations provided within may not be suitable for your personal financial circumstances. 


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