American Express Platinum Cashback review
Best Cashback
Up to 1% cashback on all spending with no cap. Annual fee of £25 but easily recouped. Amex acceptance growing across UK.
Overview
The American Express Platinum Cashback is the highest-earning cashback credit card widely available in the UK. You earn up to 1% back on all spending with no cap — and a generous 5% introductory cashback rate for the first three months.
Who Is This Card Best For?
- High spenders — the more you put through it, the more you earn
- People who pay in full every month — cashback only works if you avoid interest
- Those who shop where Amex is accepted — supermarkets, Amazon, large retailers
- Anyone wanting a simple cashback card — no points, no conversions, just cash
Cashback Structure
| Spend Level |
Cashback Rate |
| First 3 months |
5% (up to £100) |
| First £10,000/year |
0.5% |
| Above £10,000/year |
1% |
The card earns 0.5% on your first £10,000 of annual spend, then jumps to 1% on everything above that. If you put all regular spending through it (groceries, fuel, bills, subscriptions), most people clear £10,000 within 6-8 months and earn the full 1% for the rest of the year.
The £25 Annual Fee — Worth It?
The fee is easily recouped. If you spend £15,000/year on the card:
- First £10,000 at 0.5% = £50
- Next £5,000 at 1% = £50
- Total cashback: £100 minus £25 fee = £75 net profit
At £25,000 annual spend, you net £150. The card pays for itself at roughly £6,000 annual spend.
Amex Acceptance in the UK
The biggest concern with any Amex card. Acceptance has improved significantly:
- Accepted: Tesco, Sainsbury's, Aldi, Amazon, most large retailers, restaurants, petrol stations, online shopping
- Not accepted: Some smaller independent shops, some market stalls, some takeaways, Lidl
The smart approach is to use the Amex for everything that accepts it (capturing the cashback) and keep a Mastercard or Visa debit card as backup for the places that do not. Most people find Amex works for 80-90% of their spending.
Additional Benefits
- Purchase protection — 100 days cover for theft/damage on items bought with the card
- Amex Offers — targeted cashback deals at specific retailers (often 5-15% extra)
- Free supplementary card — add a family member at no extra cost
- Section 75 protection — legal protection on purchases £100-£30,000
What This Card Lacks
- Not accepted everywhere — you need a backup card
- Lower rate on first £10,000 — the 0.5% initial tier dilutes returns
- No travel perks — no lounge access, no travel insurance
- Must pay in full — the interest rate is high if you carry a balance
The Bottom Line
The Amex Platinum Cashback is the best pure cashback card in the UK for people who can use Amex for most of their spending. The 5% intro rate is excellent, and the ongoing 1% rate (above £10k) with no cap makes it genuinely rewarding. Pair it with a no-fee Mastercard for backup and you have an optimised spending setup.
Pros
- Up to 1% cashback on all spending
- No cashback cap
- 5% intro cashback (3 months)
- Amex purchase protection
- Contactless and Apple Pay
Cons
- £25 annual fee
- Not accepted everywhere
- Lower cashback on first £10k
- Amex not universal in UK