No annual fee: A review of the Platinum Cashback Everyday Credit Card from American Express UK

Aug 17, 2021

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Here at TPG U.K., we’re huge advocates of maximising your travel experiences by earning and redeeming points.

But, we also recognise that depending on your situation, you may be happy with a no-nonsense cash discount on your purchases rather than diving into the world of loyalty points. Fortunately, American Express has a number of cashback cards available. One of those is the Platinum Cashback Everyday Credit Card.

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Who is this card for?

Despite its ‘platinum’ name, this card is marketed toward those looking for simple cashback rewards combined with no annual fee.

It’s also for those happy to forego most of the additional benefits provided by more premium points-earning American Express cards.

Related: The beginner’s guide for The Points Guy UK: Essential tips for maximising your travel

Welcome bonus and annual fee

As this card does not earn any points, there is no welcome points bonus if you are accepted for this card. Instead, you’ll receive 5% cashback on all purchases (up to £100 in total) for all purchases made during your first three months of card membership. You would need to spend £2,000 in that period to receive the full £100 cashback.

There’s no annual fee, so provided you’re able to spend the full £2,000 in the first three months, you’ll come out £100 in front.

Representative example: 25.7% APR variable with a purchase rate of 25.7% per annum with an assumed credit limit of £1,200.


This is a simple card with a simple cashback earning structure, although it’s not very lucrative or exciting. After the first three months of card membership (where you’ll earn the 5% cashback discussed above), you’ll then earn:

  • 0.5% cashback for the first £10,000 spent on purchases; and
  • 1% cashback after that first £10,000, with no limits.

So, say you spend the £2,000 in the first six months and then a further £10,000 over the other six months of your card membership year, you would receive £150 in total cashback (being £100 plus £50).

This is not a bad value proposition given the absence of an annual fee.

There’s a 2.99% foreign transaction fee for any purchases in foreign currencies, which is much higher than the cashback you would receive. Because of that, you may wish to avoid using this card when travelling if possible.


As you’re earning straight cashback rather than loyalty points, you’ll get the cashback credited once per year. There’s no hassle in trying to redeem any benefit — it’s automatically done for you.

Related: These are the best UK cashback credit cards for 2021


This card doesn’t come with as many perks as some of the more expensive (but more lucrative) points-earning American Express cards, but there are still some benefits you may find useful:

  • You can opt to have free supplementary cards for any close family and friends in order to maximise your cashback. But remember that you, as the primary cardholder, will still be responsible for paying the balance each month.
  • There’s travel accident insurance for up to £150,000 for public transport when you use the card to purchase that transport.
  • Global Assist 24/7 assistance when you are travelling abroad.
  • Purchase and refund protection for eligible items (conditions apply).

Keep in mind that some of these benefits, such as insurance, are subject to enrollment.

Which cards compete with this card?

This card is very similar to the Platinum Cashback Credit Card from American Express UK, which does have a £25 annual fee but higher cashback amounts. Using my example of the £2,000 plus £10,000 purchase above, you’ll earn more cashback on the higher-end card.

So if you are planning to spend a lot (say, more than £10,000 in a card year) the Platinum Cashback Credit Card may be a better deal.

Bottom line

With no annual fee, this card could be a good option for someone looking for a low-risk way to earn some cashback. That being said, it’s not particularly rewarding even compared with even other cashback credit cards.

You can apply for this card here.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.