5% cash back for 3 months: A review of the Platinum Cashback Credit Card from American Express UK

Aug 23, 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 U.K. has a number of cashback card options available. One of those is the Platinum Cashback Credit Card.

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Who Is This Card For?

This card is marketed toward people looking for a simple cashback card, combined with a low annual fee. It’s also for those that are happy to forego some of the additional benefits provided by points-earning American Express cards in exchange for cash back on every purchase.

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 bonus if you’re accepted for this card. Instead, you’ll receive 5% cash back on all purchases (up to £125 in total) made during your first three months after you activate the card. You would need to spend £2,500 in that period to receive the full £125 back.

There’s a modest £25 annual fee, so provided you’re able to spend the full £2,500 in the first three months you’ll be coming out a healthy £100 in front.

Representative example: 30.7% APR with a purchase rate of 25.3% per annum and an assumed credit limit of £1,200.


This is a simple card with a simple cashback earning structure. After the first three months of card membership (where you’ll earn the 5% discussed above), you’ll then earn:

  • 0.75% cash back for the first £10,000 spent on purchases.
  • 1.25% cash back after that first £10,000, with no limits.

So, say you spend the £2,500 in the first three months and then a further £20,000 over the other six months of your card membership year, you would receive £325 in total cash. back (being £125 plus £75 plus £125).

That’s not a bad return for a £25 annual fee card. But like other Amex cards, you’ll be hit with a 2.99% foreign transaction fee on international purchases, which will be higher than the value of the cash back you will receive (outside of the welcome bonus 5% amount). Keep this fee in mind if you’re using this for foreign purchases.


As you’re earning straight cash back rather than loyalty points, you’ll receive the cash back annually on your card anniversary date. 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 benefit. 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).

Which Cards Compete With This Card?

This card is similar to the Platinum Cashback Everyday Credit Card from American Express, which also has no annual fee but lower cashback amounts. If you’re comparing these two cards but will spend less than £5,000 on the card in a year, the Everyday card may be better for you.

Bottom Line

While there are no valuable reward points earned, the 5% cash back for the first three months is a compelling benefit for anyone in the market for a no-nonsense cashback card with a low annual fee, assuming you can maximise this welcome offer.

You can apply for this card here.

Featured image by The Points Guy

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.

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