The American Express Platinum cash back credit card is suited to big spenders seeking a good cash back return. However applicants should read beyond the headline advertised rates as the details are not completely transparent and a familiarity with the small print is required.
Whilst it is easy to be drawn to the offer of five percent cash back there are conditions attached which means applicants should plan their spending in advance. The five percent offer is only applicable for the first three months of spending and is capped at £100 in total cash backs. American Express can provide a complimentary supplementary card for a family member, enabling the cash back opportunities to be increased.
American Express advertise cash backs of up to 1.25 percent after the first three months, but again attention needs to be paid to the details of the offer. Cash backs are tiered and based on aggregate spending. The actual levels of cash returns are 0.5% for spending up to £3,500, 1% for spending between £3,501 and £7,000, and 1.25% for spending over £7,501.
According to Cashback guru U.K. “The bottom line is this platinum card is the highest cash back credit card there is” but spending of over £13,500 is necessary to get a better cash back than a rival card offering 1% cashback.”
Applicants need an annual household income of £30,000 to apply for the American Express Platinum cash back card. It offers 0% APR for six months before reverting to the standard rate of 19.5%. The cash advance APR is 27.9%. Additional fees are £3 or 3%, whichever is greater, for cash advances, and £2 per copy statement. American Express levy a dormancy fee of £20 if the card isn’t used for purchases within a 12 month period, but there is no annual fee. The balance transfer fee is 3% and the foreign exchange fee 2.99%.
As well as the cash back program American Express offer other benefits. The card comes with refund protection of up to £200 and payment protection for 90 days on stolen or damaged goods. Travel accident insurance of up to £150,000 is provided.
All card holders are entitled to make use of the American Express preferred seating plan which secures the best available seats at the theatre, music and films. The provider also offers 24 hour support via telephone or online.
The card is recommended for people who can take the full advantage of the initial 5% cash back deal and then secure a 1.25% cash back rate once purchases above £7,501 have been made. Those planning more moderate spending on credit would be better advised to seek out a straight 1% cash back card.