Amex Platinum Card Review

Amex (American Express) offer an amazing headline cashback rate of 5%. It's a killer deal and a great card, BUT you do need to know a bit more just before you apply for this one.

First and most important, that stunning 5% cashback rate. Amex do limit this 5% 'pull you in' offer to spending only in the first 3 months AND they cap the amount you get 5% back on to £4,000. But even so, that's a quick £200 of cash back in your pocket just to start with.

Once past the special offer period, the Platinum Card has a tiered 'MoneyBack' rate. It starts at 0.5% for the first £3,500 you spend per year, then goes up to 1% for the next £6,500, then goes up to 1.5% for amounts over that. These tiered rates can make it tiresome when comparing cards, but read on and I'll explain why this card is still likely to be the best for you for years to come.

A quick fiddle with a spreadsheet proves you would need to spend over £13,500 on the Platinum card to do better than a card that gave you a simple 1% cashback rate on everything. BUT, the 5% introductory rate blows that calculation out of the water of course! It would actually take up to 2 years to beat this card overall, and that's a very long time in this industry.

One other more minor point you should also consider - this is an Amex card, not a Visa card. So it's not accepted in quite so many places (you may want to have a backup Visa/Mastercard cashback card, or just use cash/debit card on those rare occasions).

The bottom line is this platinum card is the highest cashback credit card there is.

Amex Platinum: The Final Score

With that huge introductory rate the Amex Platinum will quite simply give you the largest amount of cashback. And that's the whole point.

Apply now for an Amex Platinum Card

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