The Platinum Cashback card is Amex's higher-paying cashback card. It charges a small fee, but its rates are a step up from the free Platinum Cashback Everyday. The question is simple: do you spend enough for the higher rates to cover the £25? Here's how to tell.
Foundations
Amex Platinum Cashback Card Review 2026: Worth the £25 Fee?
Amex Platinum Cashback review for 2026. 5% intro cashback up to £125, then 0.75% to 1.25% for a £25 fee, and the spend level where it beats the free Everyday card.
Key takeaways
- £25 annual fee. Representative 34.6% APR variable, based on a 29.1% variable purchase rate and the £25 fee (ClearScore, 22 Sep 2026). Credit is subject to status.
- Intro offer: 5% cashback for the first three months, up to £125 on £2,500 of spending.
- Ongoing: 0.75% on the first £10,000 of spending a year, then 1.25% above that.
- Warehouse clubs earn a lower 0.5%.
- Break-even vs the free Everyday card: about £10,000 a year. Spend more, and Platinum Cashback pays more.
What does the Platinum Cashback card include?
| Feature | Platinum Cashback |
|---|---|
| Annual fee | £25 |
| Representative APR | 34.6% variable (includes the fee) |
| Purchase rate | 29.1% variable |
| Intro cashback | 5% for 3 months, max £125 (on £2,500 of spend) |
| Ongoing cashback | 0.75% up to £10,000 a year, 1.25% above |
| Warehouse clubs | 0.5% |
| Foreign spending | 2.99% non-sterling fee |
| Minimum income | £20,000 |
Cashback is paid annually as a credit to your statement.
How much will you earn after the fee?
Here's the cashback at different annual spending levels after the intro period, before and after the £25 fee:
| Annual spend | Cashback | After £25 fee |
|---|---|---|
| £5,000 | £37.50 | £12.50 |
| £10,000 | £75 | £50 |
| £15,000 | £137.50 | £112.50 |
| £20,000 | £200 | £175 |
| £30,000 | £325 | £300 |
Test it with your own figures:
Calculator
What would Platinum Cashback pay after its fee?
- Monthly card spending£1,250
- Cashback rate (%)0.75%
- Annual fee£25
Cashback a year£88
Per month£9.38
After the yearly fee of£25
Over 5 years£438
Uses 0.75%, the rate on your first £10,000 of spending a year. Spending above £10,000 earns 1.25%, so heavy spenders earn more than shown. Warehouse clubs earn 0.5%.
Take Action: Add up a typical year of card spending, including bills you could move to the card. If it's well above £10,000, this card is likely to beat the free Everyday version.
Platinum Cashback vs Cashback Everyday
The two Amex cashback cards are designed for different spenders. Amex has recently renamed them the Amex Cashback Credit Card and the Amex Cashback Everyday Credit Card:
| Platinum Cashback | Cashback Everyday | |
|---|---|---|
| Annual fee | £25 | £0 |
| Intro offer | 5% for 3 months, max £125 | 2% for 12 months, max £200 |
| Up to £10,000 a year | 0.75% | 0.5% |
| Above £10,000 | 1.25% | 1% |
| Minimum spend | None stated | £3,000 a year |
At £10,000 a year, both pay £50 after fees. Above that, Platinum Cashback pulls ahead. Below it, the free Everyday card wins, as long as you spend at least £3,000. Our Amex Platinum Cashback Everyday review covers the free card.
Is the Platinum Cashback card worth it?
It's worth it for households that put most of their spending on one card: groceries, fuel, bills, insurance and subscriptions. At £20,000 a year, it returns £175 after the fee, which is among the better ongoing cashback rates in the UK.
It's less good if:
- You spend under about £10,000 a year
- You often shop at warehouse clubs (only 0.5%)
- You travel a lot (2.99% on foreign spending)
- You'd get more value from airline points
Cashback or points?
If you'd redeem points for flights, a points card can return more than 1.25%. Amex Gold earns 1 point per £1, which converts 1:1 to Avios, and Head for Points values airline miles at about 0.75p to 1p each. Through a referral, the American Express Gold Card (Representative 85.8% APR variable, credit subject to status) is free in year one with a 35,000-point bonus plus a £100 Selfridges card until 12 January 2027. See our Amex Gold review and cashback vs Avios guide.
Eligibility
You need to be over 18 with a UK address and pass Amex's credit checks. The intro offer is generally for new cardmembers who haven't held a personal Amex card in the last 24 months. Credit is subject to status.
Things to watch out for
- Interest. At 29.1% variable, any interest outweighs the cashback.
- Annual payment. Closing the card before your anniversary may lose that year's cashback.
- Amex acceptance. Some smaller shops don't take Amex, so you may need a backup card.
- Foreign spending. 2.99% fee abroad.
For more options, see our best cashback credit cards guide.
FAQ
How much is the Amex Platinum Cashback card fee?
The Amex Platinum Cashback card costs £25 a year. Its Representative APR is 34.6% variable, which includes the fee, based on a 29.1% variable purchase rate and an assumed £1,200 credit limit. The no-fee Platinum Cashback Everyday is the alternative.
What cashback does the Amex Platinum Cashback card pay?
After a 5% intro rate for the first three months (up to £125), it pays 0.75% on your first £10,000 of spending each year and 1.25% on spending above that. Warehouse clubs earn 0.5%. Cashback is paid once a year.
Is Platinum Cashback better than Cashback Everyday?
Platinum Cashback is better if you spend more than about £10,000 a year, because its higher rates outweigh the £25 fee. Below that, the free Cashback Everyday card pays more, as long as you spend at least £3,000 a year to qualify.
What cashback do warehouse clubs earn on Platinum Cashback?
Warehouse club spending earns a lower rate of 0.5% cashback on the Platinum Cashback card, rather than the standard 0.75% or 1.25%. Check whether your warehouse club accepts American Express before relying on the card there, as card acceptance varies.
Can I get the Amex cashback intro offer if I've had Amex before?
Generally not. The intro offer is for new cardmembers who haven't held a personal American Express card in the previous 24 months. You can still apply for the card and earn the standard cashback rates without the intro bonus.
The bottom line
The Amex Platinum Cashback card is a strong pick for big spenders who want cash. Above £10,000 a year it beats the free Everyday card, and at £20,000 it returns £175 after the fee. Lighter spenders should stick with the free version, and frequent flyers should look at points cards.
If you'd use points for travel, apply for Amex Gold with our referral link. Representative 85.8% APR variable. Credit is subject to status.
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