American Express Platinum Credit Card

American Express credit card review: Platinum

THE American Express Platinum Cashback credit card is one of the few cards on the market offering a genuinely attractive cash back reward scheme with the bonus of increased earnings during the first few months.

Offering you up to 1.25% cash back (paid annually) on all purchases you make with this card, you could save yourself at least a few hundred pounds a year if you use the card for all your expenses.

Plus, you'll also be able to rack up some extra funds while you're rewarded with 5% cash back during your first 3 months - though the introductory 5% cash back is limited to spend up to £2,000, cash back earned after the introductory period is unlimited.

Of course, in order to benefit from the rewards you will have to pay your balance off in full and on time each month.

The card also boasts a generous host of extras like purchase protection insurance, protection from internet fraud and travel accident insurance.

If you are comfortable that not all vendors accept American Express credit cards, you will be pushed to find a better reward credit card, and this really will make an excellent second card addition to your purse or wallet.

Interest Rates and Fees
		Notes..
Typical APR	19.9% APR (variable)	- The typical APR is the rate most people are offered.
Balance Transfers	n/a	-
Balance Transfer Fee	None	-
Cash Withdrawal Rate	27.9% p.a. (variable)	You can only make cash withdrawals equal to 20% of your available credit limit, and you can only draw up to £200 cash in any 7 day period.
Cash Withdrawal Fee	3% (£3 minimum)	-
Annual Fee	None	A dormancy fee of £20 will be charged each year if the total amount of purchase transactions is not more than £0 (Note: Cash withdrawals and balance transfers are not counted).
Foreign Transaction Fee	2.99%	- This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Up to 1.25% Cash Back	- 0.5% for aggregate amounts up to £3,500 - 1% for aggregate amounts from £3,501 to £7,500 - 1.25% for aggregate amounts in excess of £7,501 - Cash back is not earned on cash withdrawals, interest, fees, balance transfers, amounts refunded, or spending over your credit limit - Cash back will be credited to your account annually, and there's no limit to the amount you can earn. - No rebate is paid if: - In the 12 months preceding your Card Anniversary Date, the aggregate amount of all transactions (other than cash advances and balance transfers) totals less than £3000 - You close your account before the cash back payment date.
Reward #2	5% Cash Back for 3 Months	- Earn 5% cash back during the first 3 months your account is opened. - 5% cash back is limited to a spend of £2,000 (a claim of £100 cash back).
Reward #3	American Express Selects	Discounts and special offers on travel, shopping, dining and entertainment.

Cardholder Services & Extras
Online Account Management		You can log in to the American Express web site and manage your American Express Platinum Cashback credit card account online. - Optional Paperless Statements - SMS & E-mail Alerts: Register for "Card Alerts" and choose to recieve updates by SMS text message to your mobile phone or e-mail relating to your American Express Platinum Cashback credit card account. Notification information includes: - Account balance - Confirmation of payments - Advance notification of nearing your credit limit - Advance notification of due payments - Notification of missed payments.
Fraud Guarantee		You will not be held responsible for any unauthorised charges.
Fraud Monitoring		Secure System American Express will monitor your account for any suspicious transactions and notify you as soon as possible to check if it's fraudulent or not.
Identity Protection
Purchase Protection Insurance		Up to £2,500 per claim Purchases made with this card will be protection against theft or accidental damage for 90 days after the purchase date. - Up to £20,000 in any 365 day period. - £50 excess applies. - Please note exclusions and limitations apply.
Purchase Delivery Insurance		Mail order items are not excluded from the 'Purchase Protection Insurance' policy.
Purchase In-Transit Insurance		As part of the 'Purchase Protection Insurance' policy.
Refund Protection Insurance		Up to £200 per item, up to £750 per year Purchases of brand new items, costing between £25 and £200, will be covered in the event that you return an unused eligible item to the retailer, within 90 days of purchase and the retailer will not refund you. - Items must be paid for entirely with the American Express Platinum Cashback credit card. - Please note exclusions apply.
Comprehensive Travel Insurance
Travel Accident Insurance		Up to £150,000 Travel accident insurance covers you against serious injury and death when you buy your travel tickets with this card. It is not an adequate substitute for a comprehensive travel insurance policy.
Travel Inconvenience Insurance
Assistance Abroad		Global Assist Emergency medical and legal help when travelling abroad.
Emergency Card Replacement		If your card is ever lost, damaged or stolen, American Express will get an emergency replacement card to you almost anywhere in the world. Emergency cash advances are also available.
Other Extras	- 24 hour customer service. - Chip & PIN.
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Repayment protection.

Payments & Payment Details
		Notes..
Credit Limit	£1000 minimum	Maximum credit limit is subject to status.
Interest Free Period	Up to 56 days	For purchases if you pay your balance in full and on time. There is no interest free period on balance transfers or cash withdrawals.
Minimum Monthly Payment	10% (£50 minimum)	The minimum monthly payment is the smallest amount you must pay each month (unless your credit card balance is zero).
Allocation of Payments	Interest » Insurance Premiums » Fees & Charges » Promotional Purchases & Balance Transfers » Purchases » Cash Advances	You have to clear outstanding statement transactions in this order. This means you have to repay all interest, fees and charges *before* you can repay any promotional purchases or balance transfers, and then you must clear these *before* you can repay any standard purchases, which must be cleared before you can repay any cash withdrawals.
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.
Copy of Statement Fee	£2	This is the fee you will be charged for duplicate statements.

Card Details
		Notes..
Online Application	Yes: Instant decision	Online applications get a decision in 60 seconds. Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
Card Type	Platinum	You will need to satisfy the approval criteria (see online application) and have a good credit rating to qualify for this card.
Payment Company	American Express	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'American Express' logo will accept this credit card.
Card Issuer	American Express	The bank who issues this credit card.
Card Advertiser	American Express	The company who advertises and promotes this credit card.

Review Continued...

A rare breed indeed, the American Express Platinum Cashback credit card offers a rather decent cardholder services alongside a very generous cash-back reward scheme.

Rewards aplenty

Users of the American Express Platinum Cashback credit card report that it is the excellent cash back scheme that makes the card so great.

If you spend more than £3,500 a year, you can enjoy plentiful cash back payouts, and spenders splashing out over £7,500 a year will reach the top level payout of 1.25%.

Spend less and the percentage cash back is less, but you will never receive less than 0.5% back.

You'll also be able to earn a whooping 5% cash back during your first 3 months, so spend, spend, spend and you'll be earning 5% back on spending up to £2,000 in the first 3 months.

Cash back earnings after the introductory 3-month period is unlimited - perfect for high spenders.

Remember though, if you aren't paying your balance off in full each month, the cash back amount will be much less than any interest you pay out.

Peace of mind

Which such an excellent cash back scheme... what more could you want?

How about purchase protection insurance of up to £20,000 a year for any goods you buy on this card which get stolen or broken in the first three months?

You also get refund protection of up to £200 per item if a retailer refuses to refund you.

Throw in some travel accident insurance and an internet fraud guarantee that ensures you will never have to pay for unauthorised transactions, and you are looking at a well featured credit card.

Keep in mind...

The American Express Platinum Cashback credit card's credentials are very sound, but as with all cards, it is worth knowing a few things.

The APR on this card is no longer among the more competitive rate levels, so be aware that if you want to avoid paying interest you should pay your balance off within 25 days of getting your statement.

And finally, don't use your card for cash withdrawals. There is no interest-free period on this, and you will be charged an APR substantially higher than the rate for general spending.

Final word

While there are limits on where you can use American Express credit cards, it's excellent cash-back scheme and a raft of excellent extras make the American Express Platinum Cashback credit card a very worthwhile addition to your wallet.

Apply Online for American Express Platinum credit card »