Review of the week: Market-leading cashback card

The very best cashback cards are not usually suitable if you want to leave a balance on your account while you pay off a large purchase – but the market-leading card also offers six months at 0% on purchases.

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American Express’ Platinum Cashback Credit Card is a long-standing favourite on the moneysupermarket.com website, having topped the best buy tables for cashback credit cards for a long time.

While most cashback credit cards are only good deals for those able to pay their balance off in full each month because the annual percentage rates (APR) are so high that anyone who can’t will pay more in interest than they earn in cashback. However, Amex has one of the highest cashback offers and also a six-month interest-free period.
 
So does this make it the right card for you?

What's the deal?

The Amex Platinum Cashback Card gives customers an incredible 5% cashback in the first three months, up to a total spend of £2,000. That means it’s possible to earn £100 just for putting your shopping on the card.

After that, you earn 0.5% on the next £3,500 you spend with the card, 1.0% on spending between £3,501 and £7,000, and 1.25% on spending above that.

Purchases are now interest-free for the first six months, after which you’ll pay the typical APR of 19.9%.

It’s a bad idea to use this card to withdraw money because, as with most credit cards, you’ll pay a higher rate to do so – in this case, 27.9%.

Any catches?

You receive your cashback in one lump sum at the end of the first 12 months but be aware that you have to have used the card to spend a minimum of £3,000 during the year in order to qualify for that money.

If you were to cancel your card for any reason during that first year, you’d also not receive the cashback. That means that, even if you stop using it after the introductory period, you’d need to keep the card open in order to receive the cashback you’ve accrued.

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Verdict

Now that Amex is offering six months interest-free, this card will be suitable for more people than before, especially those who want to earn cashback on major purchases but also have the flexibility to pay their balance off over a number of months.

However, if you think you would need longer than six months to clear your balance, or you think you’ll occasionally leave a balance in the future, then this card is not for you. The high APR will quickly cancel out the cashback you earn and you’ll be better off shopping for a market-leading purchase credit card. For example, the Tesco Clubcard Credit Card has a 13 month interest-free period on purchases and a typical APR of 16.9%.   Apply for the American Express Platinum Cashback Credit Card.

Top tip

Not all retailers will accept American Express, particularly smaller shops, bars and restaurants, as it costs them more to process than Visa or MasterCard payments. So it’s worth making sure you have another means to pay, just in case.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

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