Credit Card Review: American Express Platinum Cashback Credit Card (UK)

Hi, I am writing this topic once again as the design of the cashback card has been updated recently. This article will be very simple, explaining the pros and cons of owning the Amex Platinum Cashback Credit Card. This card stands out as a particularly beginner-friendly option as this provides most straightforward benefit (cashback as the name suggests) with no membership fees.

Who do I recommend this card?

1. University Students / International Students in the UK
2. Anybody who has never held a credit card before in the UK
3. Anybody without credit history in the UK

Before we delve into the pros and cons of having a credit card, you might be wondering why one should consider obtaining a credit card in the first place. I would like to share why I believe having a credit card is an essential component of financial management, especially when compared to debit cards.

1. Credit History and Score: Builds and improves your credit history and score, which is later on important for securing favourable mortgage terms and interest rates.
2. Rewards and Credit Card Benefits: Provides cashback, points, or miles on purchases. It provides lucrative sign-up bonuses for new cardholders.
3. Purchase Protection: Provide superior consumer protection, purchase protection, and extended warranties in comparison to debit cards. Includes zero liability for fraudulent charges. Now imagine, debit card transactions take away the cash from your bank balance instantly.
4. Convenience and Safety: Often includes travel insurance and rental car coverage. Also an ideal payment method for deposit payment.
5. Financial Management: Delayed payments improve cash flow management. Reliable source of funds in emergencies without depleting savings.
6. Advanced Benefits: Includes price protection, saving you money if you find a lower price for an item after purchase. Provides return protection, allowing returns even if the store’s return policy has expired.

Now, let’s talk about the pros and cons of this beginner-friendly Amex card.

Pros :

1. Most beginner-friendly credit card

This cashback card is ideal for beginners, as it comes with no membership fees. Once approved, you can keep it as a backup card for unexpected expenses or emergencies.

2. Basic 1% Cashback for all transactions

This is the most straightforward benefit offered by a credit card, providing a 1% cashback on all transactions.

3. Amex offers

In comparison to Amex offers provided to other Amex cards such as Gold and Platinum, there are undeniably many more options with this cashback card.

The image below shows a couple of examples of offers I leveraged along the way.

Cons :

Not really anything.

It doesn’t hurt your bank account as there is no membership fees. Even if you have a higher tier Amex card such as Gold or Platinum, this also works as a backup card when there is a good Amex offer on the app.

One potential drawback to consider is that cashback rewards are often credited only on the cardholder’s anniversary date. This means you will need to wait until this date for the balance to be reflected in your account.

While I personally consider 1% cashback to be modest, it’s important to remember that small amounts can add up over time. Additionally, building a credit history with American Express in the UK can be advantageous when migrating to another country. This credit history can be carried over, making it easier to get approved for a new card in your new destination.

Alternatively, if you have a high credit score with your primary or secondary banks such as HSBC for my case, you might want to apply for American Express Gold Card.

If you think this card is for you, sign up from the link below. You will get a £30 bonus cashback upon signing up for this card. Have a good day.

Apply for this card