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American Express credit card review: Platinum

Best Buy alert! The American Express Platinum credit card is currently the best buy credit card for the highest paying cash back reward - check it here.

THE American Express Platinum credit card is now offering 5% cash back on all spending for the first 3 months.

This whopping 5% cash back is limited to a claim of £100 cash back during the introductory 3 month period. However, that still means you can earn 5% on spending up to £2,000.

After the introductory period the American Express Platinum credit card still remains one of the highest paying cash back credit cards available - offering up to 1.25% cash back on all spending - and there are no limits to the amount of cash back you can earn once the introductory bonus period has finished.

The standard (post-introductory) cash back scheme here is a tiered one, which means high spenders will be able to earn more cash back. The spending tiers are marked at £3,500 and £7,500 - allowing you to earn 0.5%, and then 1% once you've reached the first spending limit - and then 1.25% on all spending over £7,501.

There are however, no tiers to reach during the introductory period - so even your very first purchase will earn you 5%.

0% purchase offer

To help spread the cost of that high-spending cash back period note that the American Express Platinum credit card also has a 0% purchases offer for the first six months.

Platinum cardholder benefits

Alongside the cash back offering, the American Express Platinum credit card boasts a superior range of cardholder extras that really make holding an American Express card worthwhile, including such luxuries as purchase protection insurance and refund protection insurance.

You will be required to have a household income (that's your income plus your partner's income) of £30,000 or more to qualify.

Interest Rates and Fees
		Notes..
Typical APR	19.9% APR (variable)	- The typical APR is the rate most people are offered.
Introductory Purchases	0% for 6 months	Promotional purchases will be repaid first.
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. American Express Services Europe Limited Portland House Stag Place London SW1E 5BZ
Card Advertiser	American Express	The company who advertises and promotes this credit card.

Review Continued...

The American Express Platinum credit card offers up a number of very good reasons to keep this credit card at front position in your wallet.

Cash Back

The American Express Platinum credit card is one of the few credit cards offering cash back on all your purchases, and with a good percentage amount of your spend, this card offers a nice cash back earning potential.

During the first 3 months of your account being opened, you'll be earning 5% cash back on all your purchases (on spending up to £2,000), after 3 months you'll still be earning a good figure of up to 1.25% cash back - with no earning limits.

Once the introductory 3-month period ends, the actual amount of cash back you will earn on your purchases is dependent upon your spending level.

Your credit card purchase spending will be added up each year, and the more you spend the higher the rate of cash back you'll earn on your purchases.

On cumulative spending each year up to £3,500 you will earn 0.5% cash back on these purchases, on cumulative amounts of spending between £3,501 and £7,500 you will earn 1% cash back, and on cumulative amounts of more than £7,501 you'll earn 1.25% cash back.

The cash back you earn on the American Express Platinum credit card will be paid to you on an annual basis as long as your account is open, kept in good standing and that you have spent at least £3,000 in purchases in the 12 months preceeding the anniversary of your account opening date.

Note that any cash advances - ATM withdrawals, cash back at the till, gambling transactions and foreign currency purchases - won't earn cash back and will accrue interest at a high rate.

They also won't be counted under the 0% purchases offer.

American Express Cardholder Services

What makes an American Express credit card stand out from the crowd is the range and level of cardholder services that are provided. These are free services provided by American Express to their customers.

The cardholder services offered with the American Express Platinum credit card include purchase protection, refund protection, internet fraud guarantee, travel accident insurance and emergency card replacement.

Purchase protection

Purchase protection is a free insurance policy that covers the purchases you make with the American Express Platinum credit card against theft or accidental damage for 90 days after you have purchased the item. Claims are limited to £20,000 per year and exclusions do apply.

This cover is very useful for any large purchases you may make, taking the worry away from buying laptops and computers and any large household electrical items.

Refund protection

An exclusive cardholder service only offered by American Express, refund protection covers purchases made with the American Express Platinum credit card in the case that you return an unused eligible item to the retailer, within 90 days of the purchase, and the retailer will not refund your money. American Express will refund the item for you. Claims are limited to up to £200 per item and up to £750 per year.

Internet fraud guarantee

You can shop online with the American Express Platinum credit card rest assured that in the case that your credit card details are stolen and used fraudulently, you will not be held responsible.

Travel accident insurance

When you purchase your travel with the American Express Platinum credit card you'll automatically get free travel accident insurance of up to £150,000. This insurance will cover you against serious illness and death during your travel, however it is important to note that this is not a substitute for comprehensive travel insurance.

Emergency card replacement

The American Express Platinum credit card also comes with an emergency card replacement service. So, if your American Express Platinum Cashback credit card is ever lost, damaged or stolen, American Express will get an emergency card replacement to you almost anywhere in the world.

Approval Criteria

To be considered for the American Express Platinum credit card you will need to be UK resident, aged 18 or over and have a household income of £30,000 or more. Your household income is your income plus your partner's income.

You will also need a bank or building society account, have no county court judgements for non-payment of debt and if you are self employed your company should be trading for over 1 year.

You can apply online quickly and easily for the American Express Platinum credit card, just click the link below or use the 'apply now' button at the top of the page, both will take you to the American Express web site. Online applications are securely encrypted so all your information is safe and only American Express will be able to read it.

Apply Online for American Express Platinum credit card »