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The Amex Platinum Cashback Card offers a generous cashback program that rewards cardholders for their everyday purchases. You can earn 5% cashback on up to $12,000 spent in a calendar year at U.S. supermarkets and U.S. gas stations.
Cardholders can also earn 1% cashback on all other purchases. This means you'll earn a total of 1% cashback on all purchases exceeding the $12,000 spending limit at U.S. supermarkets and gas stations.
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Rates and Fees
The American Express Platinum Card comes with a hefty annual fee of $695, which is a significant expense to consider.
The card offers a generous rewards rate, earning 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.
The Ongoing APR is APR: See Pay Over Time APR, and Cash Advance APR is 29.49%, Variable. There is no Balance transfer fee, and no Foreign transaction fee.
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Here are the key rates and fees to keep in mind:
- Annual fee: $695
- Rewards rate: 1x-5x
- Bonus offer: Earn 80,000 Membership Rewards Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
- Intro APR: N/A
- Ongoing APR: APR: See Pay Over Time APR, Cash Advance APR: 29.49%, Variable
- Balance transfer fee: N/A
- Foreign transaction fee: None
American Express Card
The American Express Card is a great option to consider, especially if you're looking for rewards and exclusive benefits.
American Express credit cards are good to have because they offer great rewards, introductory 0% APR promotions, and exclusive benefits, among other perks.
If you have good or excellent credit, an Amex card is a good choice.
Some of the best American Express credit cards include the Blue Cash Preferred Card from American Express, the Blue Cash Everyday Card from American Express, the American Express Gold Card, and the Platinum Card from American Express.
Here are some of the best American Express credit cards, categorized by their benefits:
Category | Card |
---|---|
Best Overall | Blue Cash Preferred Card from American Express |
Gas & Groceries | Blue Cash Everyday Card from American Express |
Travel & Dining | American Express Gold Card |
Travel Rewards | The Platinum Card from American Express |
The Platinum Card from American Express, in particular, earns 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel, and 5 points per dollar on prepaid hotel purchases booked through amextravel.com.
Worth a look: Amex Platinum Card Points
Card Benefits
The Amex Platinum cashback card offers a range of benefits that can save you time and money.
You can receive statement credits up to $120 every four years for Global Entry (or $85 every 4 1/2 years for TSA PreCheck) and up to $199 in statement credits annually for your Clear Plus membership. These benefits saved the author $299 last year and precious time (and stress) at the airport.
The card also offers an up-to-$200 statement credit when you book through Amex Fine Hotels + Resorts or The Hotel Collection, and up to $200 annually in Uber Cash, which can be used for Uber's ride-hailing services or Uber Eats food delivery.
Here are some of the card's benefits in detail:
Benefit | Value |
---|---|
Global Entry/TSA PreCheck | $120 every 4 years / $85 every 4.5 years |
Clear Plus membership | $199 annually |
Amex Fine Hotels + Resorts or The Hotel Collection | Up to $200 annually |
Uber Cash | Up to $200 annually |
Walmart+ grocery delivery membership | Up to $155 annually |
Digital entertainment statement credit | Up to $240 annually |
Saks Fifth Avenue statement credit | Up to $100 annually |
The card also offers complimentary airport lounge access through the Global Lounge Collection, which can save you money by allowing you to drink and dine in airport lounges rather than hitting up a Starbucks by your gate.
Travel Benefits
The Amex Platinum card offers a range of travel benefits that can save you time, money, and stress when traveling. You can receive statement credits up to $120 every four years for Global Entry, which includes TSA PreCheck, and up to $199 in statement credits annually for your Clear Plus membership.
Airport security lines can be a nightmare, but with the Amex Platinum, you can expedite your time waiting in security. I signed up for Global Entry and a Clear Plus membership, which saved me $299 last year and precious time at the airport.
The Amex Platinum also offers an up-to-$200 statement credit when you book through Amex Fine Hotels + Resorts or The Hotel Collection. These programs offer additional perks during your stay, such as daily breakfast for two, early check-in and late checkout, and a $100 food and beverage credit.
My husband and I stayed at The Eliza Jane, part of The Hotel Collection, and received our up to $200 statement credit, an upgrade from a standard king-bed room to a suite with a view, and a $100 credit to use on food and drinks or at the gift shop during our stay.
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The Amex Platinum card also offers up to $200 annually in Uber Cash, which can be used for Uber's ride-hailing services or Uber Eats food delivery. I received $15 in Uber Cash each month, plus a $20 bonus in December, and had no issues using it up on rides to and from the airport.
Here are some of the travel benefits you can enjoy with the Amex Platinum card:
Benefit | Description |
---|---|
Global Entry | Statement credits up to $120 every four years |
Clear Plus membership | Statement credits up to $199 annually |
Amex Fine Hotels + Resorts | Up to $200 statement credit when booking |
The Hotel Collection | Up to $200 statement credit when booking |
Uber Cash | Up to $200 annually |
Complimentary airport lounge access is also included through the Global Lounge Collection, which gets you into more than 1,400 Amex-branded and partner lounges at airports across the globe.
Lifestyle Benefits
The Amex Platinum card offers a range of lifestyle benefits that can save you money and enhance your daily life.
One of the most significant benefits is the up to $155 annual credit toward a Walmart+ grocery delivery membership. This knocks the effective cost down to zero, making it a no-brainer for those who shop at Walmart regularly.
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Walmart+ offers free next-day and two-day shipping on items from Walmart.com, fuel savings of 5 cents off per gallon at Walmart and Murphy stations, prescription savings, and free delivery from your local Walmart store on orders of $35 or more.
If you're a fan of streaming services, you'll love the up to $240 annual digital entertainment statement credit. This can cover the cost of popular services like Disney+, Hulu, and ESPN+, or the Disney Bundle, which includes all three services.
You can also use the statement credit to cover the cost of The New York Times, Peacock, or The Wall Street Journal.
Here are some of the specific services you can get with the digital entertainment statement credit:
- Peacock
- The New York Times
- Disney+, Hulu, and ESPN+
- The Disney Bundle (includes all three services)
- The Wall Street Journal
Another benefit is the up-to-$100 Saks Fifth Avenue statement credit, which can be used to cover purchases made at the iconic department store.
You can get a $50 credit from January through June and an additional $50 from July through December, making it a great way to save on fashion purchases.
Cash Back and Rewards
The American Express Platinum Card offers a range of rewards and cash back options, but they're not as straightforward as you might hope. You'll earn 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.
For other travel expenses, you'll earn 2 points per dollar on purchases booked through amextravel.com. However, for all other spending, you'll only earn 1 point per dollar. This is why many people use other cards for bonus categories like dining and groceries.
The Platinum Card also offers some cash back-like rewards, such as a $300 travel credit on purchases made through Capital One Travel, but these are not traditional cash back rewards. If you're looking for a card with 5% cash back, the Chase Freedom Flex Credit Card is a better option, offering 5% back on travel and quarterly bonus categories.
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Limited Rewards Earning
The rewards earning potential of some credit cards can be quite limited. You'll earn 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.
This can be ideal for frequent flyers, but not particularly useful for those who aren't loyal to one airline. For all other purchases, you earn just 1 point per dollar spent.
You might want to consider using other cards for bonus categories like dining and groceries, as I do. The Capital One Venture X Rewards Credit Card earns 2 miles per dollar spent on purchases, which can be redeemed for any travel purchase at a value of 1 cent apiece.
For more insights, see: Platinum Travel Credit Card
American Express Rewards
The American Express Platinum Card offers a generous rewards program, but it's not without its limitations. You'll earn 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.
For other travel expenses, you'll earn 2 points per dollar on bookings made through amextravel.com, and 1 point per dollar on all other spending. This is a decent earning rate, but it's worth noting that you can earn higher rewards rates on other cards, such as the Capital One Venture X Rewards Credit Card, which earns 2 miles per dollar spent on purchases.
The Platinum Card also offers a range of statement credits, including up to $200 Uber Cash per year, up to $200 airline fee statement credits per year, and up to $100 Saks credit per year. These credits can add up to over $1,500 back per year, making the card's annual fee more justifiable.
Here are some of the statement credits you can earn with the Amex Platinum:
- Up to $200 Uber Cash per year
- Up to $200 airline fee statement credits per year
- Up to $200 hotel credit for prepaid Fine Hotels + Resorts or The Hotel Collection bookings per year
- Up to $100 Saks credit per year
- Up to $240 digital entertainment credits per year
- Up to $300 Equinox statement credit per calendar year
- Up to $155 Walmart+ statement credit
- Up to $120 for TSA PreCheck or Global Entry application fee
- Up to $199 CLEAR Plus Credit
Overall, the American Express Platinum Card offers a robust rewards program, but it's essential to weigh the benefits against the annual fee.
Compare Cash Back Cards
When choosing a cash back card, consider the rewards structure. Some cards offer a flat rate of 1-2% cash back on all purchases, while others offer higher rates on specific categories, such as groceries or gas.
For example, the Discover it Cash Back card offers 5% cash back on various categories throughout the year, such as restaurants or home improvement stores. The Citi Double Cash Card, on the other hand, offers 2% cash back on all purchases, with no rotating categories.
The Chase Freedom Unlimited card offers 3% cash back on all purchases in your first year up to $20,000 spent, and 1.5% cash back on all other purchases. The Blue Cash Preferred card from American Express offers 6% cash back on groceries, 3% on gas, and 1% on all other purchases.
Ultimately, the best cash back card for you will depend on your individual spending habits and financial goals.
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Considerations
If you're considering the Amex Platinum Cashback Card, you should think carefully about whether you can make the most of its many annual credits.
The card's steep annual fee can be offset by maximizing the credits, but if you won't be able to use many of them, it may not be worth it.
You'll need to consider how often you'll be able to make use of the card's benefits, such as coverage for a stolen or damaged phone, which comes with a $50 deductible and a maximum liability of $800 per claim.
This benefit is limited to two claims per 12-month period, so you'll want to weigh the potential costs against the benefits.
The card's terms and conditions can be complex, so be sure to read them carefully before making a decision.
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Insurance and Repayment
You can manage your Amex Platinum Cashback Card repayments with ease, thanks to the flexible options available.
You can make manual repayments through the American Express app by logging in to your online banking or over the phone on 0800 917 8047.
Setting up a direct debit is a good idea, as it protects you from forgetting to make a repayment and incurring a penalty fee of £12.
Direct debit can also help you avoid losing any promotional rates on your credit card.
Free Travel Insurance
Free travel insurance can be a lifesaver, especially when you're planning a big trip. You'll receive up to £150,000 in travel accident insurance if you use your card to buy your tickets, subject to enrolment.
This is a great perk, especially if you're prone to accidents or have a family to support. Using your card to purchase tickets is a straightforward requirement to get this insurance.
If you're not sure what kind of insurance you need, it's worth checking out the Finder UK credit card statistics for some guidance.
Repayment Options
You can make manual repayments through American Express's app by logging in to your online banking or over the phone (0800 917 8047).
Setting up a direct debit is a great way to avoid missing a repayment and incurring a £12 penalty fee.
A direct debit also protects you from damaging your credit score by forgetting to make a repayment.
You can arrange a direct debit for repayments when you apply for the credit card.
The penalty fee for missing a repayment is £12.
What Is Cash Back?
Cash back is a type of reward that gets paid back to you in the form of cash or credit.
Five percent cash back, for example, is equivalent to earning $50 in rewards for every $100 spent.
The Chase Freedom Flex Credit Card offers 5% cash back on travel and quarterly bonus categories.
Currently, there aren’t any major credit cards that offer 5% cash back on all purchases.
Frequently Asked Questions
Are Amex cashback cards worth it?
Amex cashback cards may not be worth it for everyday spending, but they offer generous credit limits and higher cashback rewards at select stores. Consider this option if you spend heavily and want a cashback alternative to Amex.
How do I get my Amex Platinum cashback?
Amex Platinum cashback is paid annually, credited to your Credit Card Account in the month after your anniversary date, based on cashback earned in the previous 12 months
What salary do you need for a platinum Amex?
To be eligible for the Amex Platinum card, you'll typically need an annual income of at least $50,000. Meeting this income requirement is just one factor to consider when applying for this premium credit card.
Sources
- https://www.nerdwallet.com/reviews/credit-cards/american-express-platinum
- https://thepointsguy.com/credit-cards/amex-platinum-first-year-value/
- https://www.cnbc.com/select/is-the-amex-platinum-worth-it/
- https://wallethub.com/credit-cards/cash-back-american-express/
- https://www.finder.com/uk/credit-cards/american-express/american-express-platinum-cashback-everyday-card
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