In this brief guide, we will cover Platinum cashback everyday credit cards, its benefits and anything you should watch out for before deciding to go for this kind of credit card..
In this guide, we will focus on the Amex platinum cashback everyday credit card.
What is a Platinum cashback everyday credit card?
American express offers a platinum cashback everyday credit card which offers cashback on your purchases but these credit cards are usually reserved for those with high or great credit scores and history. If you want to ensure you are eligible for the platinum cashback everyday credit card then you can check your credit score. Services such as checkymyfile will show you your credit report from all 4 credit bureaus including Crediva.
You may also need to build credit by following best guide tips which ensure you are eligible for the platinum cashback everyday credit card.
The Platinum cashback everyday credit card has no annual fee but in comparison to other cashback cards in the market it isn’t very competitive.
Who might a Platinum Cashback Everyday credit card be good for?
If you are happy to forget about any potential points you might have earned from spending on your credit cards and simply focus on the cashback you could potentially receive from a platinum cashback everyday credit card then this is the right card for you.
There are a few things you should know about the platinum cashback everyday credit card:
There isn’t any annual fee with the card.
The platinum cashback everyday credit card does not earn any points
This card will usually not have a welcome bonus.
The welcome bonus is a 5% cashback on all purchases made during your first three months. The maximum you may be able to receive with this alternative welcome bonus is £100.
To receive the full £100 bonus which may be available you will need to spend a minimum of £2,000 during the initial three month period.
Representative example: 22.9% APR variable with a purchase rate of 22.9% per annum with an assumed credit limit of £1,200.
How to earn a cashback with the Platinum cashback everyday credit card?
The way of earning cashback with the platinum cashback everyday credit card is very simple. In the first three months, you will be able to earn cashback at 5% as an alternative to an introductory bonus.
After the first three months the earning structure looks like this:
0.5% cashback for the first £5,000 spent on purchases; and
1.0% cashback after the first £5,000, with no limits.
This means for your first £5,000 after your initial 3 months alternative introductory period has ended you will earn 0.5% on thus £5,000. Any amount after this will then earn you 1% cashback.
The structure of earnings simply encourages you to spend more to earn a better amount of cashback.
The cashback will be credited to you once per year. You don’t have to attempt to redeem it yourself as this will already be done for you.
What you should watch out for
Because your cashback is at 1% you should avoid using your card for foreign transaction charges as this cost 2.99% per transaction which is much more than the 1% in cashback you may earn. This means you will essentially be paying the credit card company whenever you do a foreign transaction rather than benefitting from the cashback offered on the platinum cashback everyday credit card.
What are the perks of having the Platinum cashback everyday credit card?
The card has some perks such as:
Travel insurance of up tp £150,000 on public transport when you use your card to purchase public transport.
You can order supplementary cards for your family members to use in order to build up a bigger cashback but don’t forget the responsibility to pay back your platinum cashback everyday credit card lays with you.
There is also global Assitance 24 hours a day whenever you travel abroad.
There is also refund protection if someone else uses your card and you will be eligible for a full refund. More information can be found about this in section 75 of the consumer credit act.
You may not be eligible for all the benefits the card comes with as they are subject to you being approved for them individually.
Types of platinum cashback everyday credit cards
There are different platinum cashback everyday credit cards available, some include:
Amex Platinum Cashback:
With the Amex platinum cashback credit card there is an annual fee which is currently £25 but you can earn cashback faster as there are higher cashback amounts. You can even earn way more cashback than usual with the higher-end Amex platinum cashback credit card.
Amex Platinum Cashback Everyday card:
We have just extensively covered this card.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.