We crunched the numbers on the 5% welcome bonus and the ongoing cashback rates to see if this £0 fee card beats the competition in 2026.
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Introduction: Why Cash is Still King
In a world of confusing airline miles, hotel points, and loyalty schemes that change their value overnight, there is something refreshing about cold, hard cash.
The American Express Platinum Cashback Everyday Credit Card is arguably the most straightforward rewards card in the UK. You spend money, and Amex gives you a percentage of it back once a year. Simple.
But the real headline here is the price: £0. Unlike its premium siblings that charge hundreds of pounds a year, this card is completely free to hold. This makes it an attractive entry point for anyone wanting the prestige of American Express without the price tag.
However, there is a strict rule hidden in the terms and conditions regarding a £3,000 minimum spend. If you miss it, you get nothing.
In this detailed review, we will explain how to maximise the 5% welcome bonus (potentially pocketing £100 for free), how the tiered cashback system works, and whether the "Amex isn't accepted here" myth is still true in 2025.
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1. The Headline Act: 5% Cashback Welcome Bonus
If you are planning a big purchase—like a holiday, a new kitchen, or just an expensive Christmas—this is the reason to get this card now.
How it works: For the first 3 months of card membership, American Express pays you a massive 5% cashback on your spending.
- The Cap: This is capped at £100 cashback.
- The Math: To get the full £100 free cash, you need to spend £2,000 in the first 3 months.
Why this is a great deal: Most savings accounts in the UK struggle to offer 5% interest over a year. Getting a 5% return on your spending instantly is unbeatable. If you time your application right (e.g., just before buying flights or insurance), getting that £100 is almost effortless.
2. The Ongoing Rate: How Much Do You Really Earn?
Once the 3-month honeymoon period is over, the card switches to its standard rate. Since this is a "free" card, the rates are tiered to reward higher spenders.
The Tiers:
- Spend £0 to £10,000: You earn 0.5% cashback.
- Spend over £10,000: You earn 1% cashback on everything above that amount.
The "Catch" (Crucial): You must spend a minimum of £3,000 in a membership year to receive any cashback at all.
- Scenario A: You spend £2,900 in a year. Cashback = £0.
- Scenario B: You spend £3,000 in a year. Cashback = £15.
Our Verdict: If you cannot guarantee you will spend at least £250 a month on this card, do not apply. You will get nothing back. However, for most households putting groceries, fuel, and bills on the card, hitting £3,000 is very easy.
3. "Amex Offers": The Hidden Value
Many reviews overlook this, but long-term Amex users know it is where the real value lies. Amex Offers is a section in the mobile app where you can click to "save" specific offers to your card.
Examples of common offers:
- "Spend £50 at Waitrose, get £5 back."
- "Spend £100 at Hilton, get £20 back."
- "Spend £40 at Boots, get 10% back."
These aren't obscure brands; they are major UK retailers. By simply checking the app once a week and saving offers for places you were going to shop anyway, you can easily save an extra £50 to £200 a year, completely separate from the cashback rate.
4. Is "Amex Acceptance" Still a Problem?
Historically, smaller shops in the UK refused Amex because of higher merchant fees. In 2025, the landscape has changed.
- Accepted: All major supermarkets (Tesco, Sainsbury's, Asda, Aldi, Lidl), petrol stations, Tfl (Tube/Bus), Amazon, Uber, airlines, and most high-street chains (Zara, H&M, Boots).
- Not Accepted: Some small independent cafes, local corner shops, and occasionally smaller councils for tax payments.
The Strategy: Carry this card as your "Primary" card to earn cash, but keep a backup Visa or Mastercard (like the Santander or Barclaycard we reviewed) for the odd place that says "No".
5. Travel & Protection Benefits
Even though it is a free card, you still get the legendary American Express customer service and protections.
- Travel Accident Insurance: If you buy your ticket with the card, you have basic cover for public transport accidents (up to £150,000). Note: This is not full medical travel insurance.
- Global Assist: A 24/7 helpline for legal or medical emergencies when you are abroad.
- Purchase Protection: If you buy something and it is stolen or damaged within 90 days, Amex may repair or replace it (up to £2,500).
- Fraud Guarantee: If you are a victim of fraud, you won't be held responsible for unauthorised charges.
6. Eligibility: Who Can Get This Card?
American Express is prestigious, but they want customers. You don't need to be a millionaire to apply.
Basic Requirements:
- Aged 18 or over.
- UK resident with a UK bank account.
- No history of bad debt (CCJs, bankruptcy).
The "New Customer" Rule: To get the 5% Welcome Bonus, you must not have held a personal American Express card in the past 24 months.
- Note: If you have held a card recently, you can still apply and get the card (and the ongoing cashback), but you won't get the 5% boost at the start.
Pros and Cons Summary
Pros:
- ✅ Unbeatable Welcome Offer: 5% back (up to £100) is free money.
- ✅ No Annual Fee: Hold the card forever without paying a penny.
- ✅ Simplicity: Cash is paid directly to your statement once a year.
- ✅ Amex Offers: Regular discounts at big brands.
Cons:
- ❌ Minimum Spend: Must spend £3,000/year to get cashback.
- ❌ FX Fees: Charges 2.99% abroad (do not use it outside the UK).
- ❌ Acceptance: Still not 100% universal (though close).
Final Verdict: The Essential Card for Your Wallet
If you are disciplined enough to pay off your balance in full every month (the APR is high at approx 31%), the Amex Platinum Cashback Everyday is essentially a machine that prints free money.
There is no cost to hold it, and it gives you a discount on almost everything you buy. For the average UK spender, it is the best "no-fee" rewards card on the market today.
Ready to start earning? We have created a guide on how to check your eligibility without affecting your credit score, and how to ensure you qualify for the full £100 bonus.
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