Last chance to get American Express £25 cashback bonus
You haven’t got long left to get the £25 welcome bonus, which can effectively cover the Amex Platinum cashback card’s annual fee.
Time is running out to take advantage of the £25 cashback bonus offer on the American Express Platinum Cashback credit card.
Amex has been offering to pay the welcome bonus - equivalent to the Platinum’s annual fee - to successful applicants since January.
The offer means you are able to recoup the cost of the card straight away. So effectively the Platinum is fee-free for the first 12 months.
But this offer is coming to an end on Wednesday 19th March 2014.
Is it worth getting?
The American Express Platinum Cashback is one of the best cashback credit cards around.
It pays 5% cashback on purchases up to £2,500 during the first three months, which means you can earn up to £125.
After the introductory period you can continue to earn unlimited cashback at a flat rate of 1.25% for every pound you spend.
Plus you get double cashback - which equates to 2.5% - in each anniversary month you have with the card, providing you’ve managed to spend over £10,000 in the previous year.
Until 19th March you can get £25 bonus cashback that effectively covers the £25 annual fee that the card attracts.
However, you’ll need to pay the £25 fee when you initially take the card out and will only receive the bonus cashback as well as the cashback you earn throughout the year in your anniversary month, at which time you'll need to pay another £25 fee.
As with all cashback credit cards you will need to pay off your outstanding balance each month to ensure you are making the most of the cashback on offer. Otherwise the 18.7% APR will erode the cashback you earn.
It’s also worth pointing out that American Express is not accepted everywhere, so you’ll need to make sure you can get the most out of the card based on where you spend.
How it compares
The American Express Platinum Cashback Everyday is another top card from Amex. It’s a fee-free card that also pays 5% cashback in the first three months, but this time on spending up to £2,000, meaning you can earn up to £100 in this period. Thereafter you can earn tiered rates of cashback up to 1.25%. But you’ll have to spend over £7,501 in order to achieve the top rate. This card also comes with a higher representative APR of 19.9%.
For more everyday spending there is the Santander 123 Cashback Credit Card. This card pays up to 3% cashback on certain spends. You can get 1% cashback at major supermarkets like Tesco or Sainsbury’s, 2% at department stores like John Lewis and 3% on petrol as well as TFL travel and national rail tickets (capped at £300). This card attracts an annual fee of £24 but you can get this waived for a year if you have or open a Santander 123 Current Account.
Finally, if you want to spread out your payments for a big purchase the American Express Platinum Cashback Card Exclusive might be more suitable. It pays cashback at a rate of 1.25% and offers 16 months interest-free on purchases, which means unlike other cashback credit cards you won’t have to pay off your balance straight away. You’ll also get 2.5% cashback in your anniversary month if you’ve managed to spend over £10,000 in the previous 12 months. The card attracts a £25 fee and comes with a representative APR of 18.7%.
For more read: The best cashback credit cards.
More about credit cards:
The best 0% purchase credit cards
The best 0% balance transfer credit cards
The best low-fee balance transfer credit cards
American Express launches exclusive 0% purchase and cashback card
Sainsbury's launches 0% balance transfer card that refunds fee with Nectar points
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