What we think of it...

THE American Express Platinum credit card is one of the few cards on the market offering a genuinely attractive cash back reward scheme with the bonus of increased earnings during the first few months.

Offering you up to 1.5% cash back (paid annually) on all purchases you make with this card, you could save yourself at least a few hundred pounds a year if you use the card for all your expenses.

Plus, you'll also be able to rack up some extra funds while you're rewarded with 5% cash back during your first 3 months - though the introductory 5% cash back is limited to spend up to £4,000, cash back earned after the introductory period is unlimited.

Of course, in order to benefit from the rewards you will have to pay your balance off in full and on time each month.

The card also boasts a generous host of extras like purchase protection insurance, protection from internet fraud and travel accident insurance.

If you are comfortable that not all vendors accept American Express credit cards, you will be pushed to find a better reward credit card, and this really will make an excellent second card addition to your purse or wallet.

A little more detail...

Rates and Fees

			Special Note..	Any good?
Typical APR		18.9% APR (variable) -	-
Balance Transfer Rate		18.9% p.a.	-
Balance Transfer Fee		2%	-
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	-
Foreign Transaction Fee		2.73%	-

Rewards

			Special Note..	Any good?
Reward Type #1	-	Cash Back	Up to 1.5% - 0.5% for aggregate amounts up to £3,500 - 1% for aggregate amounts from £3,501 to £10,000 - 1.5% for aggregate amounts in excess of £10,001. Cash back will be credited to your account annually. There is no limit to the cash back you can earn once the introductory bonus period has ended.
Reward Type #2	-	Introductory Cash Back	5% for 3 months On spend up to £4,000.

Extras

			Special Note..	Any good?
Online Account Management		Yes	-
Purchase Protection		Up to £20,000 per year	Purchases made with this card will be protected against theft or accidental damage for 90 days after the purchase date. Exclusions do apply.
Refund Protection		Up to £200 per item Up to £750 per year	Purchases 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. Exclusions do apply.
Internet Fraud Guarantee		Yes	-
Travel Accident Insurance		Up to £150,000	You must buy your ticket with the American Express platinum credit card in order for the insurance to apply.
Emergency Card Replacement		Yes	-
Other Extras	-	Extras of: - 24 hour customer service	-
Optional Extras	-	Extras of: - Repayment Protection	This is not a free service, but is available for this card.

Payments

			Special Note..	Any good?
Credit Limit		£700 minimum	Credit limit may vary from person to person.
Interest Free Period		Up to 56 days	There is no interest free period on cash withdrawals, cheques or balance transfers.
Minimum Monthly Payment		2.5% (£5 minimum)	-
Allocation of Payments		Interest fees » Protection insurance (if applic) » Balance transfers » Purchases » Cash withdrawals	You have to clear outstanding interest fees and any balance transfer amounts *before* you will be able to repay balances resulting from purchases and cash withdrawals.
Default Charges		£12	-
Copy of Statement Fee		£5	-

Card Details

			Special Note..	Any good?
Online Application	-	Yes	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	-
Card Issuer		American Express	-
Card Advertiser		American Express	-

At a Glance

Typical APR	18.9% APR
Credit limit	£700 minimum
Balance transfer	18.9% p.a. (2% transfer fee)
Cash Back	Up to 5% cash back
Interest free period	Up to 56 days
Annual fee	£0

	This card includes:
	Online Account Management
	Purchase Protection Insurance
	Internet Fraud Guarantee
	Travel Accident Insurance
	It is best suited for:
	Reasonably heavy spenders who keep on top of repaying their balance.
	Wait! Only apply if you are...
Aged 18 or over Have a permanent UK home address Have a current UK bank or building society account Have no history of bad debt If self-employed, you have been working for over 1 year Have a household income of over £20,000 - your income plus your partner's income

More about this card...

A rare breed indeed, the American Express Platinum credit card offers a rather decent cardholder services alongside a very generous cash-back reward scheme.

Rewards aplenty
Users of the American Express Platinum credit card report that it is the excellent cash back scheme that makes the card so great.

If you spend more than £3,500 a year, you can enjoy plentiful cash back payouts, and spenders splashing out over £10,000 a year will reach the top level payout of 1.5%.

Spend less and the percentage cash back is less, but you will never receive less than 0.5% back.

You'll also be able to earn a whooping 5% cash back during your first 3 months, so spend, spend, spend and you'll be earning 5% back on spending up to £4,000 in the first 3 months.

Cash back earnings after the introductory 3-month period is unlimited - perfect for high spenders.

Remember though, if you aren't paying your balance off in full each month, the cash back amount will be much less than any interest you pay out.

Peace of mind
Which such an excellent cash back scheme... what more could you want?

How about purchase protection insurance of up to £20,000 a year for any goods you buy on this card which get stolen or broken in the first three months?

You also get refund protection of up to £200 per item if a retailer refuses to refund you.

Throw in some travel accident insurance and an internet fraud guarantee that ensures you will never have to pay for unauthorised transactions, and you are looking at a well featured credit card.

Keep in mind...
The American Express Platinum credit card's credentials are very sound, but as with all cards, it is worth knowing a few things.

The APR on this card is no longer among the more competitive rate levels, so be aware that if you want to avoid paying interest you should pay your balance off within 25 days of getting your statement.

And finally, don't use your card for cash withdrawals. There is no interest-free period on this, and you will be charged an APR substantially higher than the rate for general spending.

Final word
While there are limits on where you can use American Express credit cards, it's excellent cash-back scheme and a raft of excellent extras make the American Express Platinum credit card a very worthwhile addition to your wallet.