If you've been looking for a credit card with a rewards program, you'll understand how difficult it can be to compare cards and programs. Every card earns you points at a different rate, some offer bonus points at 'partner retailers', there can be points capping or 'x points for the first $y spent, then z points thereafter' etc. That's even before the complexity introduced by point redemption value. So it's refreshing to see a simple, cash back rewards program where you know exactly what you'll be getting.
The American Express MoneyBack Platinum does exactly as its name suggests - gives you money back. You'll receive 5% of your total monthly spend for the first 3 months (or $6,000 spent, whichever comes first) after which you will earn 1%.
Let's assume you pay your rent, groceries and utilities with your credit card. If you spend a total of $500 per week on your card, you'll receive back $25 during the introductory period. After that, you'll earn $5 a week. That may not seem like much, but consider this - $5 per week is $260 per year. Even if you subtract the $99 annual fee (which is quite low for a platinum), you're still $160 better off.
Plus, the card comes with 44 days interest free on purchases. That means if you're the sort of person who pays their balance in full each month and avoids fees for cash advances etc, you'll actually be earning money on your credit card.
The interest rate is 20.74% (exactly the same as every other American Express card we've reviewed).
The card is noticeably devoid of other platinum features, but it probably doesn't deserve to be compared to other platinum cards. The annual fee is so low it's more like a Gold card or a mid-range standard card. There is no travel insurance or extended warranty protection, but it does come with refund protection, purchase protection and $0 supplementary cards.
Overall, we like the American Express Platinum MoneyBack. It's likely to appeal to people who want simple, tangible rewards from their credit card. However, in order to get real value from it, you'll need to use it for more than the occasional purchase.
