Key part of the phrase "high value". Some US cards give back ~2% on all purchases.

The best of those appears to be 1% on purchases at six specific retailers or 0.1% on purchases in the EU/1% outside of the EU. Many of them don't even give cash back, they give their own cryptocurrency that they made up out of thin air.

From the very article you link too, about three paragraphs in:

> Why then are there so few and apart offers for cashback cards that can be used in Europe?

>

> One explanation I’ve seen is this: they’re not so common in the EU because our debit/credit card fees are regulated and very low.

This is the answer. In the US the business essentially funds the rewards these cards provide because they can charge whatever interchange fee that card has decided.

> and Amex usually has cashback cards as well.

The cap applies on 4-party schemes, not Amex (nor Diners, Discovery).

These are not high value rewards cards. You should see what the US has.