American Express Preferred Rewards Gold Credit Card Review (2024)

• Welcome bonus of 20,000 Membership Rewards® points if you spend £3,000 in the first three months (18+ subject to status)
• Ongoing reward scheme that pays 1 point per £1 on everyday spending, and 2 or 3 points per £1 on specified travel spend
• Redeem points with a range of shopping, travel and lifestyle partners, including flights and at Amazon
• Access to other travel benefits, including airport lounges
• Annual fee (from year two)

In return for this high-end package, American Express charges an annual fee of £195, but the first year is free.

The fee will apply on the anniversary of your account opening.

With this card, there is no introductory rate on purchases, meaning new spending will be charged at a rate of 31% (variable) for the first year. After that, the representative annual interest rate (APR) – including the fee – will be 88.8% (variable).

That said, as you benefit from 56 days’ interest-free credit on purchases, if you pay your balance in full – and on time – every month, you won’t incur any interest.

Late credit card payments will trigger a £12 fee.

This card comes with an attractive welcome bonus of 20,000 Membership Rewards® points, so long as you spend £3,000 in the first three months of being accepted. For context, 30,000 points is enough for a £150 Amazon.co.uk gift card.

You will get the points within a month of hitting the spending requirement. The welcome bonus points are in addition to the usual reward scheme offering.

This includes:

• 1 point per £1 on everyday spending
• 2 points per £1 spent directly with airlines or in a foreign currency
• 3 points per £1 spent when booking via American Express Travel

Another great perk is the referral programme where you can earn 9,000 bonus points if a family member or friend is approved – capped at 90,000 points a year.

You can put points towards flights, Amazon purchases, or paying off your balance.

Cardholders get access to other travel benefits, including four complimentary Priority Pass airport lounge visits each year, which offers lounge access at more than 1,300 airports globally. You can use all four passes yourself, or share with the friends or family members you’re travelling with.

As with any credit card, the American Express Preferred Rewards Gold Credit Card offers protection under section 75 of the Consumer Credit Act.

This safety net applies even if you only use your plastic to pay a deposit on items of this value, and you cover the rest of the cost by another means. You can find out more with our guide.

As this card offers a lucrative rewards programme and other benefits, expect to need a very healthy credit score to qualify.

It’s a good idea to use an eligibility checker to see the likelihood of being accepted before making a formal application. These tools carry out a ‘soft search’ meaning no mark is left on your credit score, protecting your chances for future applications.

• Attractive ongoing reward programme – earn points on almost everything you purchase
• No limit to how many points you can earn, and points do not expire
• Points can be earned more quickly by adding a family member to your account
• Additional benefits including access to airport lounges
• Get access to advance tickets for gigs, films and other events
• No annual fee to pay for the first 12 months

• Hefty annual fee – although only after the first year
• High APR, especially from year two
• No introductory window on purchases or balance transfers
• Foreign transaction fees apply for use overseas

You will not be eligible for the introductory bonus on reward points if you’ve held a personal American Express card in the past 24 months.

While the welcome offer may look appealing, you need to be careful not to overspend on your card in order to qualify for it.

Note that reward points are not earned on things such as interest, fees, balance transfers, cash advances, Travellers Cheque purchases or foreign exchange transactions.

Despite promoting itself as a ‘travel card,’ you will face transaction fees for using the card abroad. Bear this in mind if you plan on taking this piece of plastic overseas with you.

Note that if you take out cash from an ATM with this card, you will be charged interest from the get-go. Try to do all you can to avoid using your plastic to withdraw cash.

If you are a frequent traveller, relatively big spender – and are confident you will make enough use of the benefits offered to offset the attached fee – the American Express Preferred Rewards Gold Credit Card could be a good fit.

And, if you are planning some sizeable purchases in the next few months, it could prove especially lucrative.

You may be able to find rewards credit cards with a lower annual fee – or no fee at all – but rewards and perks are likely to be less generous. And if you are just interested in getting something back on your spending, many retailers and supermarkets offer simple loyalty cards which allow you to collect points at no cost at all.