American Express Preferred Rewards Gold Credit Card review June 2019

A premium rewards card with a variety of enticing perks to suit big spenders and frequent fliers.

If you use your credit card heavily but don’t carry a balance from month to month, Amex’s Preferred Rewards Gold Card can offer meaningful benefits including airport lounge access and reward points by the truckload.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £140 per annum, your representative rate is 57.6% APR (variable).

57.6%

Representative APR

Up to 10,000 points

Intro bonus

Earn 1 point

per £1 spent

Up to 56 days

Interest-free each billing period


Details

IssuerAmerican Express
NetworkAmex
Annual/monthly feesYear 1 - £0, Year 2 onwards - £140 per annum
Purchases22.9%
Purchases interest-free periodUp to 56 days
Cash advances27.9%
Min. credit limit£700
Max credit limitNot specified
Additional cards available1
IncentiveEarn 1 point for virtually every £1 spent. 2 points per £1 spent directly with airlines or in a foreign currency or 3 points for every £1 spent through American Express Travel. Earn 10,000 bonus points when you spend £3,000 in your first 3 months. Spend £15,000 or more during the year and earn 10,000 bonus points each year the card is renewed. Earn 6,000 points per friend/family member that successfully applies for the card or 12,000 points if they spend £3,000 in their first 3 months. Two complimentary lounge visits per year, available at over 500 airport lounges worldwide.
Lounge access2 complimentary visits every year, plus membership of Lounge Club, allowing further access at £20 per visit.
Minimum Age18
AvailabilityAvailable to new customers
Annual/monthly feesYear 1 - £0, Year 2 onwards - £140 per annum
Foreign usage charge (EU)2.99%
Foreign usage charge (rest of world)2.99%
Cash advance fee3% (min. £3)
Late payment fee£12
Duplicate statement fee£2
Exceeding limit fee£12
Additional card fee£0
Replacement card fee£0
Dormancy fee£0

Expert review

Chris Lilly

Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

While plenty of card issuers throw the terms “gold” or “platinum” around without really meaning it, Amex’s Preferred Rewards Gold Card stays true to the original concept – offering meaningful rewards for people who use their credit card heavily, and aren’t deterred by an annual fee.

New applicants will benefit from a waived fee in the first year plus a lump sum of Membership Rewards points (subject to a minimum spend) that could potentially be redeemed for a free flight. From then on, it’s points on all purchases, annual anniversary bonuses and ongoing benefits like American Express Experiences. Frequent travellers can take advantage of perks including upgrades and airport lounge access.

Whether or not this card is a smart bet for you will come down to how much you stand to benefit from the card’s introductory and ongoing rewards. If you anticipate carrying a balance from month-to-month, it’s possible that the interest and fees could outweigh the value of the rewards. Big spenders who travel frequently and clear their balance in full each month stand to benefit the most.

How does this card compare with others that earn Amex reward points?

Comparison ordered by representative APR with affiliated products shown first.
Updated June 27th, 2019
Name Product Max. intro bonus Default earn-rate Annual/monthly fees Rep. APR Incentive Representative example
2,500 points
1 point per £1 spent
£0
9.9% p.a. (variable)
Earn 2,500 bonus Membership Rewards points when you spend £1,000 in your first 3 months, and 1 point for virtually every £1 spent thereafter.
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
N/A
1 point per £1 spent
£0
22.9% p.a. (variable)
Earn 1 Membership Rewards® point for every £1 spent.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
5,000 points
1 point per £1 spent
£0
22.9% p.a. (variable)
Earn 5,000 bonus Membership Rewards points when you spend £2,000 in your first 3 months, and 1 point for virtually every £1 spent thereafter.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
10,000 points
1 point per £1 spent
Year 1 - £0, Year 2 onwards - £140 per annum
57.6% p.a. (variable)
Earn 1 point for virtually every £1 spent. 2 points per £1 spent directly with airlines or in a foreign currency or 3 points for every £1 spent through American Express Travel. Earn 10,000 bonus points when you spend £3,000 in your first 3 months. Spend £15,000 or more during the year and earn 10,000 bonus points each year the card is renewed. Earn 6,000 points per friend/family member that successfully applies for the card or 12,000 points if they spend £3,000 in their first 3 months. Two complimentary lounge visits per year, available at over 500 airport lounges worldwide.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £140 per annum, your representative rate is 57.6% APR (variable).
30,000 points
1 point per £1 spent
£575 per annum
N/A (this product is a charge card).
1 point earned for virtually every £1 spent. Additional 30,000 points earned when you spend £4K within first three months of Cardmembership. Earn 1 additional point for virtually every £1 spent at American Express Travel Online. Rewards points can be used as currency to buy flights and package holidays through Platinum Service. Reward points can also be redeemed for a wide range of products, experiences, travel and hotel stays. Cardmember can pay card fee (£575) using Membership Rewards® points at renewal. Earn 12,000 bonus points per friend/family that uses Referral Programme and successfully applies for a card and spends £4K within first 3 months of Cardmembership.
N/A
1 point per £1 spent
£60 per annum
N/A (this product is a charge card).
1 point earned for virtually every £1 spent. Rewards points can be used as currency to buy flights and package holidays through American Express Travel. Reward points can also be redeemed for a wide range of products, experiences, travel and hotel stays.

Compare up to 4 providers

Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (0800 700 222), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply for the American Express Preferred Rewards Gold Credit Card

If you’re keen to start earning rewards with this Amex card, simply click on a green “go to site” button to be taken to the Amex site to complete the secure application form (which takes about 15 minutes). Before you apply, check that you meet the eligibility requirements and have the information you’ll need to hand to make the process as straightforward as possible.

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Our team evaluates credit cards to determine their value against similar products on the market.

We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.

*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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