American Express Preferred Rewards Gold Credit Card review September 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 an annual fee of £140 (£0 in first year), your representative APR 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
Rep. APR57.6% p.a. (variable)
Annual/monthly feesYear 1 - £0, Year 2 onwards - £140 per annum
Loyalty schemePoints
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.
Additional Rewards InfoAccess to dining benefits, such as discounts off of the food bill, or a complimentary bottle of wine or starter in more than 600 restaurants worldwide with Taste from American Express Experiences. Access to tickets for must-see music, theatre and film events, often before they go on sale to the general public with American Express Experiences. Travel accident insurance on public transport when tickets are charged on the card. Global Assist support 24/7 when you travel outside of the UK. Eligible for American Express Offers where cardmembers can choose offers from selected retailers to obtain discounts or cashback.
Lounge access2 complimentary visits every year, plus membership of Lounge Club, allowing further access at £20 per visit.
Purchases22.9%
Purchases interest-free period (days)56

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.

You can track your spending in real time and watch your points piling up (hopefully!) in Amex’s very respectable mobile app. The app also lets you turn on/off a range of handy alerts – you can get updates whenever a purchase is made, when you’re within a specified amount (you choose the amount) from your credit limit, when your statement’s ready and when a payment’s due (again, you get to specify how much notice you want). You can also browse and activate offers for nearby merchants.

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 because they’ll hit the minimum spend requirements that lead to lump-sum points bonuses and will also be able to take advantage of the complimentary lounge visits. Realistically, merchant acceptance of Amex remains an issue (but this is getting better), so your Amex shouldn’t be the only means of payment you carry around day-to-day.

While some might choose to ditch the card after the first year, the ongoing anniversary points bonuses and the complimentary lounge visits in each cardmembership year are good reasons not to.

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

Table: sorted by representative APR, promoted deals first
Updated September 21st, 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 an annual fee of £140 (£0 in first year), your representative APR 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.

What can I do in the app?

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.

Frequently asked questions

Does this card offer airport lounge access?
Yes. While not quite boasting the same benefits as the Platinum card, the Preferred Rewards Gold card does nonetheless come with membership of the Lounge Club programme. Through Lounge Club you’ll be able to access over 700 airport lounges worldwide. You’ll enjoy two complimentary airport lounge visits per membership year, after which each additional visit to a lounge will cost £20. Your Lounge Club membership card will be arrive separately to your Amex card within 28 days, and it’s the Lounge Club card (not your Amex) that you’ll need to present at the lounge door in order to get in!
Does this card come with travel insurance?
Subject to enrolment, you’ll benefit from travel inconvenience and travel accident protection with this card. If you’re heading overseas, you may also want to consider a dedicated travel credit card to avoid non-sterling transaction fees when spending abroad.
Does the balance have to be paid off each month?
While there’s no obligation to pay off your balance each month, it’s definitely a good thing to consider. This is because the card’s interest rates and fees are likely to outweigh any benefits if your balance is carried over from month to month. If you’re looking for a card with lower interest rates, here’s our guide. As with most credit cards, the Preferred Rewards Gold card offers various options allowing you to set up automated repayments, ensuring you never miss a repayment.
Does this card have a credit limit?
While your credit limit will vary depending on your circumstances, the American Express Preferred Rewards Gold card has a minimum credit limit of around £700 and an unspecified maximum limit. For more info, including details regarding annual and monthly fees, cash advances and an interest-free purchases period, here’s our rundown.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

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.

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site