Amex overhauls its Gold card by boosting the perks and raising the fee

Posted: 19 October 2022 3:27 pm
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Preferred Rewards welcome bonus can now bag you £150 of Amazon gift cards

If you’re an American Express Preferred Rewards Gold credit cardholder, you’ll now have to pay more for the privilege.

As of 12 October, Amex upped the price of the card from £140 a year to £160 for new and existing customers – although the first year is free. But other changes also mean that cardholders may be able to earn more American Express points, depending on how much they spend.

The welcome bonus is better

Until 8 November, 2022, if you apply for the card and are accepted, you can earn 30,000 points if you spend £3,000 in the first 3 months, up from the usual 20,000. That’s enough for £150 worth of Amazon gift cards.

More rewards points

Amex has also made changes to the ongoing rewards scheme for the Gold card. All Gold cardholders get 1 American Express point for every £1 of eligible spending, and in the past this has been supplemented by a bonus of 10,000 bonus points when you hit a £15,000 minimum annual spend.

Under the new scheme, you get 2,500 points when you reach spending milestones of £5,000, £10,000, £15,000, £20,000 and £25,000.

This means you come out on top if you spend:

  • Between £5,000 and £14,999
  • Or more than £20,000.

Find out more

Find out more about this card, including perks such as lounge access, along with the APR and all fees, in our full review, and if you’re considering a rewards card, don’t forget to read our guide to find out what to look for and compare deals.

Approval for any credit card will depend on your status. The representative APRs shown represent 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.

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