American Express Preferred Rewards Gold
- APR
- 28.2% – 28.2%
- Annual Fee
- £160
- Rewards
- Up to 1.0%
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Our Verdict
The American Express Preferred Rewards Gold Card offers solid rewards for frequent spenders and travellers, but be mindful of the high annual fee after the first year.
Pros
- Earn 1 Membership Rewards point per £1 spent
- £100 travel credit included
- Two complimentary airport lounge visits annually
- 20,000 bonus points after £3,000 spend in first 3 months
- Flexible rewards with a variety of redemption options
Cons
- High annual fee of £160 after the first year
- Requires good to excellent credit score
- Limited acceptance outside of major retailers
- Points may expire after a certain period without activity
- Variable APR of 28.2% can lead to high interest costs
The American Express Preferred Rewards Gold Card is a compelling option for those looking to earn rewards on their everyday spending. With 1 Membership Rewards point for every £1 spent and the potential for bonus points at selected retailers, users can accumulate points rapidly. The introductory offer of 20,000 points after spending £3,000 in the first three months is particularly attractive for new users, providing a strong incentive to sign up.
Additionally, the card includes £100 in travel credits and two complimentary airport lounge visits each year, enhancing its appeal for frequent travellers.
However, the card does come with drawbacks. After the first year, the annual fee rises to £160, which may deter some users, especially if they do not travel often enough to offset this cost with the benefits provided. Moreover, the variable APR of 28.2% can lead to significant interest charges if balances are not paid in full.
While American Express is widely accepted in major cities and by many retailers, it is still less commonly accepted than Visa or Mastercard, which could be a limitation for some users.
In comparison to other reward credit cards, the Preferred Rewards Gold Card stands out for its travel-related perks but requires careful consideration of spending habits and potential fees. Overall, it is best suited for those who can leverage its benefits to justify the costs involved.
Watch Out
Be cautious of the high annual fee and ensure you can meet the spending requirements to earn the sign-up bonus.
Best For
This card is best for those who frequently travel and spend enough to maximise the rewards and benefits offered.
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