American Express offers three UK credit cards that earn Membership Rewards points: the entry-level American Express Rewards Credit Card, the mid-tier Preferred Rewards Gold Credit Card, and the premium Platinum Card. This article compares the three, including current welcome bonuses, earn rates, and fees.

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The Three Cards at a Glance

American Express Rewards Credit Card

The entry-level Membership Rewards card, earning a flat 1 point per £1 spent with no bonus categories. New cardmembers can earn 10,000 points for spending £2,000 in the first three months (subject to the standard 24-month rule — not having held a personal American Express card in that period). An Invite-a-Friend bonus offers at least 4,000 points per referral, up to 90,000 points a year. Eligibility requires a minimum annual income of £15,000, alongside the standard criteria (18+, UK bank account, permanent UK address, no history of bad debt).

Points can be redeemed with a range of partners including Amazon, Boots, and Currys PC World, or via PayPal Pay with Points and Amex's Plan It installment feature. Amex gives specific redemption examples directly: 5,000 points for a £25 M&S Gift Card, 10,000 for a £50 Selfridges Gift Card, 20,000 for a £100 Amazon Gift Card, and 40,000 for either a return economy flight to Dubai with Virgin Atlantic or a £200 Selfridges Gift Card.

Representative example: Representative 29.1% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) with no annual fee.

Pros

• No annual fee, and a genuinely low representative APR compared to the other two cards

• No bonus-category complexity — flat 1 point per £1 on everything

• Specific, transparent redemption values published directly by Amex

Cons

• No accelerated earn rate on travel or Amex Travel spend

• £15,000 minimum income requirement

• Smallest welcome bonus and smallest Invite-a-Friend bonus of the three cards

American Express Preferred Rewards Gold Credit Card

The mid-tier card, earning 1 point per £1 on general spending, 2 points per £1 on flights or foreign currency purchases, and 3 points per £1 through American Express Travel. The annual fee is waived in the first year, then £195 from year two onwards.

New cardmembers can earn a welcome bonus of 20,000 points for spending £3,000 in the first three months (subject to the standard 24-month rule). Separately, an ongoing annual bonus offers 5,000 points for spending £10,000 in a card year, up to 10,000 bonus points a year. An Invite-a-Friend bonus offers at least 9,000 points per approved referral, up to 90,000 points a year.

Representative example: Representative 85.8% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) and a £195 annual fee (waived in year one).

Pros

• Bonus earn rates on flights, foreign currency, and Amex Travel spend

• Fee-free first year, with a welcome bonus to offset later costs

• Ongoing annual bonus on top of the new-cardmember welcome bonus

Cons

• £195 annual fee from year two

• Higher representative APR than a flat-rate cashback card, if a balance is carried

• 2.99% foreign transaction fee still applies despite the travel-focused bonus categories

The Platinum Card

The premium tier, earning 1 point per £1 generally and 2 points per £1 through American Express Travel, for a £650 annual fee. New cardmembers can earn 50,000 points for spending £6,000 in the first three months (subject to the standard 24-month rule) — enough for a trip to Europe or up to £250 in Gift Cards. An Invite-a-Friend bonus offers at least 12,000 points per referral, up to 90,000 points a year.

Beyond points, The Platinum Card includes direct elite status with several hotel loyalty programmes, Amex's Fine Hotels + Resorts programme, and access to the Global Lounge Collection (1,550+ airport lounges across 140+ countries).

Representative example: Representative 685.3% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) and a £650 annual fee.

Pros

• Highest welcome bonus of the three cards

• Direct hotel status and lounge access, beyond just points earning

• Highest per-referral Invite-a-Friend bonus

Cons

• £650 annual fee is among the highest of any UK credit card

• Lower everyday earn rate than Gold on flights/FX spend (Platinum doesn't offer the 2x flights/FX tier Gold does)

• Whether the fee is offset depends heavily on how many of the card's non-points benefits are actually used

What Are Membership Rewards Points Worth?

Points earned across all three cards can be redeemed the same way — for shopping, Gift Cards, travel bookings, or reducing your card balance. Typical value runs 0.5p to 1p per point for standard redemptions, with higher value achievable through airline transfer partners or flight upgrades.

Amex's own redemption examples for the entry-level Rewards Card (shown above) illustrate this range directly: the gift card redemptions (5,000 to 40,000 points) all convert at a consistent 0.5p per point. The flight redemption offered at the same 40,000-point level may be worth more or less than this, depending on the specific flight's cash price.

Cashback Cards — An Alternative

For those who prefer a fixed cashback value rather than points with variable redemption value, Amex also offers two cashback cards: Platinum Cashback (£25 annual fee, 0.75%/1.25% cashback) and Platinum Cashback Everyday (no annual fee, 0.5%/1% cashback).

All card details correct as of July 2026. Terms, bonuses, and fees are subject to change — always verify current terms at americanexpress.com before applying.