In recent years, American Express has periodically adjusted welcome bonuses on its credit cards, a move that doesn't impact existing cardholders but potentially makes the cards more or less attractive to those considering applying for a new Amex. What do the rewards look like in July 2026? We explore the value of different Amex cards now and other options in the marketplace. For the most current details on welcome bonuses and terms, please visit the official American Express website.

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Changes to Amex Welcome Bonuses

The welcome bonuses have been reduced on American Express's rewards credit cards; in addition, the amount you're required to spend in the first three months of card ownership has increased, making the welcome bonuses harder to earn.

For example, the Amex Preferred Rewards Gold card now gives new cardholders 20,000 Membership Rewards points once they've spent £3,000 in the first three months. Here are the cards impacted and the welcome bonuses for each:

Bonus eligibility requires that the applicant has not held any personal American Express card in the previous 24 months. Terms and conditions apply; always check the current offer at americanexpress.com before applying.

Are Amex Preferred Rewards cards still worth considering?

The value of these cards depends significantly on individual spending patterns, how points are redeemed, and whether the annual fee (where applicable) is justified by the rewards earned. The table below illustrates potential rewards for a cardholder spending £15,000 per year, including £2,000 on flights and £2,000 at Amex Travel. Figures are illustrative only; actual values will vary depending on redemption choices.

Points values are estimated at 0.5p to 1p per point for standard redemptions. Higher values may be achievable through airline transfer partners or flight upgrades; lower values may apply for some redemptions such as statement credit. These are illustrative examples only.

Preferred Rewards Gold card features

The card has no annual fee in the first year; the fee is £195 from year two onwards. The representative APR is 85.8% variable including the annual fee, and 29.1% variable on purchases in the fee-free first year.

While the value of the 10,000-point welcome and annual bonuses depends upon how you redeem your Membership Rewards Points, they can still be worth anywhere from £40 if you redeem the points for statement credit up to £200 or more if you're able to use the points towards a valuable flight upgrade (e.g., from Premium Economy to Business).

While the card is more valuable in the first year (when the annual fee is waived and you can earn a welcome bonus), it can still be relatively valuable in ongoing years depending on your spending patterns and if you can invite friends to earn extra rewards. In particular, the card is tailored to reward those who earn 2X or 3X the points by using the card abroad or for certain travel-related expenses. As you can see below, the rewards rate doubles for spend with airlines and in foreign countries and triples for spend at American Express Travel.

• Earn 1 Membership Rewards point for every £1 spent on general purchases

• Earn 2 Membership Rewards points for every £1 spent directly with an airline or in a foreign currency

• Earn 3 Membership Rewards points for every £1 spent at American Express Travel

• Welcome Bonus: 10,000 points with £2,000 of spend in the first 3 months

• Invite a Friend Bonus: And earn at least 4,000 points if you invite a friend and they are approved - up to 90,000 a year

Note: A 2.99% foreign transaction fee applies to non-sterling purchases. There are other credit cards for travel that do not charge foreign transaction fees, which is worth considering for those who spend frequently outside the UK.

Preferred Rewards card features

The card does not offer the higher earning rates on flights or Amex Travel that the Gold card carries.

• Earn 1 Membership Rewards point for every £1 spent on general purchases

• Welcome Bonus: 10,000 points with £2,000 of spend in the first 3 months

• No annual fee

Cashback cards — for context

For those who prefer a straightforward cashback structure, Amex also offers the Platinum Cashback card (£25 annual fee) and the Platinum Cashback Everyday card (no annual fee), both of which offer cashback rates of 0.5% to 1.25% on ongoing spending. Cashback has a fixed monetary value, while the value of Membership Rewards points varies depending on redemption method.

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. ClearScore is a credit broker, not a lender.

ClearScore is a credit broker, not a lender.