The American Express Preferred Rewards Gold Credit Card earns Membership Rewards points, with higher earn rates on airline, foreign currency and American Express Travel spending. It has a £195 annual fee, with no fee in the first year. This review covers the card’s earn rates, what points are worth, its benefits and how it compares with other American Express cards.

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The Gold card costs less than The Platinum Card from American Express (£650 a year), which also earns Membership Rewards points and adds benefits such as unlimited airport lounge access.

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 (£0 in the first year).

Preferred Rewards Gold review

Earn rates and what points are worth

Cardholders earn 1 Membership Rewards point per £1 on general spending, 2 points per £1 spent directly with airlines or in a foreign currency, and 3 points per £1 on American Express Travel bookings. They also earn 5,000 bonus points for each £10,000 spent in a year, up to 10,000 bonus points a year.

Membership Rewards points are worth around 0.5p each when redeemed for gift vouchers, which is the lowest typical value. Transferring points to airline and hotel partners can give more value per point, depending on the redemption. For example, using points to upgrade a paid premium economy flight to business class on a long-haul route can give up to around 2p per point.

At 0.5p per point, the earn rates are equivalent to about 0.5% on general spending, 1% on airline and foreign currency spending, and 1.5% on American Express Travel bookings. Redeeming for flights or hotels can give two to three times these rates. For comparison, the Platinum Cashback Credit Card by American Express pays 0.75%–1.25% cashback on all spending, plus 5% for the first three months.

Welcome bonus

New cardmembers can earn 20,000 Membership Rewards points for spending £3,000 in the first three months, worth at least £100 at 0.5p per point. The welcome bonus isn’t available to anyone who holds, or has held in the last 24 months, a personal American Express card.

Example first-year rewards

The table below shows an example of first-year points, valued at the minimum gift voucher rate of 0.5p per point.

Annual fee

The annual fee is £195, with no fee in the first year. From the second year, the welcome bonus no longer applies, so the points earned need to cover the fee. For example, £15,000 of annual spending including £2,000 on flights and £2,000 on American Express Travel earns 26,000 points a year (6,000 + 4,000 + 11,000, plus a 5,000-point spending bonus). That’s worth about £130 at 0.5p per point or £260 at 1p per point, compared with the £195 fee. In the first year, the same spending plus the welcome bonus earns 46,000 points (£230–£460), with no fee.

Redeeming points for flights, hotels or upgrades, rather than gift vouchers, lowers the spending needed to cover the fee.

Airport lounge access

Cardholders get four complimentary Priority Pass airport lounge visits a year, at up to 1,300 lounges. Additional visits can be bought at the Priority Pass rate for American Express cardholders.

Other travel and dining benefits

Booking two nights or more with The Hotel Collection through American Express Travel includes benefits such as noon check-in, late check-out and a room upgrade (when available), plus a US$100 credit towards eligible charges at the property (varies by property). Cardholders can also get £5 back twice a month on Deliveroo orders (up to £120 a year); enrolment is required.

Summary: The Gold card earns 1–3 Membership Rewards points per £1, plus up to 10,000 bonus points a year for spending, with a 20,000-point welcome bonus and no fee in the first year. From the second year, the £195 fee means the value depends on how much is spent in the bonus categories and how points are redeemed. The card charges 2.99% on non-sterling transactions, and the 29.1% purchase rate means interest on a balance carried over would outweigh the rewards earned.

Preferred Rewards Gold features

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 (£0 in the first year).

The card’s 29.1% purchase rate is higher than the Bank of England’s average quoted interest rate on credit card lending (24.71% in August 2026, series IUMCCTL), so paying the balance in full each month avoids interest that would outweigh the rewards earned.

Checking eligibility doesn’t guarantee acceptance, which depends on American Express’s own criteria and checks.

How Membership Rewards points work

Membership Rewards is American Express’s rewards programme. Points earned on participating cards can be used to pay for charges on the statement, shop at Amazon.co.uk, buy gift vouchers, book travel through American Express Travel, or transfer to airline and hotel partners. Transfers to partner programmes usually give the most value per point.

What are Membership Rewards points worth?

Points are worth from around 0.5p (gift vouchers) to around 2p (some flight upgrades). Travel redemptions usually give the most value; for other redemptions, gift vouchers usually give more than statement credits.

Global Assist

Cardholders can use American Express’s Global Assist service when travelling abroad. It provides 24-hour access to English-speaking medical and legal referrals, contact with embassies and consulates, and help arranging local medical assistance, such as hospital admission, specialist referrals or replacement prescriptions.

Purchase Protection

Eligible items bought with the card are covered against accidental damage or theft for 90 days from purchase, up to £2,500 per eligible item. American Express may repair, replace or refund the item.

American Express Experiences

American Express Experiences offers cardholders access to presale tickets and reserved seats for events, such as theatre and sport, before they go on general sale.

How Preferred Rewards Gold compares with other cards

Preferred Rewards Gold vs The Platinum Card

The Platinum Card from American Express also earns Membership Rewards points, and includes unlimited Priority Pass airport lounge access and a concierge service. It has a £650 annual fee.

Representative example (The Platinum Card): 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.

Quick Takeaway: The Gold card has a £195 annual fee (£0 in the first year), a welcome bonus, annual spending bonus points and four lounge visits a year. The Platinum Card has a £650 fee and includes unlimited Priority Pass lounge access and a concierge service.

Preferred Rewards Gold vs Platinum Cashback

The Platinum Cashback Credit Card by American Express pays cashback rather than points: 0.75% or 1.25% on all spending depending on the amount spent, plus 5% for the first three months (up to £125). Cashback is paid once a year as a credit to the account. At 0.75%, spending of about £3,333 a year covers its £25 annual fee.

Representative example (Platinum Cashback): Representative 34.6% APR variable. Based on an assumed credit limit of £1,200 at a purchase rate of 29.1% p.a. (variable) and a £25 annual fee.

Quick Takeaway: The Gold card earns bonus points on airline, foreign currency and American Express Travel spending and includes four lounge visits a year, with a £195 fee. Platinum Cashback earns 0.75%–1.25% cashback on all spending, with no category bonuses and a £25 fee.

This review compares the Gold card with a small number of cards and doesn’t cover the whole market.

Card details correct as of 22 September 2026. Terms, rates and features are subject to change — always verify current details before applying. This article is for general information only and does not constitute financial advice.