When looking for a credit card that rewards your daily spending while offering premium travel perks, the American Express Preferred Rewards Gold Credit Card stands out as a popular option. With its combination of generous rewards, travel benefits, and exclusive experiences, it appeals to those seeking more than just a standard credit card.
In this guide, we’ll dive into everything you need to know about the American Express Preferred Rewards Gold Credit Card, covering its fees, credit limits, advantages, disadvantages, eligibility, and how you can apply, ensuring you make an informed decision.
Key information about the credit card
How does the annual fee work?
The annual fee is often one of the first aspects people consider when choosing a credit card, as it can significantly impact the overall value of the product. In the case of the American Express Preferred Rewards Gold Credit Card, the fee structure is quite straightforward. For the first year, new cardholders enjoy the benefit of a £0 annual fee, making it an excellent opportunity to explore all the card’s features without an upfront cost. However, starting from the second year, an annual fee of £195 applies.
How is the credit limit determined?
When it comes to setting the credit limit on the American Express Preferred Rewards Gold Credit Card, several factors come into play. American Express evaluates your financial profile during the application process to determine an appropriate credit limit. They consider your income, credit history, financial commitments, and overall creditworthiness. Unlike prepaid cards where the user decides the limit by the amount they load onto the card, here the institution carefully assesses how much credit they can confidently extend to you.
Advantages of the credit card
- Membership Rewards points: With every £1 you spend, you earn at least 1 Membership Rewards point, which can be redeemed on travel, shopping, and lifestyle experiences. This ensures that your regular purchases contribute to rewards you can actually enjoy.
- Welcome bonus: New cardmembers can earn 20,000 Membership Rewards points if they spend £3,000 within the first three months, providing a significant head start to maximize the card’s potential.
- Priority Pass airport lounge access: This card gives you four complimentary visits per year to over 1,300 airport lounges worldwide, adding comfort and convenience to your travels.
- Exclusive experiences: Cardholders get access to unique events such as private Q&A sessions with sports experts and cocktail masterclasses, making the card more than just a financial tool.
- Deliveroo benefit: Gold Cardmembers receive £5 back on eligible Deliveroo purchases twice a month, turning your takeaway nights into another way to save.
Standout advantage
The standout feature of the American Express Preferred Rewards Gold Credit Card is undoubtedly its travel perks, particularly the Priority Pass membership. With four complimentary airport lounge visits every year, it transforms even the most stressful travel days into a more relaxing experience. Whether you’re traveling for work or leisure, having access to premium lounges with food, drinks, and comfortable seating makes the annual fee feel much more worthwhile, especially for frequent travelers.
Disadvantages
- Annual fee: After the first year, you’ll need to pay £195 annually, which can be a high cost if you don’t use the card’s perks regularly.
- High representative APR: With a variable APR of 87.8%, carrying a balance from month to month becomes very expensive.
- Limited first-year perks: While the welcome bonus is generous, most of the premium features kick in after continued spending or annual renewal.
A standout disadvantage
The most significant downside of the American Express Preferred Rewards Gold Credit Card is its high representative APR of 87.8%. This means that if you don’t pay off your balance in full each month, interest charges can add up incredibly fast, making any rewards or benefits far less valuable. For cardholders who tend to carry balances, this could lead to substantial debt, overshadowing the advantages of the card.
Who can apply for this card?
To apply for the American Express Preferred Rewards Gold Credit Card, you must meet several criteria. Applicants need to be at least 18 years old and have a permanent UK home address. A current UK bank or building society account is also required. Additionally, you should have no history of bad debt, meaning your credit file should be free of defaults or serious late payments.
Another essential condition is that you won’t qualify for the welcome bonus if you have held any personal American Express Card in the last 24 months. This card is not available for individuals with a negative credit history, and while approval is relatively straightforward for those with a good credit score, proof of income and a solid financial standing are important.
How to apply for the American Express Preferred Rewards Gold Credit Card
For the website
Applying through the American Express website is one of the simplest ways to request your Preferred Rewards Gold Credit Card. First, visit the official American Express UK site and navigate to the section for credit cards. Locate the Preferred Rewards Gold Credit Card and click on the “Apply Now” button. You’ll be guided through an online form where you must enter your personal information, including your name, address, employment details, and financial information.
The application process typically takes less than ten minutes. Before submitting, ensure you’ve reviewed all terms and conditions, including the Privacy Policy and Membership Rewards rules. Once submitted, you may receive a decision in under a minute, though in some cases, additional verification may be necessary.
Through the app
The American Express app is another convenient way to apply for the Preferred Rewards Gold Credit Card. Start by downloading the app from your device’s app store and creating an account if you don’t already have one. Once logged in, navigate to the “Apply for a Card” section and select the Preferred Rewards Gold option. You’ll follow a similar process as on the website, filling in all required personal and financial details.
The app offers the advantage of keeping track of your application status in real time. Additionally, after approval, you can immediately manage your card through the app, monitor transactions, and start using virtual card details even before your physical card arrives.
At the branch
Unlike traditional banks, American Express does not operate physical branches where you can apply for the Preferred Rewards Gold Credit Card in person. However, in select events or through promotional booths at airports and shopping centers, representatives may assist you with the application process.
If you happen to encounter such a representative, they can guide you through the application using a tablet or computer on-site. Despite this, applying online remains the most practical and widely used method, as it is faster and allows you to review all the necessary documents in your own time.
