The American Express Preferred Rewards Gold Card is one of the most sought-after cards by those who are interested in earning rewards from the common purchasing they make. Since it targets two major categories of people; the frequent traveler and the elite, this card comes with more than the usual rewards points.
Here in the guide, let us discuss American Express Preferred Rewards Gold Card in the light of annual fee, credit determination, benefits, drawbacks, who can apply and how to apply through different routes.
Key information about the credit card
How does the annual fee work?
Currently, the American Express Preferred Rewards Gold Card has an annual fee of £195. Still, this fee is then charged for the first year, so those who newly applying for the card can freely try out the card’s possibilities without additional charges. The free trial available for the card means it is relatively easy for people to get into, and use this card without having to pay upfront.
How is the credit limit determined?
In the case of the American Express Preferred Rewards Gold Card, the stated credit limit, as of the time of writing, is determined by certain factors which include one’s credit scores, income, and other assets. For this card, the credit limit of £1,200 is only quoted for the purpose of this analysis, but the exact of the actual limit will depend on the credit score and worth of the individual.
Advantages of the credit card
- Generous rewards points: Get 20,000 Membership Rewards points when you spend £3,000 in your first three months of being a Cardmember.
- Triple points on travel: Earn 3 points on each £ you spend on the American Express Travel, so, this can be ideal for the frequent travelers.
- Double points on airline purchases: Earn 2X points on travel when the purchase is made directly from an airline, meaning that you can earn the points much easier than through many other purchases.
- Priority Pass access: Using the card, get 4 free visits to the Priority Pass airport lounges that include over 1300 airport lounges around the world.
- Exclusive experiences: Receive invitations to special events, as well as special backstage experiences and masterclasses, is available only to Gold Cardmembers.
Standout advantage
Included among benefits of the American Express Preferred Rewards Gold Card, then, is the opportunity to earn three points for every dollar spent on travel booked through the American Express Travel Portal. The first benefit is the accumulating of reward points, especially for those who make many bookings in a given period, since the card offer a relatively better rate of accumulating rewards compared to other cards in the market.
Disadvantages
- High annual fee: Following the first year of usage, one may look at £195 annual fee as expensive to them.
- Variable APR: The card has an average resulting APR of 88%. 8% variable which for many is expensive if the balance is not fully paid each month.
- Limited lounge access: They get 4 free visits to Priority Pass per year – such a plan might not be very useful for regular flyers.
- No fee-free foreign transactions: The card levies certain amount of foreign currency conversion fees what could be quite costly especially for people who frequently travel.
A standout disadvantage
There is one disadvantage of using the American Express Preferred Rewards Gold Card, it is the rather high representative APR of 88. 8% variable. This can be quite expensive if the cardholder is not able to clear his balance completely every month, this attracts the interest charges.
Who can apply for this card?
First, the use must be over 18 years, and a UK bank or building society account holder at the time of signing up for the service. Further, an applicant should have a permanent address in the UK, combined with a good credit record, no record of bad credit.
This type of card is usually not issued to those who banks and other financial institutions classify as subprime or those who are in currently experiencing hardships financially, as American Express is known to target applicants with good credit scores.
How to apply for the American Express Preferred Rewards Gold Card
For the website
To make application, go online to the American Express website, and search for the card’s Preferred Rewards Gold Card. On this page, there is an “Apply Now” button which opens the application process. The form will be designed to make the applicant fill details touching on identity such as name, address, employment status, and income.
Also, you can be requested to share the details of your bank account. There is a link on the website with instructions to ‘see if you’re pre-approved’ not a credit check that affects credit scores. After the application has been filed, it normally only takes a few minutes to get a response of either approval or rejection, with some approvals almost immediate. If approved, you will be issued with the card within a few days by mail.
Through the app
In case one wishes to apply via an interface that is more mobile-friendly, the American Express application offers an easy chance for that. First of all, it is necessary to download the application on the App Store or on Google Play and if you do not have an account, you will have to register.
When logged in, the available credit cards for application are displayed, click on the American Express Preferred Rewards Gold Card and follow the instructions that will be displayed on the screen to complete the application.
One advantage of applying through the app is that it is possible to monitor the progress of the particular application. Upon approval of your application, you’ll be able to access your digital card in the app at once and get your physical card later by post.
At the branch
For those customers who would like to have a first-hand experience, one can get the American Express Preferred Rewards Gold Card by a face-to-face interview at the American Express offices. The customers should therefore ensure that the nearest branch is available as well as the working hours.
Thereafter, registration forms will be provided, for which a customer service attendant will assist in completing them with additional information that you may require. After sending such an application, you can expect a decision within the same time frame as you receive with online applications with the physical card sent to your mail in the following few days.
