Amex Gold Card: Rewarding Travel, But At What Cost?
Thinking of adding the Amex Gold Card to your wallet this spring? It's a travel powerhouse but comes with a hefty price tag. Here's what you need to know.
The Quick Version
The American Express Preferred Rewards Gold Card is a solid contender for frequent travellers who love racking up points on every pound spent. However, with a high annual fee and an eye-watering APR, it might not be the best fit for everyone. Let's dive into the details to see if this card deserves a spot in your wallet this spring.
Solid travel rewards but costly
American Express® Preferred Rewards Gold Card
What's Inside
The American Express Preferred Rewards Gold Card offers a generous rewards scheme: earn 2 Membership Rewards points for every £1 spent on travel and 1 point per £1 on all other purchases. The sign-up bonus is enticing—20,000 points when you spend £3,000 in the first three months. It also comes with perks like free airport lounge visits and comprehensive travel and purchase protection. However, this comes at a steep £160 annual fee and a staggering 56.6% variable APR, which is something to weigh carefully.
What's Actually Good
- ✅ Earn 2 points per £1 on travel—fantastic for globe-trotters.
- ✅ Free airport lounge visits add a touch of luxury to your travel.
- ✅ Travel and purchase protection provide peace of mind.
- ✅ 20,000 sign-up bonus points accelerate your rewards journey.
The Catch
- ❌ The annual fee of £160 is steep—make sure you'll maximize the benefits.
- ❌ The APR of 56.6% is one of the highest on the market—carry a balance, and you might regret it.
- ❌ Requires a good to excellent credit score, so it's not for everyone.
- ❌ Limited acceptance compared to Visa or Mastercard can be a hassle.
- ❌ Rewards are heavily skewed towards travel spending.
Who It's For
If you're a frequent traveller who spends big on travel and can pay off your balance each month, this card might just be your next travel companion. It's ideal for those who enjoy lounge perks and want to pile up reward points quickly. However, if you're more of a casual traveller or tend to carry a balance, this isn't your best bet.
The Bottom Line
The American Express Preferred Rewards Gold Card is a powerhouse for travel rewards, but its high costs mean it's not for everyone. If the annual fee and high APR don't scare you off, this card can offer significant travel benefits. Curious how it stacks up against other premium options? Check out the Virgin Atlantic Reward+ Card: Worth the Sky-High Fee? to explore your options.
