Amex Gold: Travel Perks Trump Annual Fee?
The American Express Preferred Rewards Gold card shines for frequent travellers with its solid rewards and perks. But is it worth the hefty annual fee after year one?
The Quick Version
The American Express Preferred Rewards Gold card is your ticket to travel perks, offering 1 Membership Rewards point per £1 spent, a £100 travel credit, and two annual airport lounge visits. The catch? After a free first year, you're hit with a £160 fee. And, let's not forget the 28.2% variable APR lurking in the wings.
A solid travel card with perks that offset the first-year fee.
American Express Preferred Rewards Gold
What's Inside
Here's what you get: 1 point per £1 spent, a 20,000 points sign-up bonus after spending £3,000 in the first three months, and up to £100 in travel credits annually. Plus, two complimentary lounge visits each year. The card waives the annual fee during the first year, but you'll face a £160 charge thereafter. A steep 28.2% APR means carrying a balance is a costly affair.
What's Actually Good
This card is a travel enthusiast's dream. The early perks, like the £100 travel credit and two lounge visits, are fantastic for frequent flyers. The 20,000 points sign-up bonus gives you a solid start if you can hit the £3,000 spend threshold in three months. And let's not forget the first year with no annual fee—a sweet onboarding deal.
The Catch
The £160 annual fee hits hard after year one, and the 28.2% variable APR makes carrying a balance expensive. Also, while you earn 1 point per £1 spent, the bonus points are limited at retailers. Plus, you'll need a good to excellent credit score just to get your foot in the door.
Who It's For
If you're a frequent traveller who can capitalize on the travel credits and lounge access, this card is for you. It's also a good fit if you can clear the £3,000 spend in three months to grab that 20,000 points bonus. But if you're likely to carry a balance, steer clear—there are cheaper options.
The Bottom Line
The Amex Gold is a smart pick for travellers who can take advantage of its perks and avoid carrying a balance. If the annual fee seems daunting, consider your travel patterns and spending habits. And if you're exploring your options, check out the Virgin Atlantic Reward+ Card: Worth the Sky-High Fee? for comparison.
