The American Express Preferred Rewards Gold card stands out with its attractive rewards structure, particularly for those who frequently travel. With the ability to earn 1 Membership Rewards point per £1 spent, combined with a generous sign-up bonus of 20,000 points after meeting the spending threshold, it provides a strong incentive for new users. Additionally, the £100 travel credit and two complimentary airport lounge visits each year enhance its appeal for the frequent flyer.

However, potential users should consider the high annual fee of £160 that kicks in after the first year, which could negate the benefits if the card is not used strategically. The steep APR of 28.2% variable also means that carrying a balance could be costly. Comparatively, other travel cards may offer lower fees or better rewards structures, so it’s essential to weigh these factors against personal spending habits and travel plans.

Overall, this card is best suited for those who can maximise its travel benefits while managing costs effectively.