Bonus points and extra lounge passes: American Express improve the Preferred Rewards Gold Card
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American Express has announced improvements to one of our favourite credit cards for anyone looking to earn points and miles to maximise their travel.
The Preferred Rewards Gold Card currently comes with a huge offer of 30,000 Membership Rewards for a limited time only, worth £420 by our current valuation of Membership Rewards points. That’s a great deal for a card that comes with no annual fee for the first year.
So what’s changing? Firstly, cardmembers will now earn an additional 2,500 Membership Rewards points for every £5,000 they spend on the card each membership year, up to 12,500 additional points per year (where the cardmember spends at least £25,000 on the card in a year). This replaces the existing offer of an additional 10,000 Membership Rewards points each year when you spend at least £15,000 in a card membership year.
This is an improvement both because cardmembers will receive the extra points sooner — when they hit the £5,000 spent (compared with the current offer of £15,000), and also the total bonus available increases to 12,500 points (up from 10,000 points). These will be awarded from 12 October 2022 with any spending made prior to this date counted towards the new spending targets.
Including the bonuses means the earn rate per £1 spent effectively increases to 1.5 Membership Rewards once you hit certain spend milestones. This is equal to the best earn rate for everyday spending for a U.K. American Express card.
The second improvement is that cardmembers will now receive four Priority Pass airport lounge passes, up from the two offered right now. Cardmembers will also receive Avis Preferred Plus status which includes complimentary upgrades and dedicated customer service when hiring rental cards.
This card has a representative APR of 61.0% variable (increasing to 68.3% from 12 October) and a purchase rate of 25.3% variable with an assumed credit limit of £1,200. The annual fee for this card is increasing from £140 a year to $160 from 12 October 2022 but remember the fee is waived completely for the first year.
These are genuine improvements for what is already a great option for a beginner points and miles credit card. You can apply for this card here.
Featured image by Ben Smithson / The Points Guy
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