American Express doubles welcome bonus on Preferred Rewards Gold Card to 20,000 points

Oct 19, 2020

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If you’ve had your eye on the American Express Preferred Rewards Gold Credit Card, now could be the perfect time to finally apply. On Monday, American Express announced that it has increased the welcome bonus on the card.

New cardholders can now earn 20,000 Membership Rewards points after spending £3,000 in the first three months of card membership. Previously, the card offered a welcome bonus of just 10,000 Membership Rewards points after the same spend in the same time period. So this new offer represents a doubling of the welcome bonus.

Based on TPG’s most recent valuations, 20,000 Amex Membership Rewards points are worth £280. Plus, you’ll earn additional points for every pound you spend, which will likely bring the value of the Membership Rewards haul that you’ll get from this increased welcome bonus to over £300.

Related: The ultimate guide to U.K. Amex Membership Rewards

The Amex Gold card is one of the best cards available in the U.K. — especially for beginners. That’s because the card’s relatively low annual fee of £140 is waived for the first year that you hold the card.

Other than the increased welcome bonus, the other features and perks of the card are staying the same. You’ll continue to earn at the following rates:

  • 3 Membership Rewards points per £1 spent on the American Express Travel portal;
  • 2 points per £1 spent directly with airlines or spent in any currency other than pound sterling. Though do note that these foreign currency purchases will be subject to a 2.99% fee, which negates much of the point-earning benefit; and
  • 1 point per £1 spent on all other purchases.

Related: The best UK miles and points credit cards of 2020

You’ll also earn an additional 10,000 Membership Rewards points for each year of card membership so long as you spend £15,000 during that 12-month membership year period. The prospect of earning an additional 10,000 points roughly offsets the annual fee payable in the second and subsequent years.

As far as perks, you’ll get two lounge visit passes each year, hotel upgrades and other benefits when booking through The Hotel Collection, Hertz Gold Plus Rewards status and several insurance benefits. Some of the benefits are subject to enrollment.

This card has a representative APR of 56.6% variable and a purchase rate of 22.2% variable with an assumed credit limit of £1,200. While adding the first supplementary cardholder is free, each additional supplementary cardholder comes with a £45 annual fee.

If you already hold an American Express card in the U.K., be sure to note the Amex restrictions on welcome bonuses. Check this guide for more information in determining whether or not you are eligible for this increased welcome bonus offer.

Related: Credit card review: The Preferred Rewards Gold Credit Card from American Express UK

As of Monday, American Express is also increasing the number points you’ll get in return for referring friends and family to sign up for the card. Amex says that select existing cardholders may be eligible to earn at least 6,00 Membership Rewards points. The new cardmember will be eligible for 22,000 Membership Rewards points after they spend £3,000 in the first three months. You can check your referral offer in the Amex app.

There is no end date for either of these increased welcome offers.

Ultimately, if you’ve been debating applying for the card, this 10,000-point increase in welcome bonus is a sweet offer that could be the motivation you need. The 20,000 Membership Rewards points are especially useful given their versatility in being able to transfer to any of Amex’s partners.

Featured photo by Liam Spencer/The Points Guy

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