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Surprisingly, this is a charge card, not a credit card. But accepted new Amex Preferred Rewards Gold charge card holders get 20,000 Rewards points, worth £100 in vouchers, when they spend £2,000 in the first three months.
- Because it's a charge card, you HAVE to pay it off each month, there's no credit facility.
- If you don't pay it off, you'll get a £12 late fee, and a mark on your credit file.
- This card usually has a £140 annual fee, but for now is fee-free in the first year. To avoid paying £140, diarise to cancel before year two starts.
- You earn 1 point per £1 spent on your card. This is boosted to 2 points per £1 when spending on travel (plane fares, rail fares etc) and when spending abroad. You also earn 2 points per £1 on petrol and supermarket spending for the first year.
- You can convert the 20,000 Membership Rewards points into £100 in gift cards for Amazon, M&S, Homebase, Boots, PC World and more (though cards available vary).
- You can also convert points to frequent flyer or hotel scheme points and add them to your current stash. They can be converted into 10 frequent flyer programmes (including Avios and Virgin Atlantic), or five hotel reward schemes, among other things.
- You can also use your points to pay off purchases, effectively working as cashback. However, you receive slightly less than you'd get exchanging for vouchers; 1,000 points gives £4.50 'cashback' vs £5 in vouchers.
- Cashback: Up to 1% (plus 20,000 bonus points)
- Paid out: Monthly
- Max 'cashback'/year: Unlimited
- Min spend: £2,000 for bonus | Card issuer: Amex
- Annual fee: No fee in year 1. £140 from year 2 onwards
- Min income: N/A
Unlike applying, which usually leaves a hard search on your credit file and can hurt your future credit worthiness,
our eligibility calculator uses a soft search. We use this to find out how likely you are to be accepted.
You see the soft search on your credit file, but lenders don't, so it has no credit impact.
Use this calculator to home in on the card you're most likely to get.
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