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This is a charge card, not a credit card. But if you're accepted for the Amex Preferred Rewards Gold card, and spend £2,000 within the first three months, you'll get a bonus 20,000 rewards points, equal to £100 in vouchers.
- 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 missed payment on your credit report.
- The 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 2 points per £1 spent directly with airlines or in a foreign currency and 1 point per £1 spent on day to day spending.
- Points can take up to 60 days to hit your Amex account (though we've seen 'em applied on the day you hit the trigger spend).
- As soon as the points are in your account, you can convert your points into vouchers for Amazon, M&S, Homebase, House of Fraser, PC World and more, though retailers vary. Gift cards are sent either by post (and received within 10 working days) or instantly via email.
- Alternatively, you can convert them to frequent flyer or hotel scheme points and add them to your current stash. Point transfers to other schemes can take up to 10 working days.
- You can also now 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.
- Your Membership Rewards points will be shown live on your card membership account homepage and on your paper statement.
- Always carry a back up card, as Amex isn't accepted everywhere, especially in a lot of smaller retailers.
- Cashback: Vouchers equivalent to 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 one, but £140 from year two 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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