American Express Preferred Rewards credit card review

1 min Read Published: 28 Nov 2022

American Express Preferred Rewards GoldAmerican Express is known for having some of the best rewards cards on the market and the American Express Preferred Rewards card is no exception. However, with an annual fee of £160, it isn't a cheap option.

Key facts about the American Express Preferred Rewards credit card

  • Best for: Those who want flexibility over how they use their rewards
  • Introductory offer: 20,000 bonus membership points (minimum £3,000 spend in first 3 months)
  • Representative APR: 69.2% variable
  • Fees: No annual fee for the first year and then £160 per year
  • Perks: Earn 1 rewards point for every £1 you spend on the card, 2 points for every £1 spent with any airline purchase (two complimentary lounge visits per year) and 3 points for every £1 spent on American Express travel

Pros of the American Express Preferred Rewards credit card 

  • Cardholders can transfer their points to any of 12 airline air-miles loyalty schemes, including British Airways Executive Club, Emirates Skywards and Virgin Atlantic Flying Club
  • Unlike with many rewards schemes, the points don't expire
  • £5 back with Deliveroo twice per month

Cons of the American Express Preferred Rewards credit card

  • Although the annual fee is waived in the first year, it is £160 after that point, which means it is far from being the cheapest reward card available
  • American Express isn't as widely accepted as Mastercard and Visa, especially with smaller retailers

How to manage your payments on the American Express Preferred Rewards credit card

You can manage your account online or on the Amex app.

How to apply for the American Express Preferred Rewards credit card

The online eligibility checker will give you a good idea of whether you are likely to be accepted for the card, without leaving a footprint on your credit file.

Alternatives to the American Express Preferred Rewards credit card