Amex increases sign-up bonus on Preferred Rewards Gold credit card

American Express has increased the sign-up bonus on its Preferred Rewards Gold credit card from 20,000 to 25,000 points.

The offer is available up until 8 August, with new customers needing to spend £3,000 in their first three months in order to bag the bonus.

Those who apply by 18 July and get the bonus will also be entered into a prize draw to win up to £200 in Amazon e-vouchers – with a total of 3,200 vouchers up for grabs.

Going for gold: American Express has revamped the Preferred Rewards Gold Card, with a limited time sign up offer for new customers

On top of this, existing Amex Gold cardmembers can earn extra membership rewards points when referring a friend, as part of the limited time offer.

This means that the person who referring will now earns 14,000 rewards points per referral, rather than 6,000. 

Meanwhile, the person who is referred gets 30,000, up from 22,000, when they spend £3,000 in the first three months of having the card.

The limit for referral earnings is set at 90,000 points a year. To put that in perspective, Amex says 90,000 points is enough for an off-peak return economy flight to Sydney.

It’s worth noting that you either benefit from the standard sign up bonus or the referral bonus – you won’t be able to get both. 

And although the gold card is free for the first year of membership, it comes with a hefty £160 annual fee after that. It is of course possible to cancel before this is charged.

Those that fail to pay their balance off each month, will be hit with a 29.4 per cent purchase rate. 

Is the Amex Gold bonus a good deal? 

Rob Burgess, editor of frequent flyer and loyalty points website, headforpoints.com, said: ‘This is the first special offer we’ve seen on this card since October 2022.

‘This package is an exceptionally generous deal for a card which is free for the first year. 

‘Remember that 25,000 points convert into 25,000 Avios, amongst other things.

‘Everyone who applies during the promotional period and triggers their sign-up bonus will be entered into a prize draw. 

‘There are a lot of prizes – the total prize pot is worth £450,000 – so your chances are pretty good.’ 

Are you eligible for the offer?

Anyone that has never held a personal American Express card before will definitely get the bonus. 

However, Amex says on its website that this new offer is only available to those that have not held a personal American Express card within the previous 24 months. 

If they have held an American Express card within the previous 24 months, they will only be entitled to the standard card benefits, but not the welcome offer. 

But this also means that the sign-up bonus is available to anyone who has a corporate or business American Express card with their job, even if they receive membership rewards points from it.

The offer is also open to those who are a supplementary cardholder on someone else’s American Express card. 

Jetting off: Amex gold members can take advantage of two complimentary lounge visits per year at over 1,300 airport lounges

Burgess adds: ‘As far as Amex is concerned, the card belongs to the primary cardholder and does not make you an existing cardholder.’

Burgess advises that people who are not eligible need to think outside the box.

He says: ‘Could your partner apply? Perhaps your adult children? Your parents? Obviously with their permission, and paying the card off each month. 

‘If any of these people are in your British Airways Executive Club household account, you would still benefit if they transferred the sign-up bonus to Avios in the household account.

‘Remember that the cardholder could issue you with a free supplementary card on the account, so you could do the necessary spending to trigger the bonus.’

What else does the Gold card offer?

Cardmembers get points every time they spend, with no limit on how many points can be earned, and no points expiry date. 

This includes 3 points for every £1 spent at American Express Travel and 2 points for every £1 spent directly with airlines on top of 1 point on virtually every other £1 spent on anything else. 

There is also the added benefit of getting £5 back twice every month by spending on Deliveroo.

Finally, they can take advantage of two complimentary lounge visits per year at over 1,300 airport lounges globally.

Cardmembers can spend their rewards points in a variety of ways, from offsetting purchases they’ve made on their card, to redeeming points for vouchers across a range of shopping, travel and lifestyle partners.

Burgess says: ‘In reality there are lots of other options, including high street gift cards.

‘It is possible, if you are smart, to get over £250 of value from your 25,000 membership rewards points sign-up bonus.

‘Convertible currencies’ are worth more to you. It is better to have 25,000 Amex membership rewards points than 25,000 Avios points. 

‘This is because your 25,000 Amex membership rewards points would get you 25,000 Avios points if you needed them – but they could also get you points in a lot of other different schemes.’

He adds: ‘The American Express Preferred Rewards Gold credit card is a low cost and high reward way to begin a relationship with Amex.

‘If you were thinking about applying, it makes sense to do so now whilst the sign-up bonus is increased to 25,000 Membership Rewards points.

‘Even if you eventually decide that the miles and points hobby is not for you, there are still plenty of other valuable ways to use your Membership Rewards points such as Amazon vouchers. 

‘Your 25,000 membership rewards points sign-up bonus converts into £166 of Nectar points if you route them Amex to Avios to Nectar.’