I know that a lot of Head for Points readers have taken out an American Express Preferred Rewards Gold card in the last few weeks as they try to top-up their Avios before the April 28th devaluation.
As a reminder, Amex Gold is free for the first year and comes with 20,000 or more Membership Rewards points (full details in my review). These can be converted into 20,000 Avios points or a whole load of other things.
If you’ve already got one, you are eligible for a further 3,000 Membership Rewards points for free.
Take a look here. You can apply for the Amex Gold credit card, to sit in your wallet alongside your Amex Gold charge card.
The representative APR is 14.9% variable.
Why would you want this? Well, there is one good reason – you receive 3,000 Membership Rewards points for signing up! As the Amex Gold credit card is free, you are getting points for literally nothing (except for possibly a ding on your credit report).
There isn’t much else to add:
You need to spend £500 in three months to receive the 3,000 Membership Rewards points
You will earn 1 Membership Rewards points for each £1 spent
There is no annual fee
In theory you must cancel your Gold credit card if you cancel your Gold charge card. The Gold credit card is not available as a stand-alone product. (This is important, as otherwise it would be an easy way of keeping your Membership Rewards account active if you chose to cancel your charge card.)
However, some people report that they are allowed to keep the Gold credit card. There is no pattern as to why, but if Amex allows you to do this then you do not need to empty out your Membership Rewards account.
Is there much point to having this card? Fundamentally, Amex is encouraging you to run up debt that you cannot afford to instantly repay (otherwise you would use your charge card). It will make your wallet thicker without adding any extra flexibility to how you spend, since it can’t be used anywhere where your Amex Gold isn’t accepted.
That said, 3,000 Membership Rewards points is worth having – that is 3,000 Avios or Virgin Flying Club miles.
Got a Platinum charge card?
Don’t worry, there is a similar deal for you too. A while ago I wrote about the ‘private’ Platinum Credit Card from American Express which also offers 3,000 Membership Rewards points. Not to be confused with the Amex Platinum cashback cards, this card is ONLY available to Platinum charge card holders.
(Want to earn more miles and points from credit cards? Click here to visit our ‘Credit Cards Update’ page or use the link in the menu bar at the top of the page.)
(Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points and do not consider interest rates, service levels or any impact on your credit history.)