Amex is swinging the scissors again, this time at the Preferred Rewards Gold Credit Card yes click that link to read my review on that card. Starting 15th October, the annual spend bonus is being quietly trimmed down, and frankly, it’s hard to see who wins here (apart from Amex’s bottom line).
Let’s break it down.
In This Post
What’s Changing?
Currently, Gold cardholders can earn up to 12,500 bonus Membership Rewards points per card year, staggered like so:
- 2,500 points at £5,000
- Another 2,500 at £10,000
- And again at £15k, £20k, and £25k
That’s five tiers, five chances to be rewarded for spending.
From 15th October, it’s down to just two tiers:
- 5,000 points at £10,000
- Another 5,000 at £20,000
- That’s it. The maximum bonus drops to 10,000 points, and the mid-tier spenders lose out.
So, Who Gets Burned?
If you spend:
- £5k–£9,999? You’re down 2,500 points
- £15k–£19,999? Again, 2,500 points gone
- £25k+? Yup, another 2,500 lost
In Amex math, that’s £25 of value disappearing into thin air.
Sure, no one’s losing thousands, but isn’t this card meant to reward loyal spenders?
Does the Card Still Stack Up?
Let’s not forget, this is a card that charges £195 per year after the free first year. In return, you get:
- £120 in Deliveroo credit (if you like lukewarm sushi)
- Four Priority Pass lounge visits (good luck finding one that’s not full)
- Double points on airlines and foreign spend (until you remember the FX fee) unless you have that amazing Hilton Honors Debit Card.
- And now,… fewer bonus points.
Meanwhile, the Amex Rewards Credit Card reviewed here gives you the same base earn rate (1 MR point per £1) for £0 a year. So that £195 has to pull some serious weight.
The Bottom Line?
This isn’t a dramatic downgrade. But it’s yet another quiet nibble at card value. And when the “Preferred” in your card’s name starts sounding ironic, it might be time to ask: what exactly are we still paying for?
Keep reading.
