Amex is swinging the scissors once more, this time at the Preferred Rewards Gold Credit Card. From today 15 October 2025, the card’s annual spend bonus is being quietly trimmed down. It’s not catastrophic, but 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?
Until now, Gold cardholders could scoop up to 12,500 bonus Membership Rewards points per card year, split into five spending milestones:
- 2,500 points at £5,000
- 2,500 points at £10,000
- 2,500 points at £15,000
- 2,500 points at £20,000
- 2,500 points at £25,000
Five tiers. Five reasons to keep swiping.
From today 15 October, that’s slashed to just two tiers:
- 5,000 points at £10,000
- 5,000 points at £20,000
That’s it. The maximum bonus drops to 10,000 points, and the middle spenders lose their extra 2,500-point pick-me-up.
If you hit one of the old spend tiers before 15 October, don’t panic, you’ll still receive that bonus under the current system. Any spending after that date is included in the new thresholds.
Who Loses Out?
| Annual Spend | Old Bonus | New Bonus | Net Change |
|---|---|---|---|
| £5k – £9,999 | 2,500 pts | 0 pts | –2,500 |
| £10k – £14,999 | 5,000 pts | 5,000 pts | 0 |
| £15k – £19,999 | 7,500 pts | 5,000 pts | –2,500 |
| £20k – £24,999 | 10,000 pts | 10,000 pts | 0 |
| £25k + | 12,500 pts | 10,000 pts | –2,500 |
In short, anyone spending between £5,000 and £9,999, or £15,000 to £19,999, loses 2,500 points, roughly £25 of value if you value MR points at 1p each. Not devastating, but another quiet nibble at the card’s worth.
What Do You Still Get for £195?
After your free first year, Amex Gold costs £195 per year. In return, you get:
- £120 Deliveroo Credit (£5 twice a month, enrolment required)
- Four Priority Pass lounge visits per year (and a fighting chance of finding an empty seat)
- 2 MR points per £1 on airline and foreign-currency spend (until you remember the 2.99% FX fee)
- 1 MR point per £1 on everything else
Plus, the usual Membership Rewards flexibility, you can transfer points to airlines like BA Avios, Virgin Atlantic Flying Club, and Singapore KrisFlyer, or redeem for gift cards and travel.
How Does It Stack Up Now?
The £0-fee Amex Rewards Credit Card gives you the same base earn rate (1 point per £1) without the annual charge. Unless you’re rinsing those Deliveroo credits, using the lounges, and spending north of £10,000 a year, it’s getting harder to justify the Gold fee.
Some cardholders will still find value, especially if they use it as a feeder to the Amex Platinum later, but the Gold card is starting to feel less “Preferred” and more “Previously Preferred”.
The Bottom Line
This isn’t a significant devaluation, but it’s another quiet shave off Amex Gold’s long-term appeal. When the perks stay the same and the rewards shrink, loyal spenders start asking questions. For now, you’ll still earn solid rewards and a decent intro bonus, but beyond October, the maths just got less shiny.
Maybe it’s time to review what you’re really getting for that £195 fee.
Still Taxiing? Read On.
