New American Express customers can earn £264 in Nectar points or £150 in Amazon vouchers after the credit card provider boosted its sign-up offer before Christmas begins.
Those who sign up for their Preferred Rewards Gold credit card will now get 30,000 membership reward points instead of the usual 20,000 if they spend £3,000 or more in three months.
Users will also get 1 Membership Reward point for every £1 spent and 2 points for any airline or foreign currency purchase.
These points can be used for a variety of things including being converted into hundreds of pounds of Nectar points or Amazon vouchers, as well as into Avios.
American Express has boosted rewards points for new customers who sign up for its Gold Card
What you need to know
The card is free of charge the first year, but rises to £140 a year after that, making it a useless piece of plastic to carry around for many in the first year.
If you do not want to continue using the card after taking advantage of the bonus, remember to cancel it before the year has passed.
If you’ve accumulated a significant amount of points and want to keep going, you can switch to no-fee membership rewards cards like the American Express Rewards credit card.
There are a number of benefits built into the card such as cardholders receiving up to £5 twice a month for Deliveroo purchases charged to the card.
Customers can also take advantage of two complimentary lounge visits per year at more than 1,200 airport lounges globally – which could benefit those looking to take a flight in the next 12 months.
Those who refer a friend can earn at least 6,000 Bonus Membership Rewards points if they are approved – up to 90,000 points per year.
Cardholders who commit to the card after the first year can also earn an additional 10,000 Membership Rewards points each year when they spend a minimum of £15,000 within the 12-month period of their card’s anniversary.
But stick to the rules…or wipe out the benefits
Users should be careful and make sure they pay off at least the minimum amount each month – but preferably the balance as they go, or be shocked by the high interest.
This means that if you’re considering this card, you need to make sure you have a way to pay it off almost instantly.
The card comes with a rate of 24.5 per cent on purchases and a representative APR of 59.9 per cent, which includes an annual fee of £140, based on a £1,200 cap.
Customers will also not be eligible for the introductory bonus if they have had a personal Amex in the past two years.
Customers warned: while the Gold Card is fee-free the first year, it rises to £140 the following year.
Is it worth subscribing?
Experts believe that the card is one of the best cards currently available, especially with the additional sign-up bonus on offer.
“While you might think Amex has a rather lofty reputation if you’ve never had one, there is no minimum income requirement,” said Rob Burgess, Head of Points.
But this does not mean that they will accept anyone. This means that the gap between your income and your expenses is more important than your income alone.
Also, forget the idea that nobody accepts Amex. Every big chain takes on it – B&Q was the last to hold off but finally signed up in May 2021.
“You’ll run into issues at some of the smaller stores, and it’s rare that you can pay a utility bill with Amex but acceptance, as a percentage of your shopping bill, is fine.”
However, customers need to be realistic about how much they need to spend to get the most out of the rewards.
Burgess added: ‘It’s hard to make the case for keeping the card beyond the first year, unless you can spend £15,000 a year for the annual bonus of 10,000 Amex points.
“It also depends on how much money you manage from Amex cashback offers throughout the year and promotions like convenience stores.”
Whether it’s worth the £140 annual fee depends on how much people use the card
Other bonuses are reduced
The boost to the Amex Gold Rewards card comes after the card provider slashed the amounts customers earn with cash-back credit cards.
The cashback discounts relate to the Free Daily Platinum Cashback Card and the Platinum Cashback Card which comes with an annual fee of £25.
Its free customers used to get 1 per cent cashback on spending over £5,000 a year, but under the changes any spend of up to £10,000 now earns just 0.5 per cent.
Meanwhile, prepaid cardholders earn 0.75 per cent cashback when spending up to £10,000, down from the previous rate of 1 per cent.
What other cards offer special sign-up bonuses?
There are a number of special sign-up bonus credit cards currently on the market.
That’s the money, with the help of Head for Points I’ve rounded up some of the best deals on offer – and the same rules apply, make sure you can pay off the balances or forfeit any benefits:
1. Virgin Atlantic Reward MasterCard
Sign-up bonus increased to 2000 Virgin Points from nothing. Points can be spent on a variety of things from flights to days out. Each point equals 55 pence.
To redeem the offer, customers need to spend £500 in 90 days with the variable APR represented at 22.9 per cent.
Deal ends October 15th and customers cannot take out a Virgin Money credit card issued in the previous six months.
2. British Airways American Express Premium Plus
Customers who sign up for this card will now get 40,000 Avios points instead of 25,000.
Those who join will need to spend £3,000 in 90 days to redeem the reward and cannot have held a British Airways American Express card within the past 24 months.
The value of the card is £250 per annum with a prorated refund in the event of cancellation.
However, interest is also high with a variable APR represented at 101.1 per cent based on a £1,200 cap and £250 annual fee. Deal ends November 2nd.
3. The Platinum Card from American Express
Another Amex card, this card’s sign-up bonus has been increased to 60,000 Membership Rewards points from 30,000. It converts to Avios at 1:1 and to many other airline and hotel systems.
However, customers will need to spend £6,000 in six months and the card is £575 refundable pro rata if you cancel.
To qualify, you cannot have a Gold or Platinum American Express Personal Card within the past 24 months, or any other specialty Amex Personal Card that also awards Membership Rewards points. Deal ends November 2nd.
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