THE BEST UK CREDIT CARD FOR REWARDS
The reward – 20000 points ie. two free flights to Europe and two free airport lounge passes.
The card – the American Express Preferred Rewards Gold Card.
Please note this is not a typical credit card. It’s a charge card – which means that you MUST pay the balance off in full every month. If you don’t, you’ll be hit with enormous penalties which obviously negate the value of the rewards points in the first place.
The American Express Preferred Rewards Gold Card normally carries an annual fee of £125, however this fee is waived in the first year and this is the key to the deal.
The spending requirements are straightforward: Spend £2000 in your first 3 months and AmEx will throw you 20,000 points. This deal would therefore be perfect for anyone with large expenditures on the horizon over a three-month period – i.e. you may be about to book a long-distance flight and hotels, or purchase new furniture etc.
The American Express Preferred Rewards program is a RLB favourite because it offers the ability to transfer the points to 15 major hotel / airline points programs. In this case we recommend transferring your points to British Airways Avios to get the most value for your points. 20,000 Avios is enough to get you two return flights to Europe. That’s value that is hard to match.
Another benefit of this card is that you receive two free airport VIP lounge passes at LOUNGE CLUB just for signing up for the card. Next time you fly, you’ll be kicking back in style before the flight.
The card’s general spending bonuses are also excellent. You’ll receive 1 point per pound spent, 2 points per pound spent on travel (plane fares / train fares), double points on charges abroad, and double points on petrol and major supermarket spending in the first 12 months.
Furthermore, you’ll receive free travel inconvenience insurance when tickets are paid for with the card.
All in all – it’s a great package and the perks can be obtained at NO cost by following the steps below:
How to play the Smash n Grab
– Apply for the card. (The annual fee is £0 in the first year);
– Pay for your large expenses in the first three months to meet the signup bonus of 20000 points;
– Collect the lounge passes (they’ll arrive around one month after activating the card);
– Continue to use your card for the best part of a year and collect as many points as you can, remembering to pay the card off in full every month;
– Cancel the card just before the year is up before you’re hit with the annual fee.
In some cases, especially if you’re a hefty spender, they’ll offer to waive the annual fee as opposing to losing your business on the card but if not, don’t be shy when it comes to cancelling. There will always be another signup bonus down the road.
Be sure you’ve transferred your points on to another rewards program before calling to cancel the card. American Express are notoriously stingy when it comes to their rewards points and if and you do cancel your card, you’ll forfeit any remaining AmEx points in your account.
Total rewards – Enough points for two free return flights to Europe from the UK, two airport lounge passes, AmEx Rewards points for spending and travel inconvenience insurance.
Total out of pocket cost – Zero.
You can thank us for the tip when you’re enjoying a cocktail in Europe.
Please see the Terms and Conditions of the card here.
Middle photo courtesy courtesy of no1traveller.com.