Card review · earns Membership Rewards
American Express Preferred Rewards Gold
The American Express Preferred Rewards Gold takes a different approach from the British Airways cards: instead of earning Avios directly, it earns Membership Rewards — a flexible currency you can transfer into Avios, Virgin Points and other partners when you choose. That flexibility is its whole point, and it's a strong reason to make this a first or second card.
Who this card suits
This is the card for the collector who doesn't want to be locked into a single airline. If you'd rather keep your options open — moving points into Avios for one trip and Virgin Points for another, depending on where the good redemption is — Membership Rewards gives you that freedom. It suits the strategic beginner and the experienced collector alike, and it often introduces people to the wider Amex ecosystem.
How it earns
It earns Membership Rewards on your spending, typically with elevated earning in certain everyday categories, plus a welcome bonus for meeting the initial spend requirement. Figures are in the box above and should be verified against current terms. The points are the flexible sort: worth roughly what the best transfer partner will give you, which usually means they track the value of Avios or Virgin Points.
Why flexibility matters
The value of a transferable currency is that you commit late. You don't have to decide today whether Avios or Virgin Points will serve you better — you hold Membership Rewards and move them only when you've found the redemption. In a hobby where the best value shifts between programmes, that optionality is genuinely worth paying a modest fee for.
What to weigh before applying
There's typically an annual fee (sometimes waived for a first year — check current terms), so as ever, weigh it against how much you'll earn and use. The transfer step also adds a little friction versus a card that earns Avios directly. But for most people building a serious points strategy, the flexibility outweighs both. And again: only worthwhile if you clear the balance every month.