The Preferred Rewards Gold is a very interesting card, for the simple reason that travel rewards are earned through it at a rate that is quite a bit faster than many of the other cards around. You earn 1 Membership Rewards Point for every dollar that you spend, with the points being redeemable at a better ratio for many of the travel rewards that American Express is able to offer. This rewards program is in addition to the fraud protection guarantee that this card carries with it as well as optional insurance as well as included purchase protection.

There are many different things that a person can like about this card outside of the actual structure of the credit card itself, which is perhaps why so many people are cardholders of the American Express Preferred Rewards Gold Card. The fees that one finds with this specific credit card are the fees that are available through all of the credit cards; the one big exception being the annual fee. The annual fee is in fact the one particular factor that could end up sinking this credit card in the estimations of many people, simply because generally speaking people do not like paying annual fees for any credit card.

The basic annual fee for this credit card is $125 and you can add up to five more cards to the account for an annual fee of $35 for the whole set of five. Then, if you want to add more cards after the fifth addition, it will be another $35 per card per year. This is not a popular policy, so it falls to the customer if they feel this annual fee is worth the benefits they get from the credit card. The late payment fee is a minimum of $35 as well, although it is actually 2.99% of the remaining balance so that it can get absolutely gigantic if you happen to accidentally miss a payment on a larger balance. As for the interest rates, they are going to be set depending on a number of different factors.

The company itself does not put forth a typical APR example for this credit card, but the general consensus is that your particular relationship with the company combined with your own credit history and the prime interest rate will determine in large part what the APR on your credit card is.

The Good: Excellent rewards program and credit card infrastructure support.

The Bad: High annual fee with additional fees for additional cards.