American Express Strategy for Under £35,000 Earners: What to Know
American Express tightened its UK income rules in 2023, leaving lower earners with fewer card options but still a clear path to rewards.
By The Aviation Hub
4 min read
The best American Express strategy for anyone earning under £35,000 in the UK is more limited than many people realise, but it is far from worthless. Since July 2023, American Express has applied minimum income thresholds to its UK credit cards, and those thresholds shape almost everything that follows.
What Changed in July 2023
Before July 2023, American Express took a broader view of applicants, weighing household income and the gap between income and expenditure rather than applying a hard floor. That approach was replaced with a cruder minimum income model.
The practical consequence is stark. According to Head for Points, only the higher-fee cards unlock the ability to earn sign-up bonuses on more than one American Express card, and those cards require a £35,000 minimum income. Anyone earning below that threshold can earn a bonus on only the first card they take out, assuming they have held no personal American Express card in the previous 24 months.
Which Cards Are Available Below £35,000
Head for Points notes that lower earners are restricted to a smaller pool of travel rewards cards. The application forms do allow applicants to declare multiple streams of income, including sources beyond a basic salary, which may help some people reach a higher declared figure than their employment income alone suggests.
The American Express website uses the words "earn" and "income" inconsistently, so the application form is the more reliable guide to what counts.
The Best First Card: American Express Preferred Rewards Gold
For anyone earning between £20,000 and £35,000, Head for Points recommends starting with the American Express Preferred Rewards Gold Credit Card. The card carries no annual fee in year one and comes with four airport lounge passes valid across the 1,550-strong Priority Pass network, plus 24 monthly £5 Deliveroo credits.
The sign-up bonus is 20,000 Membership Rewards points, earned after spending £3,000 within three months of approval. Those points can be transferred into Avios or other airline and hotel programmes, typically at a 1:1 ratio, and Head for Points values them at roughly £200 if moved into airline miles.
No other card available to sub-£35,000 earners offers a bonus that beats the Gold card, in the view of Head for Points.
The Long-Term Card to Keep
The card worth keeping for ongoing spending is not necessarily the same as the one worth getting for the bonus. Head for Points argues that the free British Airways American Express card adds limited value for lower earners because it requires £15,000 of annual spending to trigger the companion voucher, and that voucher is in any case restricted to economy.
The better long-term option is The American Express Rewards Credit Card. It earns 1 Membership Rewards point per £1 spent, which converts to 1 Avios, but it also gives the holder the flexibility to move points into a wide range of airlines, hotels, Eurostar or High Street vouchers. That flexibility is worth more than a single-airline earning card for most people in this income bracket.
If You Earn Between £15,000 and £19,999
For those at the lower end of the range, Head for Points recommends skipping the Gold card entirely and going straight for The American Express Rewards Credit Card. The spending required to unlock the Gold card bonus may simply be out of reach, making the no-fee Rewards card the more sensible starting point.
Planning Your American Express Strategy for Future Earnings
Someone who expects their income to cross the £35,000 threshold within the next two years has an additional option worth considering. Head for Points suggests taking either the Marriott Bonvoy American Express Card or the Nectar Credit Card as a first card. Doing so leaves both The Platinum Card and the British Airways American Express Premium Plus Card available for separate bonuses once the income threshold is cleared.
The logic is that the bonus eligibility rules treat the higher-fee cards separately, meaning a strategically chosen first card can preserve access to two further bonuses rather than one.
A Word on Interest Rates
Every card in this category carries a high representative APR. Head for Points states that the representative APR on the American Express Preferred Rewards Gold Credit Card is 85.8% variable including the annual fee, and 29.1% variable on purchases in the first year when no fee applies. These cards only make sense for people who are certain they will clear their balance in full every month.
The Bottom Line
The American Express strategy for under £35,000 earners is narrower than many would like, but it is not without merit. One strong sign-up bonus on the Gold card, followed by a switch to the free Rewards card for ongoing spending, is a sensible and cost-effective path. Those who expect to earn more in the near future can plan their first card choice accordingly and preserve access to larger bonuses later.
All interest rate and eligibility information above comes from Head for Points, and readers should verify current terms directly with American Express before applying, as offers and conditions change.
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