The American Express® Premier Rewards Gold Card is the best option out there for earning Membership Rewards points: it earns an impressive 3 points per dollar on airfare, 2 points per dollar on gas and groceries, and 1 point per dollar on all other purchases.
Signup Bonus and Fees
With this card, you can earn 25,000 points by spending $2,000 within the first three months of opening your account. The Premier Rewards Gold card has a 2.7% foreign transaction fee and a hefty $175 annual fee, but that fee is waived for the first year. I plan to downgrade my Premier Rewards Gold card before the annual fee hits in order to retain my points and avoid the annual fee.
The Rewards
The Premier Rewards Gold card is the top Membership Rewards earner because its bonus categories encompass the types of purchases that most people spend a lot of money on: airfare (3x), gas (2x) and groceries (2x). I use my Premier Rewards Gold card for all of my purchases in those categories, but don’t recommend it for use in non-bonused categories — you can do better. For more information about Membership Rewards points and their redemption options, check out this post.
The Bottom Line
The Premier Rewards Gold card is an excellent points-earner — certainly the best of the Membership Rewards cards — but its long-term value is bogged down by its huge $175 annual fee. I recommend the card for a short-term (i.e. < 1 year) play on its points-earning capability; just be mindful of the annual fee and evaluate your options before it hits your account.