LINK


Comments:

You get 10,000 points after your first purchase. You can exchange the points for $100 Dell.com gift card or $100 The Home Depot gift card or $100 gift card to many other stores (You may have to use Firefox or Netscape, not Internet Explorer to see AmEx Rewards website!!!)

Card application page mentions:

"""
I understand that the annual Card fee is $125 after the first year.
"""
Also, the application page generates a pop-up like this



which implies that there is no annual fee during the first year.



Terms:

Earn 10,000 Membership Rewards® bonus points when you spend $500 in 3 months of Card membership- redeemable for a $100 gift card.

Once your application for the American Express Preferred Rewards Gold Card is approved, you can earn 10,000 Membership Rewards® bonus points after you spend $500 in your first 3 months of Card membership. To be eligible to earn bonus points, you must be enrolled in the Membership Rewards program at the time of purchase and you must charge your purchase on an eligible, enrolled American Express® Preferred Rewards Gold Card. Bonus points will be credited to your Membership Rewards Program account 6-8 weeks after spend threshold is met. Bonus points may be redeemed for gift cards valued at $100 upon point credit with participating partners. This offer is valid for first-time American Express Preferred Rewards Gold Card members only. You are eligible to receive bonus points for only one Card account. Additional Card members are not eligible. Terms and Conditions for the Membership Rewards® program apply. Visit membershiprewards.com/terms or call 1-800-AXP-EARN (297-3276) for more information. Participating partners and available rewards are subject to change without notice. Bonus ID 1719