Is the American Express® Gold Card still worth it?
The American Express® Gold Card is still worth it for people who spend a lot at the supermarket or love dining out. If this describes you, the Gold Card should offer more than enough benefits to justify the newly-increased $325 annual fee.
Earning 4X Membership Rewards points on eligible purchases at restaurants (on up to $50,000 per year, then 1X) and at U.S. supermarkets (on up to $25,000 per year, then 1X) makes it easy to rack up rewards on these everyday purchases. Although the Gold Card has fewer travel perks than some other Amex products, it also offers triple points on flights booked directly with airlines or through American Express Travel.
If you’re a traveler at heart, the benefits only get sweeter— transferring your points to Amex travel partners can get you over 2 cents per point in redemption value. Bottom line: If you’re a travel-happy foodie looking for a restaurant card or you want to earn rewards from your grocery bill, the Amex Gold card is definitely worth considering.
American Express® Gold Card: Rewards
Welcome offer
Currently, new cardholders can earn 60,000 Membership Rewards points when they spend $6,000 on eligible purchases during the first six months of card membership. This could be worth up to $1,200, depending on how you redeem your points. Plus, for a limited time, you can earn 20% back in statement credits on eligible restaurant purchases you make in the first 6 months of owning this card. Offer ends 11/6/24.
Whereas the 60,000-point bonus is available to every approved applicant, American Express often sends better welcome offers to targeted individuals, with some new members earning 75,000 in bonus points. You may even see a welcome offer of 90,000 Membership Rewards points or more.
Earning points
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4X points at restaurants. Earn 4X points on eligible purchases at restaurants (plus takeout and delivery in the U.S.) on up to $50,000 per year, then 1X. For example, if you treat yourself to a $500 steak dinner at Morton’s in Los Angeles, you’ll receive 2,000 Membership Rewards points (500 x 4).
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4X points at U.S. supermarkets. Earn 4X points on purchases made at U.S. supermarkets on up to $25,000 spent per year, then 1X. So for example, if you spend $100 on organic greens and fresh fruit, you’ll get 400 bonus points (100 x 4).
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3X points on air travel. Earn 3X points on air travel booked directly with an airline or with American Express Travel. For example, if you’ve been eyeing a $5,000 trip to Las Vegas, you can earn 15,000 points (5,000 x 3).
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1X points on all other eligible purchases. Even if your purchase doesn’t fall into one of the bonus categories, you’ll still earn 1 point per dollar. For example, if you spend $49 on books and magazines, you’ll get 49 points.
Amex offers
As part of the Membership Rewards program, Gold Card members also receive special offers from American Express. All you have to do is browse the list of available offers, activate the ones you plan to use and collect Membership Rewards points on each purchase.
Amex partners with a wide range of brands to provide discounts and limited-time offers on everything from streaming services to designer duds.
Referral bonus
With the Amex Gold referral bonus, you can earn points even if you don’t spend any money. Here’s how it works:
- Use the American Express website to enter a friend’s name and email address.
- Amex sends that friend a link to the Gold Card application.
- If your friend completes the application and qualifies for a Gold Card or another American Express card, you’ll get a referral bonus. They’ll also get a welcome bonus to sweeten the deal.
Redeeming points
You have several options when it comes to redeeming your Membership Rewards points, but not all are created equal.
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Book travel through the AmEx travel portal. Value of 0.7 to 1 cent per point.
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Transfer to travel partners. Potential value of over 2 cents per point.
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Upgrading travel accommodations. Variable value
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Covering your card charges to reduce your balance (essentially cash back?). Value of 0.6 cents per point
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Amex Shopping portal. Value of approx. 0.5 cents per point.
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Pay With Points through PayPal or Amazon. Value of approx. 0.7 cents per point.
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Gift cards. Value of approx 0.5 to 1 cent per point.
American Express® Gold Card: Benefits
Credits
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Dining credits. You’re eligible for up to $10 in statement credits each month (up to $120 per year) when you use your Gold Card to pay at a participating restaurant partner. American Express has many dining partners, including Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
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Uber credits. Statement credits aren’t the only reason to enroll in the Membership Rewards program. After adding your Gold Card to the Uber app, you can get $10 per month in Uber Cash, for a total of $120 per year. The good news is that you don’t have to use your Uber Cash just for rides. You can also use it to order food via Uber Eats. This benefit is only applicable to rides and Eats orders in the U.S.
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Hotel credits. The Gold Card even offers a $100 experience credit when you book a two-night stay with the Hotel Collection through American Express Travel.
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Dunkin’ credits. You can get up to $7 per month in statement credits (up to $84 per year) to use at Dunkin’ when you enroll and pay with your Gold card at Dunkin’.
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Resy credits. Enjoy up to $100 in statement credits each calendar year ($50 semi-annually) when you dine at U.S. Resy restaurants and pay with your Gold card.
Travel benefits & more
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American Express travel insurance. Amex Gold comes with $500,000 worth of travel accident insurance, including flight delay insurance, baggage delay insurance and trip cancellation and interruption insurance. It also covers car rental theft and damage, lost or stolen baggage and hotel burglaries. Each type of insurance protects you under specific circumstances, limiting your losses in the event of an emergency.
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No foreign transaction fees. You can swipe your Amex Gold Card freely overseas without worrying about incurring expensive fees on your purchases. However, Amex cards aren’t as widely accepted internationally as Visa or Mastercard, so it’s best to keep another card in your back pocket if you’re traveling abroad.
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Purchase protection. When you use your Gold Card to make an eligible purchase, you get the benefit of Amex purchase protection. American Express offers up to $10,000 per covered purchase and up to $50,000 per calendar year for most covered events. If the loss occurs due to a natural disaster, Amex only provides up to $500 in purchase protection per event.
▶︎ See our picks: Best credit cards for international travel
*Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
American Express® Gold Card: The fine print
Fees
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Annual Fee: $325
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Balance Transfer: None, this card doesn’t allow balance transfers
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Cash Advance: $10 or 5% of each cash advance, whichever is greater
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Foreign Transaction: $0
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Late Payment: Up to $40
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Returned Payment: Up to $40
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Interest rates
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Introductory APR: N/A
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Pay Over Time APR: If you use the Pay Over Time feature, you’ll have a variable APR of 20.74% to 28.74% on any balance you carry.
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Cash Advances: The Gold Card charges a 29.99% APR on cash advances.
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Penalty APR: If your payment is returned or if you make a late payment, you’ll pay a penalty APR of 29.99%. This penalty rate stays active for at least six months.
Credit limit
The American Express® Gold Card doesn’t have a preset spending limit. This flexible spending limit is set monthly and depends on your credit history, debt level, income, payment history, and spending habits.
Having no preset spending limit can be beneficial to those who frequently charge high amounts and want to make the most of their reward points. However, having no preset spending limit does not mean there is no credit limit at all, and you need to be especially careful to make sure you aren’t charging more than you can afford to pay off.
Credit score requirement
American Express doesn’t publicize the minimum credit score needed for an Amex Gold Card, but we recommend a FICO score of at least 670 before you apply. Your chances of approval increase with a score of 700 or higher if you meet other eligibility requirements.
American Express® Gold Card: Drawbacks
High annual fee
While $325 per year is lower than some premium cards, it’s still steep. If you can maximize the statement credits and bonus categories, you’re set. The statement credits alone can more than outweigh the cost. Some other cards offer similar rewards with lower or no annual fees, which may be a better bet if you’re not sure whether you can justify the $325 yearly cost.
For example, the Blue Cash Preferred® Card from American Express offers 6% back on up to $6,000 spent at U.S. supermarkets per year (then 1%), and has a $0 intro annual fee for the first year, rising to only $95 thereafter (see rates and fees). Or the Capital One SavorOne Cash Rewards Credit Card offers 3% back at grocery stores (excluding superstores like Walmart® and Target®) and 3% back on dining, and it doesn’t charge an annual fee at all.
Complicated benefits
The $120 per year in dining credits is great if you love going out to eat, but it’s not as simple as that. These credits are only doled out in $10 monthly increments and are only usable at select restaurants. Enrollment required.
If you already like to go to one of American Express’ restaurant partners, this might be an okay deal. Sure, $10 won’t get you very far, but it adds up over time. However, if you can’t utilize this perk, there’s a lot more of the annual fee you’ll still have to make up for.
▶︎ See our picks: Best credit cards for restaurants and dining
How the American Express® Gold Card compares
American Express® Gold Card vs The Platinum Card® from American Express
Simply put, the Amex Gold card is better for everyday spending with the added benefit of some travel perks, while The Platinum Card® from American Express is better for frequent travelers who want luxury benefits.
The Gold card has a lower annual fee, but the Platinum has more perks and credits. Platinum cardmembers can access over $1,500 worth of statement credits, hotel elite status, airport lounge access and more. Whether that’s enough to justify the $695 annual fee (see rates and fees) is up to you to decide.
▶︎ Read more: American Express Gold vs. Platinum Card
American Express® Gold Card vs Blue Cash Preferred® Card from American Express
The big difference here is that the Amex Gold Card is a rewards card that earns membership points and the Blue Cash Preferred® Card from American Express is a cash-back card (received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com), so your choice comes down to what type of rewards you want. If travel benefits matter to you, the Gold Card comes out on top. If you want to save money with a lower annual fee, Blue Cash Preferred is the winner with a $0 intro annual fee for the first year, then only $95 after that (see rates and fees).
There is also the Blue Cash Everyday® Card from American Express, which is one of the best credit cards with no annual fee (see rates and fees). The reward rates are a bit lower and there are fewer perks, but it’s a fair trade-off if you’re on a budget.
▶︎ Also see: Chase Sapphire Preferred® Card vs. Amex Gold
Should you get the Amex Gold Card?
If you can utilize the dining statement credits, Uber Cash, and maybe even the hotel statement credit benefit, then the American Express® Gold Card is well worth the $325 annual fee and would make a great addition to your wallet. And if you spend a decent amount in this card’s bonus categories, even better.
However, if you’re uncertain about utilizing the statement credits, you want different benefits, or you can’t maximize the reward categories, Amex Gold likely isn’t the best option for you.
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For rates and fees of the American Express® Gold Card, please visit this page.
For rates and fees of The Platinum Card® from American Express, please visit this page.
For rates and fees of Blue Cash Preferred® Card from American Express, please visit this page.
