The American Express® Gold Card (Terms apply. See rates & fees) stands out in the sea of credit card options. This card boasts impressive rewards potential, particularly for those who prioritize dining, groceries, and air travel. However, its $250 annual fee and lack of additional bonus categories might not appeal to everyone.
Here’s a breakdown of the Amex Gold Card’s strengths and weaknesses to help you decide if it’s the right fit for you:
Strengths:
- High Rewards Potential: Earn 4 Membership Rewards® points per dollar at restaurants, including takeout and delivery in the U.S., and at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point per dollar). You’ll also earn 3 Membership Rewards® points per dollar on flights booked directly with airlines or through American Express Travel. These rewards rates rival those of some premium cards with much higher annual fees.
- Generous Welcome Bonus: Enjoy a welcome bonus of 60,000 Membership Rewards points after spending $6,000 on purchases in the first 6 months of card membership. This bonus alone can offset the annual fee for many users.
- Valuable Perks: The Amex Gold Card offers a variety of perks, including:
- $120 Uber Cash: Get $10 in Uber Cash automatically added to your account each month, totaling $120 per year.
- $120 Dining Credit: Earn up to $10 in statement credits monthly when you use your card at participating restaurants.
- $100 Hotel Credit: Get a $100 experience credit when you book a two-night stay at a participating hotel through American Express Travel.
- Travel Protections: Enjoy secondary car rental loss and damage insurance, baggage insurance, and travel accident insurance.
- No Foreign Transaction Fees: Use your card abroad without incurring additional fees.
- Flexible Rewards: Membership Rewards points can be redeemed for a variety of options, including travel, statement credits, gift cards, and merchandise. You can also transfer your points to many travel partners, maximizing their value.
Weaknesses:
- Annual Fee: The $250 annual fee can be a deterrent for some users. However, the card’s benefits and rewards potential can easily offset this cost for those who utilize them fully.
- Limited Bonus Categories: The card’s bonus categories are focused on dining, groceries, and travel. If your spending doesn’t align with these categories, you might be better off with a card that offers broader rewards.
- No Lounge Access: Unlike some premium cards, the Amex Gold Card doesn’t offer access to airport lounges.
Overall, the Amex Gold Card is a solid option for frequent diners, grocery shoppers, and travelers who can maximize its rewards and benefits. However, if you don’t spend much in these categories or find the annual fee prohibitive, you might be better served with a different card.
Here are some additional factors to consider when deciding if the Amex Gold Card is right for you:
- Your spending habits: How much do you typically spend on dining, groceries, and travel?
- Your travel goals: Are you looking to maximize travel rewards or simply earn points for occasional trips?
- Your credit score: The Amex Gold Card typically requires good to excellent credit for approval.
- Your budget: Can you afford the $250 annual fee?
You can determine whether the Amex Gold Card is a valuable addition to your wallet by carefully weighing these factors.
Here are some additional resources that you might find helpful:
- Amex Gold Card review: https://www.forbes.com/advisor/credit-cards/american-express-gold-card-review/
- Reddit discussion on the Amex Gold Card: https://www.reddit.com/r/amex/comments/14zpgd4/is_amex_gold_worth_it/
People who are over 5/24 with Chase
Because of the annoying 5/24 rule, we at TPG almost always advise you to apply for Chase credit cards first. Put simply, this rule states that if you have opened five or more credit cards in the previous 24 months, you will be automatically denied for most Chase cards.
It becomes more difficult to decide what to do once you’ve used up all five of your Chase slots, but the Amex Gold might be a fantastic solution. You’ll not only start earning valuable transferable points currency right away, but the bonus categories will make it much easier for you to earn your next award flight or hotel stay.
People who are under 5/24 and want more Chase cards
As was already mentioned, one of the most crucial factors to take into account when developing a credit card starting strategy is Chase’s 5/24 rule. To someone who has never had one before, five cards may seem like a lot, but those slots fill up quickly, and it takes some time to get more.
There’s no need to apply for the Amex Gold now if doing so would jeopardize your Chase strategy because it’s likely to be around for a while.
Is the American Express Gold ACTUALLY Worth It in 2024?
Is the AMEX gold worth it?
If you’re an everyday cardholder wondering if the Amex Gold is worth it for you, take it from us: The Amex Gold is one of the best cards on the market if you spend heavily on food and make the most of its perks on dining and travel. This card’s value can more than cover its $250 annual fee in the right hands.
Is the American Express Gold Card worth it?
The American Express® Gold Card can be well worth it even though it doesn’t offer as many travel benefits as The Platinum Card® from American Express. In fact, some would argue that the long-term rewards rate is significantly more generous on the Amex Gold Card, or that the lower annual fee makes it a better deal.
Is Amex gold a good card?
You might also benefit from its various statement credits to save money throughout the year. If you’re a food lover, the Amex Gold may be a great option for your wallet. Card Rating*: ⭐⭐⭐⭐ * Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
What benefits does Amex gold offer?
Other Amex Gold benefits that interested me included the Uber Cash and Dining statement credits, access to the Hotel Collection and the potential to earn a nice first-year welcome bonus. New Amex cardholders can earn 60,000 Membership Rewards points after spending $6,000 on purchases in the first 6 months of card membership.