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.
The Amex Gold Card starts you off with a welcome offer of 60,000 points when you spend $4,000 on your card within six months of card membership. In terms of rewards structure, cardholders earn 4X points at restaurants (including takeout and delivery in the U.S.); 4X points on up to $25,000 spent at U.S. supermarkets each year (then 1X points); 4X points on Uber Eats purchases; 3X points on flights booked directly with airlines or with AmexTravel.com; and 1X points on all other purchases.
While this premium rewards credit card charges a $250 annual fee, several Amex Gold benefits make paying this fee well worth it. These include up to $120 in Uber Cash, up to $120 in dining credits each year and up to a $100 hotel credit with The Hotel Collection. Other Amex Gold Card benefits include the option to choose a rose gold color as well as several important purchase protections and travel insurances.
Only you can decide which card works best for your spending and goals, but there are several reasons we believe the Amex Gold Card could offer outsized value in the right circumstances. There are also scenarios where the Amex Gold Card isn’t worth it, which we’ll explain in more detail below.
When is the Amex Gold Card worth it?
As you’re trying to decide if the American Express Gold Card is worth it, it can help to take a closer look at the cardholder benefits and how they work. This American Express credit card really stands out due to the following features and its rewards potential, which can help you net thousands of dollars in travel (or other rewards) each year.
You want to earn a generous welcome bonus
Since American Express Membership Rewards points have a value of up to 2.1 cents apiece toward high-value transfer partner travel (according to Bankrate valuations), the welcome bonus on this card could be worth as much as $1,260 on its own. This bonus makes this card’s $250 annual fee an exceptional deal for the first year.
You spend a ton at U.S. supermarkets and restaurants
Keep in mind how much you could earn in rewards with this card. If you’re able to max out the 4X points category with $25,000 in spending at U.S. supermarkets within a year, you could earn 100,000 American Express Membership Rewards points (worth up to $2,100 toward transfer partner travel). Plus, all your dining would net you 4X points, including delivery and takeout in the U.S.
By and large, it’s difficult to find other rewards cards that offer this exceptionally high rate on food and dining purchases. If these are areas where you spend a lot already, the Amex Gold card could truly leave you ahead.
You can use the lucrative annual credits
Once you sign up for the Amex Gold Card, you’ll receive up to $120 in dining credits per year, which are offered on a monthly basis in increments of $10. Enrollment is required, and these credits are only eligible for purchases with Grubhub, Seamless, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and participating Shake Shack locations. Also, be aware that these credits don’t roll over from month to month.
Cardholders are also eligible for up to $120 in Uber Cash, which is good for Uber Eats food deliveries or Uber rides. These credits are also offered in increments of $10 per month that will expire if you don’t use them.
If maximized and used every month, these two dining-focused credits equate to up to $240 in value annually from your Amex Gold Card. Add in the up to $100 hotel credit with The Hotel Collection (available when you book two or more consecutive nights through the American Express travel portal) and that’s up to $340 in value from annual credits across the board.
You want protective benefits
This card offers several insurance benefits and consumer protections, including American Express purchase protection, extended warranties, a baggage insurance plan and secondary auto rental coverage. These benefits are complimentary for cardholders.
When is the Amex Gold Card not worth it?
While all the scenarios above are ones where the Amex Gold Card could deserve a space in your wallet, there are definitely instances where you would be better off with a different card. Here are a few to think about:
You rarely travel and prefer to earn cash back
While American Express Membership Rewards points are worth approximately 2.1 cents each when transferred to partners and used for premium travel redemptions, you’ll get a lot less for your points if you use them in other ways.
For example, you can get 1 cent per point when redeeming your Amex points for gift cards, yet you’ll only get 0.6 cents per point in value when redeeming rewards to cover charges to your account and 0.7 cents per point if you use your rewards for travel other than flights through AmexTravel.com.
A premium travel credit card suits your tastes better
Maybe you want premium travel perks like airport lounge access, annual credits for travel purchases or elite status with hotel brands. In that case, a premium travel credit card like The Platinum Card from American Express may suit you better, despite its much higher annual fee.
You don’t want to pay an annual fee
Speaking of annual fees, not everyone wants to pay one to carry a rewards credit card. The Amex Gold Card charges $250 per year for members, and this fee is not waived the first year.
Meanwhile, there are many cash back credit cards and general rewards cards that don’t charge an annual fee at all — and some of the best American Express credit cards even fall into this category.
Should you get the Amex Gold Card?
While the Amex Gold Card could be a winner for almost anyone, there are specific consumers it would benefit more. There are also certain cardholders who might be better off with a different credit card altogether.
Here are some points you should consider before signing up for the Amex Gold Card, as well as signs that you should look elsewhere:
Who should get the Amex Gold Card?
- Foodies who spend a lot on dining and at U.S. supermarkets each year
- Anyone who frequently uses Uber Eats and is able to use the dining credits this card offers
- Frequent travelers who want to earn American Express Membership Rewards points so they can transfer them to Amex airline and hotel partners
Who should consider a different rewards credit card?
- Travel enthusiasts who want a card with elite benefits like airport lounge access
- Anyone who is averse to paying an annual fee for a credit card
- People who spend very little on groceries, dining or food delivery
- Someone who prefers to earn cash back or statement credits instead of flexible rewards points
The bottom line
Is the American Express Gold Card worth it? Only you can decide if the juice is worth the squeeze. However, if you’re a person that loves food more than travel, the Amex Gold may be a good option for you.
Remember, there are plenty of other rewards credit cards to consider, including ones with no annual fee. Several other American Express credit cards let you earn points in the American Express Membership Rewards program as well, so make sure to compare all your options before you apply.
FAQs
Is The Amex Gold Worth It? | Bankrate? ›
The Amex Gold card is an incredible option for earning travel rewards on dining and U.S. supermarket purchases. But the annual fee and lower rewards value for non-travel options likely make this a poor fit for occasional travelers or households just looking for cash back on everyday spending.
Why is my Amex Gold minimum payment so high? ›You're incurring interest: The only way to avoid getting hit with interest is to pay off your balance in full each month. Most credit cards carry double-digit interest rates, so if you're carrying a balance, these charges are getting tacked onto your minimum every month.
How do I get my Amex Gold annual fee waived? ›The chief military specific benefit on the Amex Gold card is the $250 annual fee waived for active duty troops, Guard and Reserve on 30+ day active duty orders, and military spouses. Other key benefits include the welcome bonus of 60,000 points after spending $4000 in the first 6 months of Card Membership.
Is getting an Amex Gold Card hard? ›Yes, it is hard to get the American Express® Gold Card because you will need good or excellent credit for approval. Unless your credit score is 700 or higher and you have a lot of income, it will be very hard for you to get approved for the Amex Gold card.
Why is Amex Gold so expensive? ›Bianca Smith, WalletHub Credit Cards Analyst
The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees.
The minimum payment on a $5,000 credit card balance is at least $50, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment.
What happens if you don't pay Amex Gold in full? ›Interest charges accrue when you don't pay the bill off in full. Pay Over Time charges an interest rate that is the same across the Green, Gold and Platinum products. As of August 2020, cardholders who use the feature will pay an APR between 15.99% to 22.99%, depending on creditworthiness.
Can I downgrade Amex Gold to a no fee card? ›American Express cards can only be downgraded to the same type of card, based on what kind of rewards you can get and whether it requires you to pay the full balance each month or not. For Amex Gold card, the only lower-tier option is the Amex Green card.
Do you need to pay off Amex Gold every month? ›The American Express Gold and Platinum cards are actually “charge” cards rather than “credit,” which means you must pay the bill in full each month.
Do I have to pay my gold Amex in full every month? ›You must pay in full, by the Payment Due Date, all charges that are not added to a Pay Over Time, Cash Advance, or Plan balance. We will begin charging interest on cash advances on the transaction date.
Does Amex actually verify income? ›
While American Express probably won't ask to verify your income, it's not a good idea to lie about your income on an application. In fact, providing false information on a credit card application is against federal law. Therefore, you're much better off being honest when applying for an American Express credit card.
Is Amex Gold a big deal? ›The American Express Gold Card is considered one of the best travel rewards cards thanks to the numerous food and travel perks that appeal to big spenders who can afford its $250 annual fee. It offers generous ongoing rewards for airfare purchases and spending at restaurants and U.S. supermarkets.
What is the typical Amex Gold limit? ›If you have a Consumer or Business Green, Gold or Platinum Card, your Card does not have a credit limit. Instead, your Card has no preset spending limit unless you have been previously notified otherwise.
Is Amex Gold better than green? ›Amex Gold vs.
Travel Benefits Winner: The Amex Green card is the winner for travel benefits since it includes credits toward airport lounges and expedited security. The Amex Green Card caters more to travelers and as such includes a few benefits that will improve your travel experience.
As a result, the Amex Gold Card doesn't have a credit utilization rate on credit reports like many rewards credit cards. But, cardholders will need to pay their balance in full each month to keep their account in good standing and potentially improve their credit score.
Is the gold Amex better than the blue? ›Bottom Line: The Amex Gold card comes with higher earnings at U.S. supermarkets, restaurants, and airline tickets, but it also comes with an annual fee. The Amex Blue Cash Everyday card doesn't charge an annual fee, but its earning rates are lower.
What does $6000 minimum credit limit mean? ›Minimum credit limit is the minimum amount that the bank can approve you for, depending on some factors (e.g. credit score, ability to pay, etc.). It isn't the required amount of debt needed.
Should I pay off my credit card in full or leave a small balance? ›It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.
How much of a $5,000 credit limit should I use? ›If you have a $5,000 credit limit and spend $1,000 on your credit card each month, that's a utilization rate of 20%. Experts generally recommend keeping your utilization rate under 30%, ideally closer to 10% if you can.
Is Amex prestigious? ›Yes, the American Express Platinum card is considered a prestigious credit card, as it's geared for big spenders who travel often and can take advantage of the card's many benefits.
Is Amex Gold card metal? ›
Yes, the Amex Gold card is a metal credit card. New Amex Gold card applicants don't need to specify that they want a metal card, either. This is the standard design for this card. The metal Amex Gold card doesn't work any differently than a plastic card, though it will be more durable.
Is it worth upgrading Amex Gold to Platinum? ›Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards.
Is it bad to close Amex Gold? ›This is a little known member of the Amex family which, in one scenario, can prove incredibly useful.. One of the downsides of cancelling American Express Preferred Rewards Gold or The Platinum Card is that you are required to empty out your Membership Rewards points account. If you don't, your points will be lost.
Does cancelling Amex Gold card affect credit score? ›Canceling a credit card can turn into a credit score setback not because of the account closure itself, but because closing a credit card account might increase your credit utilization ratio. (Spoiler alert: A higher credit utilization ratio can spell trouble for your credit score.)
What happens if you don't pay off Amex Gold card? ›If you don't pay off at least the minimum balance on your card, miss your due date by 1 day, or completely miss a payment, you'll be charged a late fee AND lose your grace period. You'll also be charged interest fees on any remaining balance on your card.
Is Amex Gold good for everyday use? ›For everyday spending
The Amex Gold earns a mere 1 point per dollar on spending outside its specific bonus categories. There are other cards issued by Amex as well as other banks, that can improve upon that.
Centurion® Card from American Express
Why It's One of the Most Exclusive Credit Cards: The most exclusive, prestigious credit card is without a doubt the American Express Centurion Card, otherwise known as the Amex Black Card.
No, the Amex Gold card does not offer lounge access. The Platinum Card® from American Express, on the other hand, does provide lounge access at more than 1,400 locations worldwide. Just note that the American Express Platinum card has a $695 annual fee.
Is it better to pay Amex in full? ›Paying your credit card balance in full and on time each month can help you optimize your credit score and avoid certain fees. You'll pay more in interest if you make only the minimum payment each month, and late or missed payments can result in late fees – and may adversely affect your credit score.
Can I cancel Amex Gold before annual fee? ›American Express will refund the annual fee on a card if you cancel it within 30 days of the closing date of the billing statement on which the fee appears. Beyond that period, a refund is not possible.
How does Amex Gold no spending limit work? ›
Unlike a traditional credit card, your Card has no preset spending limit, a unique feature that gives you flexible spending capacity. * This means the amount you can spend adapts based on factors such as your purchase, payment, and credit history.
Does Amex look at your bank account? ›They will request tax returns and bank statements. What they're looking for is to make sure the income you reported on the application is true.
Does Amex report income to IRS? ›A: The IRS generally places responsibility for Form 1099-K reporting on merchant acquiring entities, including American Express, who make payments to merchants in settlement of payment card transactions.
How much income do I need for Amex? ›However, you must fulfill the minimum annual income criteria for the American Express® credit card you are applying for. In general, you require a minimum income of Rs. 4.5 lakh or above if you are salaried, and Rs. 6 Lakh or above if you are self employed.
What tier is Amex Gold? ›The Amex Gold's $250 annual fee places it between mid-tier and premium-level cards. Although there's no direct comparison on the annual fee front, several cards offer similar bonus categories and perks.
What is the advantage of Amex Gold Card? ›Bonus rewards on dining, supermarkets and certain travel
4 points at U.S. supermarkets, on up to $25,000 per year in purchases. After that, 1X back. 3 points on flights booked directly with airlines or on amextravel.com. 1 point on all other spending.
The issuer uses this rule to automatically reject applicants who've opened five or more cards in the last 24 months. Some business cards don't count, so be sure to check out this guide to 5/24 if you're not familiar with the rule.
Can you buy a car with a credit card? ›In general, car dealerships accept credit cards. You might even be able to use a card to buy a vehicle. However, it's more likely that the dealership will take a credit card for a down payment or a part of the down payment up to a certain amount. For you, using a credit card is a convenience or maybe a necessity.
How do I increase my Amex gold spending limit? ›You can request a credit limit increase from American Express online or over the phone. To make your request online, log in to your credit card account and select Account Services > Card Management > Increase Your Credit Limit. Or you can call the number on the back of your credit card to request an increase.
Is Amex gold hard to get? ›Yes, it is hard to get the American Express® Gold Card because you will need good or excellent credit for approval. Unless your credit score is 700 or higher and you have a lot of income, it will be very hard for you to get approved for the Amex Gold card.
Why is Amex gold so expensive? ›
Bianca Smith, WalletHub Credit Cards Analyst
The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees.
Welcome bonuses on the Amex Green, Gold and Platinum
That's the highest welcome bonus across all three cards, but it's also the highest spending requirement. The Amex Gold card offers the next best welcome bonus offer.
Which Amex card is the easiest to get? The easiest Amex cards to get are ones with a lower minimum spending requirement for rewards, as well as a low annual fee or no annual fee. Examples include the Blue Cash Everyday Card from American Express and the American Express Cash Magnet Card.
How much is 90k Amex points worth? ›90,000 American Express points are worth about $603, depending on which American Express credit card you have and what you spend the points on. You will get the best value for your American Express points when you redeem them for Travel, but there are multiple redemption options.
Can I get an Amex Gold with 720 credit score? ›The Amex Gold card requirements for approval include having a credit score of at least 700, being at least 18 years old, and being a U.S. citizen or permanent resident. Amex Gold card applicants must also provide a Social Security number, Individual Taxpayer Identification Number, or passport.
Is Amex rose gold or gold better? ›To get right to the chase, there is nothing different between the Amex Gold card and the Amex Rose Gold card other than the color. They are completely identical and whichever version you select is merely a matter of preference.
Should I get both Amex Platinum and Amex Gold? ›Other Perks and Benefits To Owning Both Cards
If you own both cards, use the Amex Platinum to pay for flights and prepaid hotels and the Amex Gold to pay for your supermarket and dining purchases to earn the most points possible on every dollar you spend.
American Express is one of the leading card issuers in the United States. It's known for its top-notch customer service and some of the best rewards available. From ultra-elite business travel cards to everyday rewards, American Express has credit cards that are a good choice for many different types of cardholders.
What is the minimum payment on Amex Gold Card? ›The American Express® Gold Card minimum payment is the statement balance, plus any plan payment or cash advance payment due.
How does Amex calculate minimum payment gold card? ›The American Express minimum payment is the highest of: The interest charged on your statement, plus 1% of your new balance (excluding any overlimit amount, penalty fees, interest charges, or other plan balances).
How does Amex Gold minimum payment work? ›
You must pay at least the minimum payment each month by the due date shown on your statement (at least 25 days after your statement date). You can always pay more than the minimum payment to reduce the amount you owe and the amount of interest you have to pay.
What is the max credit limit on Amex Gold Card? ›If you have a Consumer or Business Green, Gold or Platinum Card, your Card does not have a credit limit. Instead, your Card has no preset spending limit unless you have been previously notified otherwise.
What is the highest limit for Amex Gold? ›What is the American Express Gold Card limit? The Amex Gold card has no preset spending limit, which means the spending power is determined on a month-to-month basis, depending on the cardholder's previous spending habits, income, payment history and other factors.
What is the total annual income needed for Amex Gold? ›(You must have an annual business revenue of $50,000 or over to apply for this Card.)
What is minimum payment on 7000 credit card? ›Example: Your card issuer requires you to pay 3% of your outstanding loan balance. You owe $7,000 on your credit card. The minimum payment is 3% of $7,000, or $210.
What happens if you don't pay Amex minimum payment? ›You'll pay more in interest if you make only the minimum payment each month, and late or missed payments can result in late fees – and may adversely affect your credit score.
Is the Amex gold card metal? ›The American Express® Gold Card is our top-rated travel card. The card is made out of stainless steel and weighs 15 grams. Cardholders will have the ability to pay with a tap of their card at select merchants thanks to the card's contactless feature.
Is Amex Gold a luxury card? ›The Amex Gold Card is a premium card with a $250 annual fee. Here are the best card member perks that can make it worthwhile. Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.