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The American Express® Gold Card just underwent an overhaul, and no, we're not the least bit surprised. American Express CEO Stephen Squeri all but confirmed these plans were set in stone earlier this year when promising the issuer would “refresh” nearly 40 Amex cards in 2024.
So, what's new with the Amex Gold? And does it still warrant a spot in your wallet? Let's take a look.
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Amex Refreshes the Amex Gold
By now, you've likely come to understand what “refresh” means to American Express. Essentially, it signifies a new, higher annual fee, expanded statement credits, and a slight reshuffle of some previously available benefits.
Or, at least, that's what Amex has done to its Platinum-branded cards (several times over), the American Express® Business Gold Card, Delta's suite of card offerings, a slew of Hilton cards, and more. The Amex Gold is just the latest card to be “enhanced.”
Here's an overview of the mostly now-live changes to the Amex Gold.
Now-higher annual fee
If you're keen on stemming the wallet impact of annual fees, we'll deliver the bad news first. The Amex Gold‘s annual fee jumped from $250 to $325 (Rates & Fees).
This change is live, so if you apply for the card today, you'll see the updated annual fee on the application page. But if you already have the card, here's when you'll pay the now-higher annual fee:
- Card renews before September 30, 2024? Pay $250 for one more year, then pay $325 at the next renewal.
- Card renews on or after October 1, 2024? Pay $325 on renewal.
New statement credits
A higher annual fee should mean more benefits — at least theoretically. That's true with the Amex Gold, as the card now offers an additional $184 worth of annual statement credits. Card Members can enjoy two new dining-focused credits:
- $100 Resy credit: Broken into $50 usable from January through June and $50 usable July through December.
- $84 Dunkin' credit: $7 per month.
Of the two, the Resy credit is more interesting. Savvy Card Members could use it to offset the cost of a couple of meals per year. The Dunkin' credit leaves a bit to be desired; $7 might cover a cup of coffee nowadays. Plus, you'll need to use it monthly.
The $120 Uber Cash benefit isn't changing, nor is the value of the $120 annual dining credit. When tallied, the Amex Gold now affords Card Members $424 worth of credits.
Amex Disclosure: To receive $10 monthly credits (up to $120 per year) in Uber Cash, you must add the American Express® Gold Card to your Uber account and select it as the payment method for your Uber or Uber Eats transaction.
Enrollment is required for select Amex benefits.
Amended annual dining credit
The value of the $120 annual dining credit ($10 per month) isn't changing, but the list of eligible establishments is. Shake Shack and Milk Bar are being axed in favor of Five Guys, and the removal will take effect on September 26, 2024. Thus, the updated list of partners at which you can use your credit stacks up as follows:
- Five Guys
- Grubhub
- The Cheesecake Factory
- Wine.com
- Goldbelly
Again, Enrollment is required for select Amex benefits.
Limited-time card design
A third color option — a limited-edition white gold — is coming to the Amex Gold. This option will only be around while supplies last, and there's no telling how long that will be.
You can choose this color when applying for the card or by replacing your current card on your Amex account management page.
Amex Gold Welcome Offer
To balance the changes, American Express is sweetening the Amex Gold‘s welcome offer. Eligible new applicants can earn 60,000 Membership Rewards® Points after spending $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
This isn't the best publicly available offer we've seen on the Amex Gold. Nonetheless, it's still valuable — especially if you frequently dine out.
Is the Amex Gold Still Worth It After the Changes?
Like with every card, whether or not a product is right for you depends on several factors. Notable ones include your annual fee tolerance, spending habits, and the rewards you value.
So, maybe the Amex Gold is right for you, or perhaps it isn't. Here are some things to think about before you apply for the card or choose to renew.
Can you justify the annual fee?
The Amex Gold now has a $325 annual fee (Rates & Fees) but offers $424 worth of annual credits. $424 is the bigger number, so the card can be a positive carry if you maximize all the credits.
However, that comes with a caveat. Are the credits good for things you'd ordinarily spend money on? If so, great. If not, think twice. Moreover, don't let the cost of using the credit exceed its face value.
Take the Uber Cash benefit, for example. If you use it to cover an Uber Eats order, will you pay more for the convenience of online ordering than you'd otherwise pay by ordering directly through the restaurant? Even if you go pick your order up instead of having it delivered, the higher menu costs and added fees courtesy of Uber Eats may offset your monthly credit.
Analyze your spending habits and consider other card options
Few cards offer a return on spending like the Amex Gold. Objectively, 4X points at restaurants worldwide (on up to $50,000 in eligible spending per year), 4X at U.S. supermarkets (on up to $25,000 in eligible spending per year), and 3X points on flights booked directly with airlines or on amextravel.com is fantastic.
But again, that comes with a caveat. The Amex Gold has a $325 annual fee. True mid-tier cards like the Citi Strata Premier℠ Card and Chase Sapphire Preferred® Card offer similar rewards structures (and sign-up bonuses) but for a much smaller $95 annual fee.
Perhaps the best part about the two options above is that you don't have to relentlessly track several statement credits to ensure you get full value from either card every year. All to say, there are plenty of fish in the sea. You might find better value in earning fewer points per dollar spent and paying less annual fees.
(Terms apply)
- 4X Membership Rewards® Points at restaurants worldwide, plus takeout and delivery in the U.S. (on up to $50,000 per year in purchases, then 1X)
- 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X)
- 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com
- 2X Membership Rewards® points on prepaid hotels and other eligible travel booked on amextravel.com
- 1X on other eligible purchases
- 5X points on Lyft rides through September 2027
- 5X points on travel purchased through Chase Travel℠
- 3X points on dining at restaurants worldwide
- 3X points on eligible streaming services
- 3X points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
- 2X points on all other travel
- 1X point per dollar spent on all other purchases
- 10X points per $1 on hotels, car rentals, and attractions booked through CitiTravel.com
- 3X points per $1 spent on airfare, and other hotel purchases
- 3X points per $1 spent at gas and EV charging stations
- 3X points per $1 spent on dining at restaurants, including cafes, bars and lounges
- 3X points per $1 spent at supermarkets
- 1X points per $1 spent on all other purchases
Related: Best Credit Cards for Dining & Restaurants
Which types of rewards do you prioritize?
It's not a secret that we like American Express Membership Rewards points. You can transfer your Amex points to 21 partner loyalty programs and, on average, redeem points for 1.95¢ apiece.
If you're part of the Membership Rewards ecosystem (and find yourself priced out of the Amex Gold), there are other Amex cards that earn points and have lower annual fees.
Or, if you're not tied to a single rewards program, it's worth learning about competing programs and considering other top credit card offers. As mentioned, several cards earn transferable points, have more digestible annual fees (or even $0 annual fees), and may better align with your spending habits.
Final Thoughts
Depending on who you are and what you spend money on, the American Express® Gold Card changes will either give you an added reason to keep renewing your card or make you decide it's time to move on.
The value proposition of the card is similar today as it was before the changes, but not the same. You can still get more value from the card than the cost of the annual fee. But this requires more work. And that assumes you want to pay a $325 annual fee (Rates & Fees) in the first place.
You should also note that these changes don't happen by accident. In essence, consumers asked for it. Amex noticed “particularly strong restaurant spend with Millennial and Gen Z consumers” and responded by adjusting its offerings based on its “fastest growing customer segment.”
It's admirable that Amex is tailoring its cards to what Card Members are spending money on. Not every issuer does this. For some (like those who spend a lot on dining out), these changes will be well-received. But for those boxed out on the basis of hard-to-use credits and an annual fee that's now too much to bear, this overhaul will surely sting.
For rates and fees of the cards mentioned in this post, please visit the following links: American Express® Gold Card (Rates & Fees), and Chase Sapphire Preferred® Card (Rates & Fees)
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