The American Express refreshed Gold Card is finally live.
The rumored modifications have been confirmed with some additional details.
Changes include limited-time offers for new cardholders: a welcome bonus of 90,000 Membership Rewards® Points after spending $6,000 in the first 6 months and 20% back on restaurant purchases (up to $100) in the first 6 months.
These offers end on November 6, 2024.
What else has changed? And is the Amex Gold still worth it?
New Amex Gold Card Features at a Glance
Annual fee increased to $325 (from $250)
New $84 Dunkin’ Credit ($7 monthly)
New $100 Resy Credit ($50 semi-annually)
4X points at restaurants now capped at $50,000 per year
Limited-time welcome bonus of 90,000 Membership Rewards points
New limited edition White Gold card design option (or choose either the Gold or Rose Gold)
Flights booked directly with airlines or through Amex Travel earn 3x points
Prepaid hotels and eligible travel bookings via Amex Travel earn 2x points
All other eligible purchases earn 1x points
The existing $10 monthly Uber Cash benefit remains unchanged.
The dining credit has been updated to include Five Guys, while removing Milk Bar and Shake Shack from the eligible establishments. The $10 monthly credit can still be used for GrubHub orders.
Detailed Breakdown of Changes
Annual Fee Increase: The annual fee has jumped from $250 to $325, a $75 increase. This 30% hike is substantial and requires a closer look at the new benefits to justify the cost.
New Dunkin’ Credit: Cardholders can now earn up to $7 in monthly statement credits for Dunkin’ purchases, totaling $84 annually. Enrollment is required. This benefit’s value depends heavily on your Dunkin’ habits and location.
New Resy Credit: A $100 annual Resy credit has been added, offered as up to $50 in statement credits semi-annually for dining at U.S. Resy restaurants or other eligible Resy purchases. Enrollment is required. The value of this credit depends on Resy’s presence in your area and your dining preferences.
Changes to Points Earning Structure: The 4X points earning at restaurants worldwide is now capped at $50,000 in purchases per calendar year. This change primarily affects high-spenders in this category.
Welcome Bonus: New cardholders can earn 90,000 Membership Rewards points after spending $6,000 on eligible purchases in the first 6 months. Additionally, they can receive 20% back in statement credits on eligible restaurant purchases worldwide in the first 6 months, up to $100 back. This offer ends on 11/6/2024.
Limited Edition Card Design: For a limited time, a new White Gold design option is available alongside the existing Gold and Rose Gold options.
Analyzing the Value Proposition
Now, let’s break down the potential value:
Annual Credits:
$120 Uber Cash ($10 monthly)
$120 Dining Credit ($10 monthly at select partners)
$84 Dunkin’ Credit (new, $7 monthly)
$100 Resy Credit (new, $50 semi-annually)
Total Potential Credits: $424
With an annual fee of $325, if you can maximize all credits, you’re looking at a net positive value of $99, not accounting for the points earned on spending.
However, it’s crucial to consider how easily you can use these credits. The value diminishes if you’re forced to spend money on services you wouldn’t typically use.
Is the Amex Gold Still Worth It?
The refreshed Amex Gold Card is potentially valuable for:
Urban dwellers with easy access to Dunkin’ and Resy restaurants
Frequent diners who can maximize the various food-related credits
Those who value Membership Rewards points for travel
Uber users who can easily use the monthly Uber Cash
It might not be the best choice for:
Rural residents with limited access to Dunkin’ or Resy options
Those who prefer simpler, cash-back rewards
Infrequent diners or those who prefer cooking at home
Cardholders who can’t justify the increased annual fee with their spending habits
For existing cardholders, there’s a silver lining to these Amex Gold changes. Current Gold Card members won’t feel the impact of the fee increase immediately. They’ll be able to enjoy the new perks at the old annual fee rate until their next renewal date and, in some cases, even longer. Amex has been known to extend a grace period, continuing to bill the previous annual fee for a time even after the official change.
This grace period provides a unique opportunity for existing cardholders to test drive the new benefits without the increased cost, allowing them to make an informed decision about the card’s continued value in their wallet.
How to Maximize Amex Gold Benefits 2024
Set calendar reminders for monthly credits to ensure you don’t miss out.
Enroll in all offered credits immediately upon receiving your card.
Link your card to your Uber account for automatic Uber Cash credits.
Use the card for all dining and U.S. supermarket purchases to maximize point earnings.
Explore Amex Offers for additional savings opportunities.
Consider pairing with other Amex cards for a more comprehensive rewards strategy.
Conclusion and Final Thoughts
The 2024 refresh of the American Express Gold Card brings both increased costs and new benefits.
While the potential value has increased for those who can maximize the new credits, the higher annual fee may be a deterrent for some.
Ultimately, the card’s worth depends on your spending habits, location, and how you value the various credits and Membership Rewards points.
If you frequent a diner in an urban area and can easily use the Uber, Dunkin’, and Resy credits, the Amex Gold could provide substantial value. However, if you struggle to use these specific credits or prefer a simpler reward structure, you might want to explore other options.
Before applying, carefully assess your spending patterns and ensure that the benefits align with your lifestyle.
The Amex Gold Card can be a powerful addition to your wallet, but only if it complements your financial habits and goals.
What do you think about these changes? Will you be keeping or applying for the Amex Gold Card?