The Amex Gold Card Is Right For You If:
You can take advantage of the high rewards rate and spending credits it offers.
Since the American Express® Gold Card has so many benefits, it can work well for many different types of consumers. If any of the following are true, you should think about applying:
- You’re a foodie. Whether you like going to restaurants or picking up your ingredients at the grocery store, you’ll have the opportunity to earn lots of bonus rewards.
- You like to travel. This card has useful travel perks and flexible points you can transfer to several airlines and hotels.
- You find the variety of credits valuable. The Uber, hotel, and dining credits can add up if you spend in these categories.
Great Rewards Rate In Popular Spending Categories
If you spend a significant amount on food purchases whether you prefer dining in or eating out the American Express Gold card makes it easy to rack up rewards. At restaurants, including takeout and delivery, the Amex Gold Card earns 4 Membership Rewards points per dollar. Uber Eats also counts as part of the 4 point-per-dollar bonus category, allowing you to earn bonus points for getting your favorites delivered.
Youll also earn 4 points per dollar at U.S. supermarkets on your first $25,000 in spending per calendar year and 1 point per dollar after you meet that threshold. Though having no spending cap would be ideal, a $25,000 cap per calendar year is a generous limit, giving you a nice cushion of just over $2,000 in monthly spending at U.S. supermarkets.
This is one of the best combined rewards rates you can find in these categories, making the card a shoo-in as one of the best cards for restaurants and supermarkets. Since dining and groceries are two of the most popular consumer spending categories, the Amex Gold cards rewards rate ranks at the very top of the CreditCards.com reards cards ranking database, landing in the top 1% among cards in this category. If your spending habits match those of the average person, you can come very close to covering the annual fee just from the rewards you earn on these purchases.
How To Get A High Credit Limit
How issuers determine credit limits is proprietary, although some offer guidance.
American Express says it takes into account The customers overall level of debt relative to their financial resources known to us. Also, we look at a variety of factors that comprise a customers overall credit profile, which includes, among other things, your credit bureau reports and scores at the time you apply, payment history with American Express, reported income and usage habits .
Discover says your credit score is important, but a high score alone does not necessarily guarantee a certain credit limit or even card approval.
Issuers will also look at your income, monthly expenses, payment history and . Your age and location can also be factors.
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The Benefits Are Complicated
For every rich benefit the American Express® Gold Card offers, a parade of small, annoying caveats seems to follow. You get a $120 annual dining credit! But its just in $10 monthly increments and can be used only on select purchases. You can transfer points! But with some airlines, you’ll have to pay a fee to do so. You get 4 points per dollar spent at U.S. supermarkets! But theres an annual spending cap. Terms apply.
If you dont have time for that kind of tedium, a flat-rate cash-back card could be a much better fit for you. Consider the Citi® Double Cash Card 18 month BT offer, for example. It offers an impressive 2% cash back 1% back when you make purchases, and an additional 1% back when you pay them off. It also has an annual fee of $0. The downside: It charges foreign transaction fees on purchases made abroad. But if this isnt a deal-breaker for you, it could be an excellent choice.
To get a sense of how these cards compare with the competition, visit NerdWallets list of best credit cards to get.
The American Express Gold Card
The Gold card comes with an annual fee of $250, and there is no annual fee for adding any additional cards to a Gold account. One of the biggest perks for any cardholder is the membership rewards program, which allows consumers to earn points as they use their credit cards.
The Gold card is geared toward people who are big shoppers, eat out a lot, and do a lot of everyday spending. American Express Gold cardholders can earn four points for every dollar spent at U.S. restaurants and U.S. supermarkets , three points for every dollar spent booking flights with airline companies or through the American Express travel website, and one point for every dollar spent on any other purchase.
As of February 2021, first-time cardholders are also eligible for 60,000 points after you use your card to make $4,000 in purchases for the first six months of account membership.
Unlike traditional credit cards, American Express cards do not have a regular APR or charge interest, as all balances must be paid in full each month. However, the Gold card does offer cardmembers the flexibility to pay for purchases of $100 or more over time at a set interest rate.
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American Express Gold Card Review: Dining Rewards Royalty
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Redeem Points For Valuable Travel Rewards
Redeeming points earned with the American Express® Gold Card is easy. When you log on to your Membership Rewards account, you can select any of the redemption options mentioned in the table below.
But not all redemption options yield the same value. Ultimately, the best ways to use Membership Rewards points are for flights, whether through the Amex portal or by transferring your points.
You’ll get 1 cent per point for flights booked through the Amex Travel portal, and potentially more than double that if you transfer them to an Amex transfer partner, making those the two best redemption options.
These transfer partners include more than a dozen frequent flyer programs, and in most cases, you can transfer your points at a 1:1 ratio. You’ll want to have a specific flight in mind and know how many miles you need before you transfer your points though, as transfers are non-reversible.
Other travel redemptions are less lucrative. Redeeming your points for a hotel, rental car, cruise or vacation package will only get you 0.7 cents per point. This is still better than non-travel redemptions like gift cards, statement credits and shopping with points, which will get you as little as 0.5 cents per point. If you want to redeem rewards for something other than travel, understanding the difference between cash back, miles and points will help you pick a card that better suits your preferences.
|Cover your card charges and receive a statement credit||0.6 cents|
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Does The American Express Gold Card Help Build Your Credit
Like any other card issuer, American Express will report your payments and other activity to the credit bureaus. This means that the American Express® Gold Card can help you build credit, but only if you use it responsibly and pay it off on time. Try to keep your balance relatively low and make sure to always make your monthly minimum payment on time.
$120 Annual Dining Credit For American Express Gold Card
Get this $120 in monthly credits on your account that can be applied toward purchases made with select partners. Youll receive these rewards within two weeks of making a purchase which you dont have to use all at once. There are a lot of benefits to using these credits. Not only will you receive ten dollars every month for as long as your account is active, but These bonus bucks also dont roll over if youre not using them- use it while they last .
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How American Express Calculates Your Charge Card Limit
American Express determines spending limits based upon your reported annual income and your payment history with their cards.
More specifically, a reader speculated:
Typically, your AmEx spending limit is three times your highest paid-in-full balance over the last six months. They are also pretty good about allowing you some flexibility if you call them ahead of time to inform them of pending charges .
I havent had an American Express card for long, and this is the first time I have used it for business expenses, so its no surprise the amount of charges seemed high.
To avoid this situation, expect to have a low credit limit when you start using a no pre-set spending limit card. Charge a bit to it the first month, pay on time, then charge a bit more each consecutive month.
If you want to make a large purchase with such a card, for example to earn rewards points, you can call them ahead of time to ask if it will be approved. Additionally, you can increase the charging power of your card at any time by making payments more frequently than once per month.
If you have excellent credit, you are more likely to get a large credit limit with a regular old credit card like any of these.
Pros And Cons Of American Express Gold Card
The American Express Gold Card is an excellent credit card for anyone who shops often, dines out frequently and spends money on their everyday purchases. . If youre looking for an American Express card that will earn points with every purchase, the Gold Card is worth considering. Unlike some other cards, this one offers bonuses when you spend at restaurants and U.S supermarkets.
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Rebuilding Credit And Instant Approval
Sauciefarr reports having a 730 FICO 8 credit score and getting instantly approved after getting a pre-qualified offer from American Express.
A 730 FICO Score is slightly below the minimum threshold to qualify for excellent credit. But any credit score above 700 has good approval odds for most cards if you dont have any credit history surprises.
This applicant reports rebuilding their credit score for 5 years before getting above 700 FICO to try.
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How Much Is The Credit Limit On The American Express Gold Card
The American Express® Gold Card doesn’t come with a preset spending limit. And while that doesn’t mean you can spend as much as you’d like, it does mean that your limit is flexible and based on a number of factors such as your payment history, spending habits, income and credit history. You can check your spending power at any given time by logging on to your American Express account.
What Is A Credit Card Limit
A credit limit is the largest balance you can hold on your credit card at any one time. Its decided using the full range of information you give a credit provider, such as your income, debts and liabilities.
When youre comparing your credit card options, youll notice where available, weve included the maximum credit limit for a particular card. Its important to note that this may not be the credit limit you end up with. For example, you could apply for a credit card that has a maximum limit of $10,000 but only end up being approved for a $2,000 limit instead.
Providers rarely share limit ranges for their credit cards. As you might observe, business cards with high limits are common thanks to the nature of business spending. Cards designed for people with less-than-perfect credit tend to have lower limits. With most secured credit cards, the amount you deposit becomes your credit limit. However, some secured cards may offer a higher credit limit with responsible use.
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American Express Gold Card Review
With the American Express® Gold Card, you’ll earn valuable Membership Rewards points at a high rate on dining, groceries and select flights, and you’ll also get perks like dining credits, Uber cash and limited travel insurance.
Advertiser Disclosure: ValuePenguin is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site. This compensation from our advertising partners may impact how and where products appear on our site . To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Citi is an advertising partner
- High earning rate on dining and U.S. supermarkets
- Transferable points
- Generous dining and Uber benefits
- Baggage insurance
Below, we’ll discuss what makes the American Express® Gold Card a great card to apply for and highlight other alternatives to consider.
For rates and fees of American Express® Gold Card, please click here.
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Earn 60000 Bonus Points
The current welcome offer on the American Express® Gold Card is one of the higher offers we’ve seen:
60,000 Membership Rewards® Points after you spend $4,000 on eligible purchases with your new Card within the first 6 months.
This generous bonus will get you at least $600 in value when redeemed for flights through the Amex Membership Rewards portal. Plus, there’s potential for even more value if you transfer your points to one of Amex’s transfer partners.
This is a solid bonus, but you can find credit cards offering even more valuable bonuses with a lower annual fee. American Express also has a “once-per-lifetime” rule, meaning you can’t receive this welcome bonus if you’ve ever had this card before.
What it’s worth: $600 in Membership Rewards travel, possibly more if you transfer to an Amex loyalty program partner
Who’s eligible to earn this offer? You won’t be eligible to earn this welcome offer if you have or have ever had this card or the Premier Rewards Gold Card from American Express, even if you didn’t previously earn the welcome offer. American Express also reserves the right to revoke this offer if they find evidence of abuse or misuse, which includes canceling or downgrading the card within the first 12 months.
Learn more about Membership Rewards
What Are The American Express Gold Card Requirements For Approval
The Amex Gold Card is not an easy credit card to get, but with the right qualifications, it can be worth your time. The biggest requirement for this offer is that you have a good enough financial standing in order to make payments on time and afford $250 annual fee each year. American Express doesnt openly state any additional requirements beyond these two points so applicants should check closely before applying! .
A credit score over 700, age 18 or older and US citizenship/residency are just some requirements! While they dont list an income requirement on their website its safe assume that this card isnt going applications from people with little financial capabilities since there is no additional information available online about what exactly Amex looks at when reviewing ones application.
american express gold card limit
The American Express Gold Card is a great option for people who want to have some flexibility when it comes to their credit limits. Since theres no preset spending limit, the monthly allowances depend on numerous factors including your previous history with money and income level among other things. However, this can make emergency situations difficult because you never know exactly how much of an unexpected purchase will be declined in advance!
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The American Express® Gold Card is a great option for people with good or better credit.
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