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.
Should You Get The American Express Gold
The American Express Gold is a must-have for those who know theyll spend heavily at restaurants and U.S. supermarkets, and who also have the patience to maximize their Membership Rewards points through Amexs transfer partners. While cards like the Capital One Savor have a lower annual fee and no hoops to jump through to redeem your cash back, the 60,000-point bonus on the Amex Gold and credits that can be worth almost as much as the annual fee make it the winner right now.
So if youre looking to redeem credit card rewards for exotic travel, and you spend a lot of your time eating in or dining out, the Amex Gold could be a great fit for you. And if you decide its a card that should be in your wallet, make sure to grab it now and get it with the highest welcome bonus offer weve ever seen for it, and credits that make the card almost pay for itself.
Potential Earnings In Years One And Two
Here’s a look how your points can add up with the Amex Gold Card. To calculate these values, we used a point valuation of 1 cent per point.
Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.
Year one earnings: $1,244
Year two earnings: $644
These values are based on the FinanceBuzz Credit Card Rewards Valuation Model which takes a look at points earned via spending, the welcome bonus, and the annual fee.
In our calculations, we also assigned all travel spending to the 3X for flights booked directly with airlines or on Amextravel.com. So if some of your travel budget is allocated to hotels and other travel purchases, as opposed to airfare, then you will see lower earnings. That said, the value of this card is potentially boosted by hundreds of dollars each over what is indicated here if you take advantage of the annual dining credit.
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Thoughts On The Gold Card
The Gold Card Earns Valuable Membership Rewards Points
Membership Rewards Points are Amexs flexible rewards currency and they can be transferred across to a wide variety of airline and hotel loyalty programs at a ratio of 1:1. With the option to transfer the points that the Amex Gold Card earns to programs like Delta Sky Miles, Singapore Airlines KrisFlyer, the British Airways Executive Club, Flying Blue, and Cathay Pacifics Asia Miles, cardholders can use their earnings to save a significant amount of money while flying in some of the more aspirational First and Business Class cabins around.
Im a big fan of Membership rewards because cards like this Gold Card make points relatively easy to earn and because the points are relatively easy to use. Add to that the fact that Amex frequently offers bonuses for transfers to its loyalty program partners, and its easy to see why the Membership Rewards program is so popular.
The Welcome Bonus Is Attractive
The current welcome bonus of 60,000 points is a significant improvement on the 35,000 bonus points that this card offered for a significant period last year, and the fact that new cardholders are being given 6 months to earn the bonus is a very nice added extra.
I value Amex Membership Rewards Points at 1.5 cents each so that values the Amex Gold Cards welcome offer at an impressive $900.
The Card Offers Excellent Earnings Rates
Note: Purchases at big box stores like Costco and Sams Club will only earn 1 point/dollar.
Is The American Express Gold Card Worth It
As youre trying to decide if the Amex 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 each year.
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Earning Points With The Amex Gold
What makes the Amex Gold Card so valuable is the bonus categories it offers, including:
- 4x Membership Rewards points at restaurants
- 4x Membership Rewards points at U.S. supermarkets, on up to $25,000 in purchases annually
- 3x Membership Rewards points on flights booked directly with airlines or through amextravel.com
This is an outstanding return on spending. Based on my valuations, thats like a 6.8% return at restaurants and at U.S. supermarkets.
Now lets take a closer look at just how those bonus categories are defined.
Why It’s Not For Everyone
First, let’s go over the reasons you may want to skip the AMEX Gold.
- There is that $250 annual fee. This is on the high end for cards in general, but you may be able to justify it based on how often you’ll use the card and where you’ll use it .
If you prefer a credit card with no annual fee instead, check out this list.
Generally speaking, you need good/excellent credit to qualify for most American Express cards.
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Points Per $1 At Us Supermarkets
Amex Golds dining rewards cover every day eating at home, too. But people tend to spend more at the supermarket than at restaurants over the course of a year. So Amex limits your bonus earning rate of 4 points per $1 at U.S. supermarkets to $25,000 spent on groceries per year. After that, youll get 1 point per $1. Purchases at superstores and warehouse clubs also earn you just 1 point per $1 spent.
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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Should I Get The Amex Gold
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:
Is The Amex Gold Card A Credit Card Or A Charge Card
Technically, it was long considered a charge card. The various American Express cards that have just a color as the name were all technically charge products.
Unlike a typical credit card, the Gold Card has No Preset Spending Limit, which allows you to carry a balance for certain charges, but not all of them, using a feature called Pay Over Time. Your spending limit is flexible and may vary over time based on things like your purchase, payment, and credit history.
The distinction is also important because Amex has a interesting product limit per person.
You can have 5 Amex credit cards but up to 10 Amex cards that were formerly classified as charge cards. Since its very easy to run out of credit card slots in your American Express profile, its good to know that even if you are at your 5 credit card max, you could still get an Amex Gold card.
Its also important to know that American Express has moved away from the concept of charge cards for cardholders. All cards formerly referred to as charge cards now feature a Pay Over Time APR feature to make them function similar to traditional credit cards.
Traditionally, the Amex portfolio of charge cards were cards in which you could not carry a balance and had to pay all charges in full each month. But with Pay Over Time now built into the charge cards by default, this no longer really applies. Unlike typical credit cards, these Cards allows you to carry a balance for certain charges, but not all of them.
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American Express Gold Card Uk The Sign
The American Express Preferred Rewards Gold card offers 10,000 bonus Membership Rewards points when you spend £3,000 in your first 3 months .
Membership Rewards points can be directly converted to Avios and with a number of other partners. If converted to Avios this would be enough for a return flight to Athens. Use our Avios points calculator to see where your points could take you.
Even better, you can get a higher bonus of 12,000 points if you use this specific link for the Amex Gold card , helping you to fly even further. For those who have read my post about the value of American Express Membership Rewards points if converted to Avios, youll know that I value the points at roughly £0.01 per point. As such by using this link youre making in the region of £20, with the total benefit somewhere in the region of £120. Worth considering! Just look out for the additional 2,000 points as shown below in red when you use the referral link.
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American Express Gold Card Vs American Express Green Card*
With an annual fee of $150, the American Express® Green Card is one of the starter Membership Rewards cards. It offers 3 Membership Rewards points per dollar spent on eligible travel and restaurants and 1 point per dollar on all other purchases. The American Express Green Card could be a better fit then the Amex Gold if more of your budget is spent on getting around, particularly for those who commute and road-trip more than they fly.
I Had The Old Amex Gold Charge Card Can I Now Sign Up For The Credit Card
Yes. Whilst existing customers will retain the charge card, new customers will automatically be granted the Amex Gold credit card. If you already have the charge card you can actually cancel that card and sign up to the new credit card and receive the first year free. Worth thinking about if youre paying £140 pa although wed usually recommend most people cancel before paying the annual fee! You wont however receive the new joiners sign-up bonus.
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American Express Has Introduced A Limited Edition Pink Gold Card
American Express undoubtedly commands some clout when it comes to luxury travel and indulgent dining. One of the most sought-after cards, the Premier Rewards Gold Card has undergone a transformation and been resurrected as the American Express Gold Card. Infused with oodles of glitz and glam, the Amex Gold is perfect for our gourmet connoisseurs and Michelin aficionados.
Now, Amex Gold holders earn an impressive 4 points per dollar on US restaurants and 4 points per dollar at US supermarkets on up to $25,000 per year in purchases as well along with 1 point per dollar.
Heres to dishing out some more details:
1. In addition to the generous 25,000 point welcome offer, which I may add is earned after $2,000 spent within the first 3 months, you can also earn up to $120 in annual credits toward dining each calendar year.
2. Because metal is everything, the Amex Gold is available in a limited-edition rose gold color until Jan. 9, 2019.
3. Till January 9, 2019, Amex has curated a Well Pick up the Tip launch offer, where new cardholders can also receive 20% back as a statement credit, up to $100, on dining purchases at US restaurants for the first three months of card membership.
4. Earn up to $10 in statement credits monthly when you pay with the Gold card at participating dining partners, which include Grubhub, Seamless, The Cheesecake Factory, Ruths Chris Steak House and Shake Shack locations.
American Express Gold Card Review: Dining Rewards Royalty
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Milestalks Review Of The American Express Gold Card
The American Express Gold card is one of the best and it unseated my Chase Sapphire Reserve for the #1 spot when I got it. I have it in my own wallet and use it for all of my supermarket spend. Most of us spend a ton at grocery stores and 4X on up to $25,000 a year means that I can even pick up some store brand gift cards from time to time and add that to my grocery order, gaining 4X points on those as well.
For dining, at 4X Membership Rewards, this credit card is second only to the $495 annual fee Citi Prestige card, though of course that card wont help you if your goal is earning Membership Rewards.
The annual fee is basically covered by the statement credits. With the Uber Cash credits and the GrubHub/Seamless credits you are getting $240 in dining credits total, making the net annual fee just $10.
For that, you earn 4X on all restaurants and US supermarkets + 3X on airfare. Not bad at all!
With this card, youll have all of your airline tickets covered and youll have your food covered with 4X Membership Rewards points for charges on groceries and eating out / dining in but you wont have other every day spending covered. Consider a card like the Citi Double Cash which earns 2% cash back convertible to Citi ThankYou points to use on non dining/supermarket/airfare spend, or use the at Your Best Credit Cards to find other cards that match your spending habits.
Up To $120 In Restaurant Credits Per Year
You can sign up for statement credits of up to $10 per month for dining at Amexs restaurant partners: Grubhub, Seamless, The Cheesecake Factory, Ruths Chris Steak House, Boxed, and participating Shake Shack locations. You can enroll through your online account or by calling the number on the back of your card.
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Transfer Points To Airline & Hotel Partners
The best way to redeem your points is to transfer them to one of the Membership Rewards airline or hotel partners. Points can be transferred to the following 20 partners, including 17 airline partners and three hotel partners:
|Virgin Atlantic Flying Club|
The reason this represents such a good deal is that you can get outsized value towards first and business class travel. These tickets are often disproportionately expensive if paying cash, while they can be a good deal on points. On top of that Amex often has transfer bonuses, which can stretch your points even further.