The American Express® Gold Card is the latest to announce a revamp, debuting several new credits along with an increased annual fee on July 25, 2024. New American Express Gold Card holders will now be charged a $325 annual fee (up from $250), while existing users will see the new fee kick in on their next account renewal date after Oct. 1, 2024. (See Rates & Fees)
Despite the $75 increase in annual fee, the updated American Express Gold Card offers the same rewards rate — which means cardholders need to justify the additional cost by taking advantage of new and existing statement credits and perks. This may be difficult for some spenders, so is the card still worth it? Read on to learn more.
[SEE: Best American Express Credit Cards of August 2024]
What Changed On the American Express Gold Card?
Perhaps the most notable change on the American Express Gold Card is an increased annual fee, up to $325 from $250. The good news is, American Express debuted several new and enhanced benefits to try and justify the cost, including:
— New $100 Resy credit. Cardholders can earn up to $100 per year ($50 semiannually) for purchases made with the Resy platform. Enrollment required.
— New $84 Dunkin’ credit. American Express Gold Card holders qualify for up to $84 per year ($7 per month) back as a statement credit on purchases made with Dunkin’.
— New card design option. In addition to existing Gold and Rose Gold cards, the American Express Gold Card will now be available in a new White Gold design — but only while supplies last.
— Dining credit update. Although the dining credit remains the same — up to $120 per year ($10 per month) — American Express added Five Guys to its list of restaurants that qualify. Enrollment required.
— Enhanced Hotel Collection. American Express has expanded the list of properties where cardholders can receive a $100 experience credit when booking a hotel stay of at least two nights through American Express Travel.
— Limited-time bonus offer. New American Express Gold Card holders can qualify for a limited-time welcome offer of 60,000 points for spending $4,000 in the first six months, plus 20% back on restaurant spending for the first six months, for up to $100 back. The offer ends Nov. 6, 2024.
What American Express Gold Card Perks Are Staying the Same?
Beyond the new benefits and annual fee, the existing perks and rewards rate remain unchanged. Cardholders will still earn four points per dollar on restaurant purchases worldwide (on up to $50,000 per calendar year, then one point per dollar), four points on U.S. supermarket purchases (on up to $25,000 per calendar year, then one point per dollar), three points on flights booked directly with airlines or American Express Travel, two points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com, and one point on everything else.
And you’ll continue to get $10 in Uber Cash each month, for a total of up to $120 per year, if you add your card to your Uber account.
[Read: Best Travel Rewards Credit Cards.]
Is the American Express Gold Card Still Worth It?
With a new fee of $325, the American Express Gold Card is expensive to own, and you’ll need to make regular use of its perks to justify the cost. The higher fee makes it difficult to cover the fee on rewards alone, unless you spend a significant amount on dining and U.S. supermarket purchases.
It’s a unique offering for its fee class, coming with fewer travel credits and perks than luxury cards like the Capital One Venture X Rewards Credit Card or The Platinum Card® from American Express. Still, its dining-related credits and benefits can add up to more than $420 in value.
In the end, the American Express Gold Card is still worth it if you make regular use of its dining, Uber Cash and new Dunkin’ or Resy credits, at the least. The flexibility of the dining credit and Uber Cash benefit makes earning rewards easy. Simply order food or take an Uber ride at least once per month, and eat at a qualifying restaurant once per month to get $240 worth of value. The Dunkin’ and Resy credits are a bit more particular, but the right spender can make use of them.
If you don’t already spend money with these merchants, however, paying for a higher annual fee for the credit might not be worth it. U.S. Bank Altitude® Go Visa Signature® Card and the Capital One SavorOne Cash Rewards Credit Card both charge no annual fee and offer grocery rewards at a competitive rate to the Gold. (See Rates & Fees)
More from U.S. News
eBay Breaks Up With American Express Over ‘Unacceptably High Fees’
Which American Express Platinum Card Is Best?
Is The Platinum Card From American Express Worth its $695 Annual Fee?
With Its Higher Annual Fee, Is the American Express Gold Card Still Worth It? originally appeared on usnews.com
