The American Express Gold Card is a status symbol.  It’s only offered to people with superb credit, and you are required to pay the balance in full each month.  This is a throwback to the American Express of yore, when these “charge cards” made you part of an exclusive club with benefits to match.  These days, anyone who meets the qualifying standards and pays the sizable annual fee can carry the Gold Card, but you still get access to impressive exclusive benefits, along with a slightly-better-than-ok rewards program.

It’s not the best rewards program

Amex actually offers two different varieties, the American Express Gold and the American Express Premier Rewards Gold.  Both of these pay rewards in the form of Membership Rewards, which we believe is one of the best points programs out there. They can be used to pay for travel at any hotel or airline, and can also be redeemed for the standard gift cards and such. There are no blackout dates, and the points never expire. However the redemption value of these points is still trumped by many cash rewards cards (like the Amex Blue Cash or Costco TrueEarnings).

The difference between the two versions of this card lies primarily in the rewards payout.  The Premier Rewards Gold has a higher annual fee, but also pays more rewards and pays a bonus for those who spend more than $30,000 in any given year, making it great for the high rollers among us.  You can see the full breakdown below.

But membership does have its privileges

Even though the value of Membership Rewards Points may be lower than some cash rewards cards might pay you, a lot can be said for the side perks, which are impossible to quantify.  Remember the old commercials about membership having privileges?  Well this is what they meant.

  • 24-hour Roadside Assistance, plus Car Rental Loss and Damage Insurance for rental cars, at no extra charge.
  • Baggage Insurance on loss or damage of your checked bags.
  • Global Assist Hotline is like a travel concierge that will take care of any issues you might have while away from home.  Lose your passport in Argentina?  Just call and have it taken care of.
  • Preferred Treatment and seating at concerts, sporting events, etc.  Get exclusive access to tickets before they go on sale, and sit with the other big spenders close to the action.
  • Purchase Reimbursement if a store won’t allow you to return a purchase. Amex will reimburse you, and will even repair, replace, or reimburse you for purchases that get broken.
  • Warranty Extension of up to one year on any manufacturer’s warranty that’s less than five years.

So you can see how a straightforward rewards calculation doesn’t quite do these cards justice.

The details

American Express Gold

  • Earn 10,000 Membership Rewards® bonus points when you spend $500 in your first 3 months of Card membership – redeemable for select gift cards valued at $100!
  • The Membership Rewards program – Turn your everyday purchases into Membership Rewards points, and then redeem them for an amazing collection of travel, shopping, dining and entertainment rewards.
  • Gold Card Events – exclusive access to tickets for select concerts, shows, major sporting events, and more in cities nationwide.
  • Express Approval. Get a decision in 60 seconds.

American Express Premier Rewards Gold

  • 3-2-1 Points: Earn Membership Rewards® points up to three times as fast: You can earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else
  • No annual fee for your first year, a savings of $175
  • Earn 15,000 Membership Rewards bonus points when you spend $1,000 in your first 3 months of Card membership
  • Earn 15,000 Membership Rewards bonus points when you spend $30,000 per calendar year

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