Is The Amex Gold Worth It? | Bankrate (2024)

FAQs

Is The Amex Gold Worth It? | Bankrate? ›

The Amex Gold is a solid pick for a travel rewards card if you can take full advantage of the bonus rewards categories and credits. But other options could provide a more rewarding experience, especially if you're looking for luxury travel perks or want better value for your travel rewards.

You're incurring interest: The only way to avoid getting hit with interest is to pay off your balance in full each month. Most credit cards carry double-digit interest rates, so if you're carrying a balance, these charges are getting tacked onto your minimum every month.

American Express does not disclose a specific income requirement, but it must be enough to make payments on the card and to afford the $250 annual fee. Amex doesn't openly state any other Amex Gold card requirements, but there are plenty of other factors that Amex considers during the approval process.

As you can see, anyone with a penchant for dining out (or ordering in) and hotel hopping would do best with the Amex Gold. The Gold also includes an incredible welcome offer of 60,000 Membership Rewards points when you spend $4,000 within the first six months of account opening.

Is it hard to get an Amex Gold Card? Yes, it is hard to get the American Express® Gold Card because it requires at least good credit for approval. Unless your credit score is 700 or higher and you have a lot of income, it will be very hard for you to get approved for the Amex Gold card.

Interest charges accrue when you don't pay the bill off in full. Pay Over Time charges an interest rate that is the same across the Green, Gold and Platinum products. As of August 2020, cardholders who use the feature will pay an APR between 15.99% to 22.99%, depending on creditworthiness.

If you have a Consumer or Business Green, Gold or Platinum Card, your Card does not have a credit limit. Instead, your Card has no preset spending limit unless you have been previously notified otherwise.

American Express “precious metal” cards, whether Gold or Platinum have a reputation of prestige. The Gold card and the Platinum card both offer a range of benefits to card holders, and they both have annual fees that are significantly higher than the average credit card fee.

Can you waive the Amex Gold's annual fee? Unfortunately, the American Express® Gold Card's annual fee is something that normally can't be waived. However, if you're considering downgrading or canceling your card, you can try calling Amex customer service and asking for a retention offer.

As a result, the Amex Gold Card doesn't have a credit utilization rate on credit reports like many rewards credit cards. But, cardholders will need to pay their balance in full each month to keep their account in good standing and potentially improve their credit score.

Is Amex gold better than green? ›

The bottom line. American Express® Gold Card comes at a higher cost but offers more value to cardholders. If you want to earn more for travel purchases, or if you won't be able to maximize the American Express® Gold Card rewards, American Express® Green Card might be a better choice.

The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees.

Bottom Line: The Amex Gold card comes with higher earnings at U.S. supermarkets, restaurants, and airline tickets, but it also comes with an annual fee. The Amex Blue Cash Everyday card doesn't charge an annual fee, but its earning rates are lower.

Wealthy Americans generally use credit cards the same way that everyone else does. They opt for cash back and no annual fee cards, and generally trust the big issuers.

Which Amex card is the easiest to get? The easiest Amex cards to get are ones with a lower minimum spending requirement for rewards, as well as a low annual fee or no annual fee. Examples include the Blue Cash Everyday Card from American Express and the American Express Cash Magnet Card.

No, the Amex Gold card does not offer lounge access. The Platinum Card® from American Express, on the other hand, does provide lounge access at more than 1,400 locations worldwide. Just note that the American Express Platinum card has a $695 annual fee. The Amex Gold card is a lot cheaper, with an annual fee of $250.

If you cancel your Amex Gold, you will need to transfer your Membership Rewards points out. This gets rid of the main benefit of Membership Rewards points – flexibility. Keeping your Gold card means you can keep your Membership Rewards points account open and so keep all of your options for the points open.

The American Express® Gold Card is our top-rated travel card. The card is made out of stainless steel and weighs 15 grams. Cardholders will have the ability to pay with a tap of their card at select merchants thanks to the card's contactless feature.

Yes, the Amex Gold card reports to the credit bureaus every month, within days after the cardholder's billing period closes. American Express reports the card's credit limit, account balance, and payment history to all three of the major credit bureaus: Experian, TransUnion, and Equifax.

You can request a credit limit increase from American Express online or over the phone. To make your request online, log in to your credit card account and select Account Services > Card Management > Increase Your Credit Limit. Or you can call the number on the back of your credit card to request an increase.

Do you have to pay Amex Gold in full every month? ›

You must pay in full, by the Payment Due Date, all charges that are not added to a Pay Over Time, Cash Advance, or Plan balance. We will begin charging interest on cash advances on the transaction date.

Card Limits

American Express limits customers to have a total of 5 Amex credit cards open at any one time. This includes both personal credit cards and business credit cards but does not apply to their charge cards.

Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards. But Amex Gold provides more everyday value.

For everyday spending

It has no annual fee (see rates and fees) but earns 2 points per dollar on the first $50,000 spent in purchases each year (then 1 point per dollar after that).

American Express is one of the leading card issuers in the United States. It's known for its top-notch customer service and some of the best rewards available. From ultra-elite business travel cards to everyday rewards, American Express has credit cards that are a good choice for many different types of cardholders.

American Express cards can only be downgraded to the same type of card, based on what kind of rewards you can get and whether it requires you to pay the full balance each month or not. For Amex Gold card, the only lower-tier option is the Amex Green card.

Fees related to personal credit cards are not tax deductible. If you use a card for business purposes, you can deduct fees on those cards that the IRS deems "ordinary" and "necessary" for tax purposes.

American Express will refund the annual fee on a card if you cancel it within 30 days of the closing date of the billing statement on which the fee appears. Beyond that period, a refund is not possible.

Add Up to 5 Authorized Users for Free

Any authorized users after that are charged $35 per year per card (rates and fees).

Salary Needed for Amex Platinum Credit Card

If you make nearly $100,000 a year and have good credit, you should have no issue getting approved. But, applicants with annual incomes as low as $40,000 have also been approved if they have a low debt-to-income ratio and pay their other credit cards in full every month.

Does Amex look good on credit report? ›

For an Amex card to be good for your credit score, the account must be kept in good standing with on-time monthly bill payments. Every month an open Amex account is used responsibly, positive information will be reported to the credit bureaus.

If you also spend a lot on travel, the Amex Gold card is a better choice with 3x earnings versus the Amex Blue Cash Preferred card at 1% cash-back on travel purchases. If you're spending a lot on transportation, streaming services, and gas, the Amex Blue Cash Preferred card may be a better choice.

Annual fees are one of the biggest considerations that people have when deciding on a credit card. There is a significant difference between the fees on these two cards: The Amex Gold Card has a $250 annual fee (Rates & Fees) The Amex Green Card has a $150 annual fee (Rates & Fees)

The Amex Gold's $250 annual fee places it between mid-tier and premium-level cards. Although there's no direct comparison on the annual fee front, several cards offer similar bonus categories and perks.

For rich dining perks: The American Express® Gold Card, which has an annual fee of $250, outshines the others (see rates and fees). For luxury travel perks: The Platinum Card® from American Express, which has an annual fee of $695, is the superior option (see rates and fees). Terms apply.

Centurion® Card from American Express

Why It's One of the Most Exclusive Credit Cards: The most exclusive, prestigious credit card is without a doubt the American Express Centurion Card, otherwise known as the Amex Black Card. That's because it's the most famous.

To get right to the chase, there is nothing different between the Amex Gold card and the Amex Rose Gold card other than the color. They are completely identical and whichever version you select is merely a matter of preference.

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

The rarest credit card in the world is likely the Centurion® Card from American Express, also known as the “Black Card.” This card is available by invitation only, and you will reportedly need to spend at least $250,000 per year on other Amex credit cards and have an income of $1 million+ to get it.

What is the spending limit on the American Express Black Card? There is no spending limit with the Amex Black Card.

What is the highest credit card color? ›

Some providers may choose to use a hierarchy of colours with credit cards, such as (in descending order based on benefits and, potentially, cost): titanium, diamond, black. platinum. gold or silver.

The Centurion® Card from American Express is one of the hardest credit cards to get because it requires an invitation, at least $1 million in annual income, and a significant amount charged to other Amex cards each year.

Because Visa is offered by so many more card issuers than American Express, there are more types of Visa cards, so it's typically easier to get approved for a Visa card with a lower credit score than an American Express card.

Yes, it's hard to get an American Express card because you will need a good or excellent credit score for approval, along with enough income for monthly bill payments. The easiest American Express cards to get are those that require a minimum of good credit for approval, as opposed to excellent credit only.

The American Express® Gold Card doesn't offer lounge access. NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.

The application fee credit for Global Entry or TSA PreCheck is available to American Express Gold Corporate Card Members, Consumer Platinum Card® Members, Corporate Platinum Card Members, Business Platinum Card Members, Consumer Centurion® Members, Corporate Centurion® Members, Business Centurion® Members, Delta ...

To downgrade the American Express Platinum card, call customer service at (800) 528-4800 or the number on the back of your card. There is no option to downgrade online or via mail. You can downgrade from the American Express Platinum card to either the American Express® Gold Card or the American Express® Green Card.

You must pay in full, by the Payment Due Date, all charges that are not added to a Pay Over Time, Cash Advance, or Plan balance. We will begin charging interest on cash advances on the transaction date.

The American Express Gold and Platinum cards are actually “charge” cards rather than “credit,” which means you must pay the bill in full each month.

Because your Card is a Charge Card, rather than a Credit Card, you pay your balance in full each month. As a Charge Card, you'll have the financial flexibility of no pre-set spending limit on purchases, which provides you the opportunity to maximize your Membership Rewards points earned.

What happens if you can't make Amex minimum payment? ›

To keep your credit card account open and in good standing, you must pay at least the minimum payment amount indicated on your bill by the due date. Failing to do so can result in late fees, potential damage to your credit score and even having your account closed and turned over to collections.

The average spender* will earn about $417 in yearly rewards value, but it only takes spending at least $521 across your two 4X categories (restaurants and U.S. supermarkets) to break even on the annual fee if you redeem your points toward Amex air travel.

The American Express® Gold Card is our top-rated travel card. The card is made out of stainless steel and weighs 15 grams. Cardholders will have the ability to pay with a tap of their card at select merchants thanks to the card's contactless feature.

For everyday spending

The Amex Gold earns a mere 1 point per dollar on spending outside its specific bonus categories. There are other cards issued by Amex as well as other banks, that can improve upon that.

Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards.

The issuer uses this rule to automatically reject applicants who've opened five or more cards in the last 24 months. Some business cards don't count, so be sure to check out this guide to 5/24 if you're not familiar with the rule.

As a result, the Amex Gold Card doesn't have a credit utilization rate on credit reports like many rewards credit cards. But, cardholders will need to pay their balance in full each month to keep their account in good standing and potentially improve their credit score.

On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.

Why did my credit limit decrease? Amex may decide to lower your card's credit limit if your income is reduced, you make late payments, you miss payments, your credit score drops, you have a high credit utilization ratio, you don't use your card frequently or you've been a victim of identity theft.

Inactivity is one of the most common reasons for credit card companies to lower credit limits. They may also cut limits to lower their risk with specific customers.

What does it mean when Amex doesn t give you a spending limit? ›

Unlike a traditional credit card, your Card has no preset spending limit, a unique feature that gives you flexible spending capacity. * This means the amount you can spend adapts based on factors such as your purchase, payment, and credit history.