Everybody loves the Amex Gold Card, right? BUT, there are 5 things that might make you say, "Nevermind!" BEFORE you apply, make sure you understand everything in this video. Click “Show More” to see Ad Disclosure.
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The American Express Gold Card is an excellent travel credit card that can be rewarding at home (that is, earning points for a future trip) due to its 4X dining and 4X grocery rewards categories. However, even though it’s popular, it may not be the right fit for you. Here are 5 reasons why the Amex Gold Card may NOT be worth it for you…
1. The Amex Gold Card earns Amex Membership Rewards points. When redeemed, they’re best for only ONE thing…flights. Via the Amex Travel portal, you can get a flat 1.0¢ per point, but when using Amex Transfer Partners, it’s possible to get a lot more than that. Other redemptions (like cash back, gift cards, etc.) tend to yield a much lower value.
2. The Amex Gold $120 Dining Credit is VERY limited. It only works for select partners, is issued as $10 per month, and expires at the end of every month.
3. The Amex Gold $120 Uber Cash credit may be worth LESS, and it may not fit into your lifestyle. Many restaurants increase their pricing when ordering via Uber Eats, plus doing a delivery may have added costs like small order fees, delivery fees, tips, etc.
4. There’s no $0 downgrade path. From the Amex Gold Card with a $250 annual fee, you can either upgrade to the Amex Platinum Card with a $695 annual fee, or you can downgrade to the Amex Green Card with a $150 annual fee. Currently, there’s no way to get out of paying an annual fee unless you cancel the card.
5. The 4X on “Groceries at U.S. Supermarkets” category is restrictive. It’s only valid on up to $25K spent per year, and it has a lot of exclusions. So, if you buy groceries at Target, Walmart, or Costco, it won’t work. Learn more at this link: http://americanexpress.com/rewards-info
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
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