The American Express Gold Card Just Got More Expensive. Why I’m Still Keeping Mine

I’ve been writing about and using credit cards for a decade and even teach others how to best use their own cards.

When it comes to managing my finances, perhaps my biggest weakness is eating out, as I love enjoying a fantastic meal with family, friends and clients. But as the cost of dining out has risen — the cost of food away from home increased 4% annually in August — I’ve found myself eating at home more often. 

But whether I eat in or out, I still use my American Express® Gold Card for food purchases, as it offers me 4x Membership Rewards points per dollar spent at both restaurants (up to the first $50,000 spent per calendar year, then 1x) and at U.S. supermarkets (up to the first $25,000 spent per calendar year, then 1x). It’s a good card, but American Express recently announced changes that will leave some questioning whether this card is still worth it. 

What’s new with the Amex Gold?

American Express is refreshing many of its products in 2024, and the Gold Card is one of them. 

First, it’s enhancing the card by adding new statement credits, including up to $100 in annual Resy credits (two credits of up to $50, one in each half of the year) and up to $84 in annual U.S. Dunkin’ credits, in the form of $7 statement credits each month. But on the downside, American Express is raising the annual fee from $250 to $325, a $75 jump (see rates and fees). It’s also capping its 4x points on restaurants to $50,000 per year before rewards fall to 1x. 

Why I’m still keeping my card

I’ve been using the Amex Gold to earn restaurant and U.S. supermarket rewards, and I figure there’s no way I’d ever spend $50,000 a year on dining, so I’m not worried about this new limit. I also use the $10 a month in Uber and $10 dining credit, mostly for Grubhub takeout. 

I’ll admit, I wasn’t happy to see the annual fee raised by $75. But then I did the math. 

I’m not a big Dunkin’ fan, as coffee and donuts aren’t part of my normal routine, but the Resy credit does appeal to me. I just have to eat at two restaurants in the Resy portfolio, each year, and I’ll come out $25 ahead of where I did before. Taking a quick look, there are plenty of Resy restaurants in my area, so it won’t be too hard.

Even if I didn’t earn up to $325 in credits each year, I’d still be enjoying the points earned on my supermarket spending. I personally value Amex points at about 2 cents each, so I’m sure that the value of the extra points I earn will make up any difference between the cost of the annual fee and the value of the credits that I receive. 

Everything the Amex Gold card has to offer

The American Express Gold Card has always been a niche card. 

On one end of the market are travel rewards cards with annual fees of just under $100 — cards like the Citi Strata Premier℠ Card* and Capital One Venture Rewards Credit Card*. 

On the other end of the spectrum are premium travel rewards cards with annual fees in the $400 to $700 range like the Capital One Venture X Rewards Credit Card* and The Platinum Card® from American Express. These cards offer high-end perks like airport lounge access and numerous annual travel credits. Whether priced at $250 or $325, the Amex Gold Card still falls right in the middle of this divide. 

For me, the Amex Gold Card’s key features are the ability to earn 4x points per dollar spent at restaurants worldwide (up to $50,000 per calendar year, then 1x), and at U.S. supermarkets (up to $25,000 per calendar year, then 1x).

You also earn 3x points on flights booked through the airlines or through Amex travel. These are extremely valuable Membership Rewards points that can be transferred to 18 airlines and three hotel programs.

I get the most value from these points when I transfer them to airlines as miles, which I use to book business-class international tickets. For example, ANA airlines is a transfer partner that’s part of the Star Alliance, and you can redeem just 100,000 miles for a round-trip, business class ticket to Europe on its partners such as United, Air Canada and Lufthansa.

For perspective, a round-trip, non-stop United flight from Denver to Barcelona at the time of writing costs $4,008. If you instead redeemed 100,000 miles, you’d be getting about 4 cents per point in value — much higher than the typical 1 cent per point for redeeming travel through Amex.

Then, there’s a host of credits, including up to $120 in annual Uber Cash ($10 per calendar month) which can be used for U.S. ride shares or U.S. purchases through Uber Eats, and $10 in monthly dining statement credits with participating dining partners, including Five Guys, Goldbelly, Grubhub and The Cheesecake Factory. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.

Plus, there are the previously mentioned Resy and Dunkin’ credits. Benefits include car rental insurance**, purchase protection, extended warranty and a baggage protection plan**. 

How I’ll get the most value from my Amex Gold going forward

I use my Amex Gold card to order lunch from Grubhub at least once a month, so I always get the $120 a year in restaurant credits. And using $10 a month in Uber Cash is effortless when I travel, or I can easily use that for Uber Eats takeout. 

The combined total of the restaurant and Uber Cash credits equals $240 per year. Add in the $100 in Resy credits, and I’m up to $340 a year, which is slightly more than the new $325 annual fee. And if I happen to grab a free doughnut every now and then, so be it!

Is a card’s annual fee worth paying?

It’s easy to see that earning $340 in credits, largely for purchases I would have made anyway, easily outweighs the $325 annual fee. But even if you couldn’t use all of those credits, I’d say that it’s still worth it to pay $100 a year for a card that offers 4x on restaurant and grocery store purchases, if your spending habits match the card, that is.

If you’re on the fence about whether an annual fee is worth it, compare the card’s rewards and perks to your budget. If the value you get from both eclipses the cost of the card, it’s worth it. But if you have to spend more or alter your lifestyle for the card, it’s not the one for you.

Need to downgrade? Here’s how

For many Amex Gold cardholders, the new $325 annual fee will be just too much to justify, and I get that. If that sounds like you, then you may consider downgrading your card, rather than canceling it. 

This simply requires a quick call to Amex to request the switch. You’ll retain your account number, balance and payment information, but with different terms. You can call the number on the back of your card to contact your issuer.

Thinking of switching to another card? Try these instead

If you’re ready to consider other cards, here are a few options:

**All information about American Express cards have been collected independently by CNET. American Express cards are no longer available through CNET.

**Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.