Rumors are swirling right now about one of our favorite rewards credit cards — and the news isn’t great.
Doctor of Credit reports that the American Express® Gold Card is expected to undergo a significant refresh — including a 30% annual fee hike. (See current Rates and Fees)
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Anticipated American Express® Gold Card Changes
DoC says the full changes were leaked on an Amex server. So, that seems like a pretty good indicator of what’s coming.
“No guarantees these changes will be coming,” the credit doc wrote, “but it’s highly likely.”
Here’s what they are:
- $325 annual fee
- an increase from the current $250. (Rates and Fees)
- A semi-annual $50 credit to be used at U.S. Resy restaurants would be added
- The card’s 4X Membership Rewards® points earnings at restaurants worldwide would be capped at $50,000 in spending per year
- A monthly $7 credit to be used at Dunkin’ would be added
- Milk Bar and Shake Shack would be removed from the monthly $10 Dining Credit. 5 Guys would be added.
- ‘That means the credit would include The Cheesecake Factor, Goldbelly, Wine.com, Grubhub, and 5 Guys.
- The welcome bonus would be 60,000 points + 20% back on restaurants up to $100 in statement credit
- Last and least: you could select a white gold card.
- That would join the other options: a gold car or rose gold card.
The monthly $10 Uber Cash deposit would remain. (Uber Cash deposits are made monthly and expire if not used. To receive this benefit, you must have downloaded the latest version of the Uber App and your eligible American Express® Gold Card must be a method of payment in your Uber account. The Amex Benefit may only be used in the United States.)
Also staying:
- 4X at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
- 3X on flights booked directly with airlines or at amextravel.com
- 2X on prepaid hotel bookings at amextravel.com
- 1X points on all eligible purchases
- $100 The Hotel Collection Credit: Earn an experience credit with a minimum two-night stay when you book The Hotel Collection through American Express Travel. (Experience credit varies by property.)
Quick Take
First, let’s see if these changes are actually announced. (Something tells me they will be.)
Obviously, I don’t like the annual fee hike (Rates and Fees). I’ll be able to use the Resy credit. But Resy’s footprint isn’t that big. I can see this being a turn-off for some people. (Although, when you travel to major cities, check and see if any restaurants tickle your fancy.)
The continual devaluation of the monthly Dining Credit is getting annoying, although I basically use it for Cheesecake Factory or Grubhub anyway. I also appreciate and use the Uber Cash benefit.
If the annual fee changes are announced, I think I can still make the card work for me. The 4X earnings are still great and we use the statement credit. But the expensive “coupon book” mode Amex is constantly enhancing is getting a little onerous.
What do you think about the proposed changes?
For rates and fees of the American Express® Gold Card, please visit this link.
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It’s tough to see this in an overall positive light. I don’t use Resy and hate the coupon book that Amex has increasingly made their cards into to hide that customers aren’t getting value for their money. If this does go through I’ll have to give some serious consideration to whether I want to keep the card.
I “like” my Gold Amex but I don’t $300+ “like” it.
$10 at 5 Guys doesn’t sound like a lot of money in that place.
Goodbye Amex. First my delta reserve now my gold. Pathetic gouging with no value add.
Does this include the AMEX Gold Delta Skymiles?
Nope.