The American Express Gold Card Review | 3 Years Later
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- čas přidán 2. 07. 2024
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Despite the Amex Gold Cards high annual fee of $250 per year, I just renewed my membership for a fourth year and recently added the business gold card to my wallet as well. So how am I able to justify that high annual fee and is this a product you should consider adding to your wallet? Today let's find out!
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0:00-Should YOU Get the Gold card?
1:33-Core Benefits
3:33-Justifying the Annual Fee
6:14-How to Redeem Amex Points
9:13-My Final Thoughts
💳 Amex Gold Card: www.dailydrop.com/credit-cards/american-express-gold-card
4:55 You're correct, we don't do it just to break even, you mentioned the SavorOne, which is a cashback card that can also be turned into transferrable currencies too, which means you should be factoring the opportunity cost not just the break even point. In other words
Annual Fee / the difference in earning multipliers
$130 / (0.04 - 0.03) = $13,000/ year or $1083.33 per month
This of course assumes, you can also get 2 ~ 3 cents per point with CapitalOne Miles
I watch all your videos. I would love to see you do a comparison to a strategy of no-fee cards. The issue I have is it's not how many points you are getting from this card. Its more like how many points MORE are you getting than using no-fee cards and is the fee really worth the difference. If I'm getting 5% cash back with my Amazon card on Amazon purchases, 3X travel points on dining w/BILT, 3% cash back on groceries with TD bank and 2% back on everything else with my Fidelity card. Oh and also 1X points on BILT for the rent. Ok it's not all travel points but the rates are high for no-fee cards. If I'm not interested in flying first class to Germany or something like that why would I want the high fee card? Most of us do 1, maybe 2 trips a year. A lot of people are only flying within the U.S. You guys are really focusing on a small percentage of travelers IMHO.
Just signed up. I was using BOA card to get 3% on dining- it was my first one.
The "no set spending limit" was a surprise for me.
6:51 Love the videos, but holy guacamole... two observations...
1) It's ED-in-BUR-ah, NOT ED-in-BURG.
2) My family of three (me, my wife, and a 3 year old) spends less than $400/month on groceries... sometimes the best way to save money is to just save money... we opted for the Amex Preferred for 6% on groceries. It also features a great Disney plus redemption, which for a $95 annual fee, is great!
I have this blue preferred and it’s great. I already have earned about $200 in credit rewards and that’s not taking into account the Disney bundle credit.
*Cries in Canadian* our version of the gold card has no bonus whatsoever on dining and groceries and no Uber credits. The only earning bonus is on travel which is just 2x. I'll be cancelling this year after having the card for 2 years.
It seems like the only cards that are worth it in Canada are the Cobalt card that has a low monthly fee if you want points, the Canadian Green card as a safety net for your points since its no annual fee and on Team Cash Back, the Simply Cash also no annual fee or for a low annual fee, the SimplyCash Preferred Card .
I just cancelled my Amex Gold card after having it a few years. I didn't find it valuable at all to me for the $250 annual fee. I stopped going to regular grocery stores as they are more expensive and Walmart isn't part of the 4x grocery stores, plus I stopped mostly going out to eat since my family is trying to make meals at home to lose weight and eat healthier, so the UberEats $10 cash a month isn't good for us either anymore. (Plus it costs more buy pickup from UberEats than to go to the restaurant itself.) The Gold also doesn't include any other bonuses like Walmart+ or Priority Pass. So, as I said, I cancelled it but did keep my Amex Plat for now and always will keep my CSP.
Amex tries to entice heavy spending. For those of us who try to be frugal and shop at membership clubs and dont dine out much, its a straight waste of time unfortunately.
Free cards that offer 2-4% for groceries and gas will continue to make sense for me.
Amex Green, Amex Platinum are the better option especially with travel value factored in.
Love my American Express Gold for dining and groceries!!!
So awesome to hear! We also get a lot of value out of this card for dining & groceries!
Be aware that virgin Atlantic has different types of seats on different aircraft’s like the a350 seat will not be the same on the 787 or A330-900 but I am still sure you will have a great experience
Yes, we did know that when we booked it! As of now, we are on the Airbus A350-1000, but obviously this could change before our departure date. Looking forward to the experience regardless!
the gold doesn't get lounge access so can you dtack points than combine point when you get platinum?
Points combine between the two, I think the Amex Gold should at least offer Priority Pass especially with the potential of the increased AF later this year.
I love you guys sooo much !! Just saw the video from Japan where you announced this new Chanel and I instantly came here to subscribe !
So glad that you are here & thanks for subscribing 🤗
The logic is flawed. You need to compare putting your restaurant spend on cards with transferable points that offer 2x or 3x on restaurants. If you compare the opportunity cost you need to spend much more on the gold to make it worth it if you don’t value the credits.
I mean…. Yea obviously if you don’t value the credits then that changes the math… the point is that you would be someone that actually values the credits
I actually dumped it, something I never thought I'd do. I picked up the Savor Card, $95 AF. It comes with an Uber One credit and 10% cash back until November, had it since last September. That alone makes it more valuable.
It makes sense mainly because my largest spend category is entertainment and dining out - 4x. I have season tickets to my local MLS team, easily better than Amex when you have a high spend in those 4x categories. I pair it with the Venture X, so the transfer options are equal to Delta.
Like you, the dining credit is USELESS!!
3x with no AF is a no brainer!
@@shawn.credit With the spend I have in the 4x categories, the $95 AF is the better option.
@@roburb73 Both excellent options, enjoy the Savor card! ✊
It will pay for yourself if you flying internationally. You don’t get the same redemption options for domestic flights.
He said the 60,000pt sign up bonus is worth $600 at the very least. This is a straight up lie. It’s worth less than half that at the very least. Hard asf to redeem for good value unless you’re transferring out to transfer partners and struggling to book business class on an international flight.
delete this comment
@darith770 He's right though. Amex doesnt let you redeem points 1:1 for statement credits or other items in large part. The fact you cant exhange 50,000 amex points for a $500 credit or $500 in gift cards is pathetic.
You're doing this wrong
@@smartfreak7105 pretty sure my Chase card doesn't, either. It's never your best value to redeem for a statement credit or cash back. I only say "pretty sure" because I don't even look into that as an option. You're always going to get the most for your points by transferring them to a partner. I booked a $7k round trip flight (biz class, premium economy) for 68k Chase points. That was an even better deal at the time because they had a 25% transfer bonus to Flying Blue.
Capitol ONe Venture X is way more valuable FWIW. They indeed pay you . I don't believe your gold card includes any lounges.....
Considering how costly it is to fly $13k pts is trash
the problem with american express, is the fees they charge merchants, it is higher than mc, vis and disc. why a lot of small lbusinesses do not accept american express.
I was like 666 .... is that a sign I should get it? hummm
can you get into Centurion Club with this?
no
Unfortunately, no 😢
@@DailyDropthanks
on the canadian amex gold you get 4 entires into plaza premium lounges
No, since I don't live near any lounges at all. Not even non-Centurion Lounges, I don't have to pay at all since there isn't any and even then, Platinum would be a huge waste for me and would have to use enough of the credits to justify the fee. Platinum not worth it right now for me.
The Amex customer service are not professionals & do not answer right to your Question , do not listen or follow your needs , this card is useless & Expensive to have , they want you to spend out of your packet giving you 30 days to pay back , annual fee is so high , other cards have non , when you think of it has no benefit for you , be smart never get it !
Brother if u think 250$ is a high annual fee you probably should start making some more money.
Thank you😌
I used to fly standby through a family airline employee and got to taste luxury c’: it made me really sad thinking that was a thing of the past, but through this channel i’m hopeful again - i really can’t thank you enough❤️🔥🫧