First, let’s clear up any assumptions or curiosity. No, I am not being paid by American Express or any affiliated program to write this post. This post is me speaking on my personal experience with the American Express Gold Card. I’m writing about this card because I feel there are so many benefits that people may not be aware of.
Before I considered getting the American Express Gold card I was on the fence. I strongly considered the American Express Platinum card prior to the Gold card, but I decided on the Gold because it fit my lifestyle better at the time. The American Express Platinum card is the perfect card for people who travel often (month-to-month). You receive free entry into airport lounges, including Delta Sky lounge and Amex’s own lounge (Centurion Lounge). There are other major benefits, but this post is about the Gold card.
Unlimited credit limit?
Similar to the American Express Platinum card and the invite only Black card, the Gold card has no set credit limit. That means you can spend as much as you want on your card, or does it? Yes, there is no visible credit limit for the American Express Gold card. However, American Express sets an invisible limit that cannot be viewed physically on your account. You can have an idea of what your limit is by using the “Check spending power” button on Amex’s website. I strongly advice you to not continuously click on that button over time because it can result in your account being reviewed by Amex.
The credit limit is normally set by Amex based on your credit score, income, and the amount you spend in your first couple of months while having the card. So if you cannot afford it, don’t go out and attempt to purchase a boat with your card because Amex might reject that purchase and possibly cancel your card.
A card for the everyday person
I personally nicknamed the Gold card “The everyday card.” American Express has a credit card that’s already named the Everyday card, but I gave that name to the Gold card because the benefits are much greater. Yes, the American Express Gold card is a charge card, but they do have a “pay charges over time” option which makes the card similar to a regular credit card. It allows you to make payments on your balance over a period of time. However, if you’re someone who have read my book, you already know I don’t think it’s beneficial to do that.
Amazing benefits at restaurants worldwide
The Gold card offers 4x points at restaurants worldwide. This is major for people who do not cook much. If you’re someone who eats out 3 or more times per week, this card will offer you great benefits in return. This applies whether you’re eating at the restaurant, getting takeout, or delivery. Simply put, if you spend $60 on food purchase from a restaurant, American Express will reward you 240 points.
Current “Shop Small” promotional offer
Right now through Sept 20, 2020, Amex has a “Shop small” offer where you get $5 back for every $10 you spend at a local participating small business. I just went and purchased food for $10 at a local restaurant named Woody’s the other day, and I’ll be receiving $5 back. That means I only spent $5 for a $10 purchase. You get to use the offer up to 10 times until Sept 20, 2020. If you’re already a card member, you have until 7/26/20 to sign up for the offer.
Amazing benefits for supermarket shoppers
If you’re not the go out to eat type, this card is still benefits you the same way it benefits someone who does. Similar to restaurant purchases, you receive 4x points at US Supermarkets, up to $25,000 per year. To break it down, if you spend $100 on groceries, you’ll receive 400 points in return. Combine this with restaurant purchases and your points will add up.
There are flight benefits as well
Lets say you’re not someone who purchases groceries or food from a restaurant, there are still great benefits that come with this card. The card offers 3x points back on flights booked directly with an airline or Amextravel.com. That means if you purchase a $400 flight, you’ll get back 1200 points in return.
The biggest card benefit of all
You also receive 1x point for every other purchase you make during your billing cycle. These points all add up. The biggest benefit to the American Express Gold card is you receive $10 once a month in a calendar year to spend at select restaurants. Those restaurants included The Cheesecake factory, Ruth’s Chris Steak house, Boxed, and participating Shake Shack. Its my favorite benefit of the card by far, especially if you go to restaurants like Shake Shack. Your meal will basically be free of charge if you purchase a sandwich and fries which adds up to around $10. It doesn’t take long for Amex to reimburse you either. It normally takes 2 to 3 business days to see your $10 credited to your account. I’ve used this benefit at just about all of the restaurants, minus Boxed and it’s a great benefit. Imagine buying a $16 meal at The Cheesecake factory and only spending $6 on it.
What you should know before applying
I believe you should consider this card if you relate to any of what I’ve mentioned above. You’ll more than likely need good credit in order to be approved for the card. Wallet Hub says you’ll need a 700 credit score, but even if your score isn’t above 700 I believe its worth applying and giving it a try. There is also a $250 annual fee for this card. American Express normally includes the annual fee on your first bill you receive.
If you’re approved for the card, you’ll receive 35,000 points after you spend $4,000 in the first 3 months of opening your account. You can earn 40,000 points for spending $4,000 in the first 3 months, instead of the 35,000 points if you use the link I provided below. The initial points are a great head start. Your points can be either converted into cash, flights, gift cards, or hotel stays.
What are you waiting for? Go get the card!
To sign up for the American Express Gold Card, click here.
Be sure to give my book a read for ways to improve your credit score. (Here)
Darnell R. McKinnon