American Express Gold Card Review | CreditShout

American Express Gold Card Review

By Kevin / November 15, 2008


CREDITSHOUT RATING:
Excellent
Verdict: Using the American Express® Gold Card allows the cardholder to earn unlimited points and the first year fee is waived.

American Express Gold Card Rewards Program

The American Express® Gold Card accumulates points through each dollar of spending. One dollar spent on the card gives the cardholder one point. There is no pre-set spending limit and the balance must be paid in full each month. This charge card accrues late payments if the balance has not been paid in full. Although the application states that there is no pre-set spending limit, a limit will be determined through the past credit history with the company, employment information, credit rating and spending patterns.

These points can be used for travel, gift certificates for your favorite retailers, hotels and accommodations and merchandise. As an added bonus, cardholders have access to elite tickets for sporting events, concerts and other shows in various cities throughout the nation.

Members are able to redeem their rewards in the way of airline rewards programs in over twenty one programs. This contributes to the vast amount of rewards that are available through the program. The benefits far outweigh the annual fee, making this card a great choice for those wanting to take part in a rewards program that is at the head of its class.

In addition to airline benefits, your points can be redeemed in other ways. These include the following:

  • Auto rentals
  • Hotel visits
  • Vacations
  • Gift cards for over 500 brands
  • Merchandise
  • Experiences
  • Tickets through Ticketmaster
  • Donations to charities
Major Travel and Shopping Benefits
  • 1. Access to Exclusive Benefits: Baggage Insurance Plan* when you travel, and shop with confidence with Extended Warranty* and Return Protection
  • 2. Use points for gift cards for dining, entertainment, and to shop over 300 of some of your favorite merchants
  • 3. Get discounts and low rates at hotels and resorts, plus a $75 hotel credit when you book through Gold Hotel Collection
  • 4. $0 introductory annual fee for the first year, then $125
  • 5. Terms and Restrictions Apply
Gold Card vs Premier Rewards Gold Card

The American Express® Premier Rewards Gold card comes with a higher annual fee than the American Express Gold card at $175. Most of the features are similar. However, the American Express Gold card offers the following advantages:

  • 3 points per dollar spent on airfare
  • 2 points per dollar spent on gasoline and groceries
  • 15,000 bonus points if you spend $30,000 in one year.

So if you are a big spender, or the majority of your spending is on travel then it is best to go with the American Express Premier Rewards Gold Card, as the bonus points & 3x points on airfare will more than offset the extra $50 annual fee.

Apply For The American Express® Premier Rewards Gold

Interest Rate, Fees & Other Fine Print

The American Express Rewards Gold Card comes with an annual fee of $0 for the first year. After that, the fee is $125.00. Although this is higher than other rewards program, the card holder is receiving top tier rewards.

There is no APR because the American Express Rewards Gold card is a charge card and the bill must be paid in full each month. If not, a late payment fee is charged to the balance of the account.

There are late payment fees of up to $35. After 2 consecutive billing periods without payment, the late fee is $35 or 2.99 percent, whichever is greater.

In addition, there is a $35 returned payment fee. A 2.7 percent fee is imposed on foreign transactions after they are converted to US dollars.

Payments are due for charges in the previous billing period when the card statement has been received by the cardholder, this occurs on the same day each month, throughout the billing period.

Up to five cards are issued with the account; each card after these five comes with a fee of $35.00. This is excellent compared to other programs that charge up to $25 for each additional card that is given to the account holder.

Pros

  • Annual fee is waived for the first year
  • Up to five cards free for business members or members of the family
  • Free shipping and handling through various online merchants, making online shopping less expensive and easier than ever
  • Points do not expire
  • Travel on any airline without blackout dates

Cons

  • Annual fee of $125.00 (however this often pays for itself after the first month)
  • Balance must be paid in full each month to ensure that the account remains in good standing
  • Spending limits determined by credit history, spending habits, employment history and payment history with company

Apply For The American Express® Gold Card

  • Credit Required
    Excellent Credit
  • Rewards Program
    Get discounts and low rates at hotels and resorts, plus a $75 hotel credit when you book through Gold Hotel Collection
  • Signup Bonus
    NA

CreditShout Rating:
( Excellent )

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