American Express Gold Card update: Higher annual fee, new statement credits, plus a chic white gold version

Among the favorites of both TPG team members and readers is the American Express® Gold Card.

The last significant update to this card—referring to adjustments in its annual fee and benefits—occurred in 2018. As we mentioned earlier this year, we anticipated this card would be part of the roughly 40 products Amex plans to refresh in 2024.

And we were correct. The Amex Gold is the latest card to see an increase in its annual fee along with changes to its benefits structure.

However, there's no need for concern—the adjustments are not as unfavorable as we initially feared. Continue reading for a detailed overview of the Amex Gold update and our insights on the changes.

Higher annual fee

To start, the Amex Gold's annual fee has risen from $250 to $325 (see rates and fees), marking a 30% increase.

This new annual fee is effective immediately for new cardholders (who can benefit from a limited-time welcome offer detailed below). Current cardmembers will face the increased fee upon renewal starting Oct. 1, 2024.

I’m surprised the annual fee was raised by only $75; I expected it to be increased to at least $375 to align with the American Express® Business Gold Card (see rates and fees).

If you're concerned about the increased annual fee when it appears on your statement, I suggest reaching out to Amex via online chat or phone to inquire about a retention offer or consider switching to the American Express® Green Card.

According to TPG credit card writer Oliva Mittak, "For the time being, I plan to hold onto the card, but next year I might think about downgrading to the Amex Green if the Gold doesn't provide enough value to offset its annual fee."

The details for the American Express Green Card have been gathered independently by Dinogo. The information provided on this page has not been reviewed or endorsed by the card issuer.

Earning rates are capped

The Amex Gold card has been celebrated by dedicated points and miles enthusiasts for its impressive earning potential, particularly for those who frequently dine out or shop for groceries. Fortunately, the earning rates on this card remain unchanged.

The only update is a new limit on your annual spending at restaurants before your earning rate decreases:

• Earn 4 points for every dollar spent on dining at restaurants, including takeout and delivery within the U.S., on purchases up to $50,000 per calendar year (then 1 point per dollar).

The remaining earning structure will remain unchanged:

• Earn 4 points for every dollar spent at U.S. supermarkets on purchases up to $25,000 per calendar year (then 1 point per dollar).
• 3 points for every dollar spent on flights booked directly with the airline or through Amex Travel.
• 1 point for every dollar on all other eligible purchases.

These updates are unlikely to impact most cardholders. With the new $50,000 cap on dining, members can spend approximately $4,117 each month on dining before their earning rate drops from 4 points per dollar to just 1 point per dollar.

As someone who loves dining out and rarely cooks, I would still find it quite challenging to reach this monthly dining spending limit. Many cardholders might share this view, especially considering U.S. Census Data indicates that the average person spends about $222 a month on dining out. Therefore, I seriously doubt this dining cap will significantly affect most cardholders.

New statement credits

The total number of statement credits available with this card is increasing from two to four. This includes the two existing statement credits:

• Up to $120 in annual Uber Cash: Enjoy $10 in Uber Cash each month for Uber Eats and Uber rides within the U.S. To access this benefit, you need to add the card to your Uber app.
• Receive up to $10 in monthly dining statement credits when you use the Amex Gold Card at participating restaurants. Enrollment via the Amex website is necessary.

There are two new statement credits available:

• Up to $100 in annual Resy credits (distributed as two credits of up to $50 each, one every six months)*
• Up to $84 in annual Dunkin' credits (allocated as monthly credits of up to $7)*

*Enrollment is necessary.

While cardholders may not be thrilled about yet another statement credit, the $100 in Resy dining credits will be straightforward to use. These credits are divided into two $50 portions, distributed every six months.

These Resy dining credits are incredibly user-friendly, allowing most cardholders to take full advantage without even realizing it. You can redeem them at any restaurant that accepts Resy reservations, even if you don’t book a reservation yourself. (Similar Resy credits were introduced for the Delta SkyMiles Amex cards in February when those cards were refreshed.)

I’m confident I’ll easily use this credit, especially since it provides up to $50 in biannual credits, and I often exceed that amount when dining out, often before the main course arrives.

TPG’s managing editor for credit cards, Matt Moffitt, mentions, "I’ll keep this card, as the $75 annual fee increase will be more than compensated by the up to $100 Resy credit. However, I recognize this may introduce more complexity for cardholders."

Moreover, cardholders who love coffee will likely appreciate the new up to $84 annual Dunkin' credit, divided into monthly credits of up to $7.

Dunkin' is widely available across the U.S., especially in urban and suburban areas, with outlets in 45 states. Many Dunkin' locations are also situated in major airports, allowing cardholders to use the credit for a quick coffee or donut before catching a flight. That said, I would have preferred a Starbucks credit instead of Dunkin'.

This credit doesn't particularly benefit me since there are no Dunkin' stores in Oregon, where I reside. However, given how often I travel to states like Arizona, California, and New York—where Dunkin' is plentiful—I should be able to take full advantage of this credit.

TPG credit cards editor Emily Thompson stated, "Initially, I had doubts about the changes. While I can fully utilize the Dunkin' credit, which technically offsets the annual fee increase, I find it frustrating to manage yet another set of credits each month. However, after discovering that the Resy credit will be easy to maximize, I believe I can derive even more value from my card with these updates."

If you can fully capitalize on all four statement credits, you could potentially gain $424 in ongoing value each year.

Cardholders can monitor their progress toward the statement credits in the Benefits tab available on the Amex app and website.

Minor updates to dining partners

As previously mentioned, the Amex Gold card offers a $10 monthly dining credit that can be utilized at selected merchants.

Shake Shack and Milk Bar will be removed from the list starting September 26, while Five Guys has been added as a new partner effective immediately. The other dining partners will remain unchanged:

• Goldbelly
• Grubhub
• The Cheesecake Factory
• Wine.com

In my view, swapping Shake Shack for Five Guys is a positive change, as Five Guys boasts four times the number of locations; it operates in 49 states, while Shake Shack is only found in 33.

Although I’m personally disappointed by the removal of Shake Shack—especially since I live just a four-minute walk away—burger enthusiasts still have a delicious alternative.

New white gold color

Amex frequently introduces limited-edition card designs. This has been seen previously with the Delta SkyMiles® Reserve American Express Card, which featured a limited-edition design made from parts of a Boeing 747 (now discontinued).

In a similar vein, Amex has unveiled a limited-edition version of the Gold card in a new hue: white gold. This adds to the existing color options, as Amex introduced rose gold back in 2022.

New cardholders can select the white (or rose) gold option during their application, while current cardholders can also request a replacement card in white gold.

I believe the white gold option is the most attractive and will likely age the best. I currently have the standard gold color, which, regrettably, looks like it’s past its prime.

Enhanced welcome offer

As is typical with an Amex card refresh, the issuer usually provides an enhanced welcome offer at the same time.

New applicants can earn 60,000 points after spending $6,000 on eligible purchases within the first six months of having the card, along with 20% back as a statement credit for eligible restaurant purchases (up to $100) in that same period. This offer expires on November 6.

This welcome bonus has a value of up to $1,300 according to TPG's July 2024 valuations.

The standard offer stands at 60,000 points, so while the added $100 statement credit is beneficial, it’s not groundbreaking.

Conclusion

Although some may be disappointed by the increase in the annual fee, the Amex Gold continues to deliver substantial value. If you spend significantly on groceries or dining, this card should remain a staple in your wallet due to its generous earning rates and the opportunity to earn highly valuable transferable points.

This card is one of my essential keepers—and this refresh doesn’t change that. I’m confident I’ll fully benefit from the statement credits, which will easily provide me with over $400 in value each year, more than offsetting the increased annual fee.

However, if you're dissatisfied with the rise in the annual fee and don’t see much value in the new credits, I recommend not to cancel your card immediately. Instead, reach out to Amex via call or chat to request a retention offer when your annual fee posts. They might provide you with bonus points or an extra statement credit to encourage you to keep your card. If that doesn’t work, consider downgrading to a card with a lower annual fee, allowing you to maintain this credit line and protect your credit score.