Is it sensible to hold both an Amex Platinum and an Amex Gold card?
I can hear your thoughts: It seems illogical to carry two cards that earn the same points while incurring high annual fees for both.
For me (and many others), it’s absolutely worth it.
Indeed, the costs associated with The Platinum Card® from American Express and American Express® Gold Card can appear substantial — particularly when combined — and they generate the same type of points. Yet, the earning rates and benefits of these cards are vastly different.
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If you aim to boost your earnings, take full advantage of annual benefits, and safeguard as many of your expenses as possible, it makes sense to possess both the Platinum and Gold cards. Here’s why.
Two cards, two rewards
In your first year with a card, the welcome bonus is often among the most valuable perks. Additionally, many American Express cards offer welcome bonuses. However, be sure to read the fine print carefully, as Amex has started implementing rules for cards within the same family that may affect your eligibility for these offers.
For instance, Amex has updated the offer terms on the Amex Gold, stating that you might not qualify for the welcome bonus if you currently hold (or have held) the Amex Platinum. Conversely, the opposite is true; as of now, you can still obtain a Platinum welcome bonus even if you are a current (or former) Gold cardholder.
Therefore, it would be wise to begin with the Amex Gold and then consider adding the Amex Platinum later — as long as you comply with the issuer's other application requirements, of course.
Currently, new applicants for the Amex Platinum card can earn 80,000 bonus points after spending $8,000 within the first six months of card ownership. In contrast, applicants for the Amex Gold card can earn 60,000 bonus points after spending $6,000 in the same timeframe. Additionally, they can receive 20% back in statement credits on eligible restaurant purchases (up to $100) during the first six months of card ownership.
MIXETTO/GETTY IMAGESAccording to TPG's August 2024 valuations, American Express Membership Rewards points are valued at 2 cents each. Therefore, these 140,000 points equate to $2,800.
How can you make the most of those points? Here’s a guide to maximizing your Amex Membership Rewards points.
Boost your earnings
In addition to the welcome bonus, you’ll accumulate points on purchases made with your card. However, the points earned with the Platinum and Gold cards differ significantly. Consider the following comparisons:
| Earning rates | Amex Platinum card | Amex Gold card |
|---|---|---|
| Flights | 5 points per dollar on flights booked directly with airlines or with Amex Travel (up to $500,000 of these purchases annually, then 1 point per dollar) | 3 points per dollar on flights booked directly with airlines or amextravel.com |
| Hotels | 5 points per dollar if booked and prepaid with Amex Travel; 1 point per dollar otherwise | 2 points per dollar if booked and prepaid with amextravel.com; 1 point per dollar otherwise |
| Restaurants | 1 point per dollar | 4 points per dollar (on up to $50,000 in purchases per calendar year, the 1 point per dollar) |
| Supermarkets | 1 point per dollar | 4 points per dollar at U.S. supermarkets (on up to $25,000 on purchases per calendar year, the 1 point per dollar) |
| Other purchases | 1 point per dollar | 1 point per dollar |
By choosing the right card for each transaction, you could earn thousands of additional points annually. A general recommendation is to use the Platinum and Gold cards as follows:
- Platinum card: For flights booked directly with airlines, as well as flights and hotels reserved through Amex Travel.
According to TPG's managing editor for credit cards Matt Moffitt, "Even though this card has a high annual fee, it more than pays for itself for frequent travelers like me. The lounge access options that come with the Platinum are unmatched by any competitor. I charge all my flights — whether purchased with cash or points — to this card to earn 5 points for every dollar spent and enjoy trip protection insurance. I ensure I make the most of the Uber, Saks Fifth Avenue, Hulu/Disney+, and Clear Plus statement credits (enrollment required for select benefits). And honestly, using a Platinum card to pay for something does feel quite luxurious."
- Gold card: At restaurants and U.S. grocery stores.
TPG associate credit card writer Chris Nelson is a culinary enthusiast and appreciates the Gold card for its 4 points per dollar earning rate at restaurants (on the first $50,000 in purchases each calendar year; then 1 point per dollar) and the option to transfer Membership Rewards points to various airline and hotel partners.
Countless annual credits
Beyond earning points, both cards offer annual statement credits that can return hundreds or even thousands of dollars to you. Keep in mind that most of these benefits require prior enrollment.
DinogoThe Amex Gold card comes with the following annual credits as part of its $325 annual fee (refer to rates and fees):
- Receive up to $120 in annual dining statement credits, distributed as $10 per month with select merchants.
- Earn up to $120 in Uber Cash each year, provided as $10 per month for rides or Uber Eats orders in the U.S. You must have the latest version of the Uber App, and your eligible American Express Gold Card must be linked as a payment method in your Uber account.
- Enjoy up to $100 in Resy Credit, given as $50 in statement credits twice a year.
- Receive up to $84 in Dunkin' Credit, awarded as $7 per month in statement credits.
By utilizing these $424 in credits, you more than offset the card's annual fee. Enrollment is necessary for select benefits.
On the other hand, the Amex Platinum card offers the following annual statement credits as part of its $695 annual fee (refer to rates and fees):
- Up to $200 in airline fee statement credits with your chosen airline.
- Up to $200 in annual hotel statement credits for prepaid bookings through Amex Fine Hotels + Resorts or The Hotel Collection (minimum two-night stay required).
- Gain Uber VIP status and up to $200 in Uber Cash annually ($15 in Uber Cash for eligible Uber Eats orders and rides in the U.S. each month, plus a bonus $20 in December). You must have the latest Uber App, and your eligible American Express Platinum Card must be set as a payment method in your Uber account.
- Receive up to $199 in annual Clear Plus statement credits to cover your annual membership (subject to auto-renewal).
- Benefit from up to $240 in annual digital entertainment statement credits, distributed as $20 per month for purchases with eligible streaming partners.
- Access up to $300 in annual Equinox statement credits for select Equinox gym or Equinox+ app memberships.
- Get up to $155 in annual statement credits, offered as $12.95 plus taxes monthly to cover one Walmart+ membership (subject to auto-renewal); Plus Up benefits are not eligible.
- Claim a $100 statement credit for Global Entry every four years or up to $85 for TSA PreCheck every 4½ years (depending on which application fee is charged to your card first); this increases to $120 starting Oct. 1, 2024.
- Receive up to a $100 Saks Fifth Avenue statement credit, distributed as $50 biannually.
Leveraging these benefits yields over $1,500 in annual value — significantly exceeding the $695 annual fee. If you can utilize just 50% of the credits, that’s still more than the cost of the annual fee. Enrollment is necessary for select benefits.
Enhance your shopping and purchase protections
Both cards provide coverage for shopping and travel protections, though the extent of coverage differs.
IMAGES BY TANG MING TUNG/GETTY IMAGESThese cards come with the following built-in benefits:
- Extended warranty protection: Offers an additional year on a manufacturer's warranty of five years or less. Coverage is limited to the amount charged to your card, up to $10,000 per incident and a total of $50,000 per cardmember account within a calendar year.*
- Purchase protection: Safeguards items against damage, theft, or loss within 90 days of purchase. There is a cap of $10,000 per occurrence and $50,000 per cardmember annually.*
*Eligibility and benefits differ by card. Terms, conditions, and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company.
Nonetheless, the levels of protection can differ significantly. Here’s how the coverage compares between the Amex Platinum and Gold cards:
| Amex Platinum card | Amex Gold card | |
|---|---|---|
| Cellphone protection | Covered against loss or damage, up to $800 per claim and up to two claims in a 12-month period. There is a $50 deductible per claim. Coverage applies to phones on a cellphone plan paid for with your card in the previous billing period** | None |
| Return protection | Covers purchases made in the last 90 days, up to the full purchase price or $300 maximum (minus shipping and handling costs). Coverage is limited to the U.S. and its territories*** | None |
| Trip cancellation and interruption insurance | Provides up to $10,000 per trip (with a maximum of $20,000 in a 12-month period) for a trip canceled or interrupted for a covered reason** | None |
| Trip delay insurance | Up to $500 per covered trip after a delay of six hours or more; maximum of two claims in a 12-month period** | Up to $300 per covered trip after a delay of 12 hours or more; maximum of two claims in a 12-month period** |
| Travel emergency services | 24/7 access to the Premium Global Assist Hotline to coordinate and assist with legal, medical, financial or other emergency services when traveling more than 100 miles from home. You must pay for any third-party services coordinated on your behalf. Emergency medical transportation may be provided at no cost if coordinated by the benefit administrator^ | 24/7 access to the Global Assist Hotline to coordinate and assist with legal, medical, financial or other emergency services when traveling more than 100 miles from home. You must pay for any third-party services coordinated on your behalf^ |
| Baggage insurance plan | Covers up to $2,000 for checked bags and up to $3,000 total between checked and carry-on luggage. This is in excess of coverage provided by your carrier. (NY residents: $2,000 per bag limit with an aggregate limit of $10,000 across all persons on a covered trip)* | Covers up to $500 for checked bags and up to $1,250 for carry-on luggage. This is in excess of coverage provided by your carrier. (NY residents: There is an aggregate limit of $10,000 across all persons on a covered trip)* |
| Car rental loss and damage insurance | Up to $75,000 of coverage for theft or damage to eligible rentals† | Up to $50,000 of coverage for theft or damage to eligible rentals† |
Holding both cards allows you to enjoy enhanced protections while maximizing the points earned on every purchase.
It’s not for everyone
Not everyone will find sufficient value in holding both the Platinum and Gold cards at once. Consider the following factors to determine if it's right for you:
- If you seldom visit lounges (or lack sufficient guest privileges to bring family along), the value of the Platinum card diminishes. Are you utilizing enough other benefits to justify the $695 annual fee?
- If you shop at Walmart or Target, or use grocery delivery services that don't categorize as "supermarket," you won’t earn bonus points with the Gold card. Are you receiving enough value otherwise?
- Are you using the Platinum card's perks merely because they are available, or are they genuinely saving you money on purchases you would make anyway? If you don't already use streaming services, Walmart+ or Uber, think about the real value they bring to you.
Conclusion
For some, the Amex Gold's lower annual fee, dining credit, monthly Uber Cash, and attractive bonus categories may be more beneficial than the Platinum card. The Platinum card is advantageous for those who can fully leverage its perks and credits—especially frequent flyers looking to maximize earning opportunities.
However, those aiming to optimize their benefits and accelerate point accumulation should consider carrying both cards. If used effectively, these advantages can far exceed the annual fees well after redeeming the welcome bonuses.
For further details, check out our comprehensive reviews of the Amex Platinum and Gold cards.
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