Changes also include a limited-edition white gold Amex credit card.
July 26, 2024 – American Express has made changes to its Gold Card offering, adding new credits that cardholders can earn but also increasing the card’s annual fee.
Here’s what’s changing:
- The Gold Card’s annual fee has increased to $325 from the previous $250.
- A new “up to” $100 Resy credit annually (given as an “up to” $50 credit in both the first and last half of each year) when using the card at restaurants listed on Amex’s Resy dining reservation platform.
- A new “up to” $84 yearly credit at Dunkin’ (given as an “up to” $7 credit each month).
- The 4X (4 points per dollar) reward on dining purchases has been capped at $50,000 per year (previously uncapped)
- The “up to” $120 yearly dining credit is unchanged, but the places where it can be used have changed, with Five Guys added, while Shake Shack and Milk Bar will soon be subtracted. (Grubhub, The Cheesecake Factory, Wine.com, and Goldbelly remain.)
- A new, limited-edition “white gold” version of the card is being offered. (The standard gold and rose gold versions of the card continue to be options.)
Otherwise, the card’s rewards have not changed, and the yearly “up to” $120 Uber credit remains.
Is It Better Than Before?
The value proposition of the American Express Gold Card is obviously different for each individual. For those who already carry the Gold Card, the cost goes up $75 per year but the additional credits could be worth $184 if maximized.
In most cases, the Resy credit seems fairly easy to maximize, even if the number of available restaurants can vary widely by geography.
The Dunkin’ credit is much harder to quantify, because the cardholder must want to go to Dunkin’ in the first place AND must have a Dunkin’ location somewhere nearby AND must want to visit at least once per month to achieve the full $84 credit.
For those who’ve never had the Gold Card, increasing the annual fee to over $300 is likely to scare many people away. However, for those who highly value American Express Membership Rewards points, the difference in annual fee might be a wash when comparing the cost to the benefits.
American Express has consistently pushed up the annual fees on its Platinum, Gold, and Green cards, and yet it continues to report increases in cardholder numbers. Presumably the company feels confident that the jump in the cost of the Gold Card will not dampen consumer enthusiasm for it.
Author: Adam Jusko