The Amex Gold Card costs $325 per year, which sounds steep. But it earns 4x points at restaurants and 4x at US supermarkets (up to $25,000/year). It also includes $120 in Uber Cash credits and $120 in dining credits at specific restaurants. When I do the math on my actual spending, this card earns me more net value than any other card in my wallet. But your numbers might look very different.
The Two Numbers That Matter
How much do you spend on dining per month? How much on groceries? That is literally all that matters for this card. Everything else - the Uber credits, the dining credits, the airline incidental credit - is nice but unreliable. Some months I use the Uber credits, some months I forget. The dining credits only work at specific partners. Build your case on the 4x categories alone.
My Real Numbers (Year 2)
In my second year, I spent approximately $600/month on dining and $500/month on groceries. That is $13,200 per year in 4x categories, earning 52,800 Membership Rewards points. Valued conservatively at 1.8 cents per point (transfer to airlines), that is $950 in rewards. Subtract the $325 fee, add back ~$180 in credits I actually used, and my net value was around $805. A free 2% card on the same spending would have earned $264. The Amex Gold earned me $541 more.
When It Is NOT Worth It
- You spend less than $300/month combined on dining and groceries - a free cashback card will beat it
- You only redeem Amex points for statement credits (they are worth just 0.6 cents each that way)
- You do not want to deal with transfer partners - the value disappears with bad redemptions
- You already have an Amex Platinum and the overlapping benefits reduce the Gold's marginal value
- You carry a balance - no rewards card is worth it if you are paying 21%+ APR
When It IS Worth It
- You spend $400+ per month combined on dining and groceries
- You transfer points to airline partners (Delta, ANA, Air France are great Amex partners)
- You use the Uber Cash credits regularly ($10/month, $15 in December)
- You eat at Amex dining credit partners (Grubhub, The Cheesecake Factory, etc.)
- You value points flexibility and are willing to learn the transfer game
The Break-Even Point
At 4x earning and 1.5 cent/point value, you need about $550/month in dining + groceries to break even against a free 2% card after the $325 fee. Below that, skip it. Above that, the Gold pulls ahead quickly.
The Bottom Line
The Amex Gold is one of the best cards in my wallet, but I acknowledge I am its target customer - I eat out a lot, buy groceries for a family, and transfer points to airlines. If that is not you, do not force it. A free 2% cashback card is not sexy but it is honest money with zero effort. The Amex Gold is only worth it if you will actually use what makes it special.
See where the Amex Gold ranks in our dining cards list →