Why The Amex Gold Card Is NOT For You (My Experience)
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- Опубликовано: 27 май 2024
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Hey guys, in this video, we discuss the downsides of the Amex Gold card and why it very well might not be worth it for you. From personal experience, I know that the Gold card can be one of the most powerful credit cards on the entire credit card market while also being terrible at the same time depending on who's using it. Despite its high earning categories on dining and groceries (which is what most people get it for), there are some very substantial downsides to this card if you're not aware about them which could actually cause you to be wasting money every year by holding it. So in this video, I want to answer the questions "Is the Amex Gold card worth it?" and "Who is the Amex Gold card really for?". Just remember that it's okay to not get a card that everyone else tells you to get if it doesn't make mathematical sense for you... Don't fall for the hype!
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📚 Chapters:
00:00 What To Expect
00:37 Weakness Of Earning Categories
02:38 Annoying Monthly Credits
04:35 How I Manage My Credits
06:03 Restricted Point Redemptions
07:33 Lack Of International Acceptance
09:01 It's Not A Good Travel Card
09:38 Application Rules To Keep In Mind
10:37 No Good Downgrade Options
11:33 It's A Charge Card
12:15 Why This Card Isn't For Me Right Now
13:08 How I've Solved This Issue
13:56 Comparable Alternatives
14:49 The Importance Of Doing Your Own Math
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#amexgold #americanexpress #creditcards
EDIT: The Gold Card does have trip delay insurance, but the point still stands that it isn't as strong as other travel cards with lower annual fees. Just wanted to note that though!
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Do you think the Amex Gold card is worth it for you? 👇🏼
Facts!
Finally! Somebody on RUclips has figured out that American Express is very overrated and their business model only works effectively for them in the vast majority of cases. Congratulations!
Haha I'm glad you enjoyed this one! While I do think their cards fit certain people very well, they are most certainly not for everyone!
I never allowed anyone to entice me to get the Amex Gold. I’m just fine with my CSP.
Ehh imo someone shouldn’t get a card if they aren’t prepared to use the credits or utilize the offers you can add to the card. It’s a consumer problem ultimately. I wouldn’t get the gold if I wouldn’t easily use the $240 in credits every year
@@RipVondyagreed! I also think it’s a very niche group that truly benefits from the Gold card. I spend 10-12k a year on groceries & another 6-8k on eating out knowing all those points are going to transfer partners.
If you aren’t savvy on finding strong point redemptions or you’re looking for cash back there are a ton of better cards out there. For me personally I don’t like using portals that why the venture X isn’t my cup of tea. However, my
parents are In their 70s and don’t want to deal with looking for redemption options so the VX is perfect. I think we forget that cards are just tools and get caught up in the idea of collecting.
Exactly. Unless you’re getting an Amex simply because you like the card first, it may not be the most valuable.
I love my AmEx cards. I do my weekly shopping at grocery stores for a family of 4, use delivery or pickup 1x-2x per month and then eat out 1-2x per month.
I also don’t mind the AF as the customer service is superb compared to other banks that I have had.
The transfer partners are great and the credits / value on the other cards I have as well as the monthly or biweekly AmEx offers are huge and help me out. I get way more out of the cards than the AF or at least that’s my value.
That’s awesome! That’s exactly what these cards are meant for!
Great video!! And you’re completely right on all the points you mentioned expect for the trip insurance.
You make some interesting points that speak to the need for situational awareness where these intermediate to high annual fee cards are concerned. I personally love my gold and I've got great value from it but the prospect of having to jump through less hoops is a very appealing thought. Great work Spencer!
Thank you Chad! Of course, this card is amazing for the right person, but I just hope people who really don't need this card will see this and think twice. I appreciate you watching as always my man!
Gold card is a joke. It’s primary purpose is entertainment and dinning and it’s not good it! Even if u use Amex experiences.
Thanks for the realistic breakdown. Great video!
In my situation I love my gold amex card. I eat out more than I should so I can rack up points for the restaurant category, also paying for group dinners helps me get a lot of points. For supermarkets I get 4x back at trader joes close by my house so that's another plus. I try to use the dining credit every month as there's a shake shack close by that it works at, and then for the uber credit I just use it for a free uber eats pick up lunch once a month! I am 22 years old and I love traveling so it works out perfect for me. 80% of my money spent im getting rewards so I can book free flights.
Spencer - you continue to have clear and logically laid our arguments for your videos. Great presentation style.
Thank you so much for the kind words!! I'm really happy to hear that my style resonates with you.
Great video Spencer! Really thorough and well thought out deep dive on this card. I agree with not falling victim to the hype!
Thank you so much man! The hype is real for the Gold card and while it’s deserved in some cases, it’s not for everyone.
Awesome video, your thorough analysis of the Amex Gold was great and really had me thinking about it since my Amex Gold is my daily driver credit card. Good idea on checking for the retention offer, I will need to try that when my annual fee kicks in. The one area that Amex truly stands out in my opinion is customer service. But from watching your videos and other creators, you guys have me constantly reevaluating my credit card setup ever time I watch a new video. Keep up the great work!
Thank you so much Luis! I'm glad this video made you think a bit. That was really the whole goal! I want to be sure to help people really evaluate whether a card is worth it for them or not before they just fall victim to the hype. Granted, the Gold card is awesome for certain people, but it definitely isn't for everyone!
The Amex Gold card has its pros and cons but still a favorite and my most used card in my set up. The monthly credits can be annoying for some people but I find it easy to use. As you pointed out, as someone that travels a lot I usually have problems using it when I travel overseas so I always make sure I have my Chase cards with me. Great vid Spencer 💥
It's awesome for the right folks, that's for sure! I just want to make sure people have the right expectations with this card before getting it. Thanks for watching as always!!
@@supacrazy08 I have also found a few specific credits (pickup with Uber Eats and Grubhub) that work well for me each month. Still wouldn't value them at 100%, maybe like 80%.
American express was easier for me to get vs the chase with their 5/ 24 rule. But that's OK, I have multiple cards with other banks along with being a authorized user on my husband's chase saffire.
That's completely fair! Everyone's setups are going to be different and that's the best part of the credit card game. @@texasgirl6000
@@SpencerJohnsonOfficial , true.
Great video Spencer your video is right on time for me. I have the gold as well and right now for me it doesn’t make sense for me to hold onto the card and without a retention offer it definitely doesn’t make sense for me so for me, I will be canceling mine, I thought about downgrading to the green card but it still doesn’t make sense for me. So thank you for the deeper dive for those of us that needed that information. Great content keep it coming. Thanks for sharing
Awesome video Spencer! I agree with the food credits being harder to use. Also depends on the location youre in. Me being in NYC, makes spending those credits super easy since everything is walkable and theres bound to be a restaurant you want to get food from Grubhub and Uber eats. But I can see this easily not being the case for someone in a very rural area. ALSO! I saw today that the AMEX Plat SUB raised the minimum spend from $6,000 to $8,000. And the AU annual fee from 175 to 195. mama mia...
Thank you so much! Amex is definitely going downhill right now in my opinion... maybe a hot take, but idk! And for someone in your situation, the Gold card is awesome. However, I just want people to be aware that they don't HAVE to get it if they won't get a ton of value from it as they may feel like they need to.
@@SpencerJohnsonOfficial 100% Agree. Seems like theyre trying to make their "exclusive" platinum card even more exclusive again.
Great video Spencer!
Thanks Eric!
AMEX is making some wacky changes to perks + AFs lately. It might be time to start exploring some of those alternatives that you mentioned. Thanks for the info + video!
You read my mind. I think people need to really broaden their horizons a bit, including myself! Thanks for watching my man!
Interesting point of view Spencer! With a family of 4 like I have, the Gold is the best option. Great overview and video Spencer! Keep up the great work 🫵
- same here. Fam of 4 + 2 big dogs 😮
I would say that it’s definitely a city dweller’s card, as people living in rural and many suburban areas will struggle to find many restaurants that accept Grubhub/UberEats. Plus they are also less likely to take Uber rides, as vehicle ownership is more common.
100%! While it seems like an awesome card for everyone, it's really only for a select demographic.
Completely agree.. I'm not going to take a hour drive to redeem a $10 credit every month.
Thanks for this video, the Amex hype is real. It’s good to see someone talking about how it may not be the right card for me
Of course! I'm glad that this video resonated with you. I really don't see enough people being critical of Amex so I try to do what I can to make sure people get a balanced view on all these cards.
Great contrast to the normal videos this card gets! Not that it’s not a solid card in the right hands, but my eyes really opened when I got the Business Gold Card. Dining and gas are my biggest category spends, and it’s rare than I spend more than $250 a year (yes, a year) on groceries - and it’s always Walmart which wouldn’t qualify anyways on the personal Gold card for 4x! I think the Amex EveryDay, Business Gold, and someday the CS Plat will be my only Amex cards. MAYBE a BBP and I’m set.
Super upset about the Platinum nerf for the sign up bonuses across all the Platinum cards.
Oh well.
Love your content.
- Ivan
Thank you Ivan! Your comments and support are always super appreciated. I hope that because of this video people really consider if this card is worth it for them or not. It's still really great for the right person, but it's not the best for everyone. And those Platinum nerfs are definitely annoying too man... I feel you.
Hey Spencer how are you, hey question here in Houston Tx is their an Amex centurion lounge? In George Bush Airport
So if you’re just middle income, don’t eat out a lot and you don’t travel, yep, probably not for you.
If you are a higher net worth individual and you are good with credit card management this is a great card!
Good points. I don’t make decisions on a card based on the ideal effective AF, because you still have to pay the full AF
Totally agree Spencer! For AmEx Gold and Platinum cards, you have to be really heavy into traveling or a big spender on both groceries and dining which regular people only lean one way or the other. Only people like Uncle Luke™ can make it work and even he needs a break from time to time. Most of the people need to wait until they’re in the late stage credit card game to make it work
Thank you for the comment man! And I agree with you. I just don’t want people to rush into this one!
Quality video here Spencer! It’s getting a ton of exposure and making people second guess the card. I already had your alternate route in mind with Cap1 duo. So I might consider the Gold or Plat if the SUB is absolutely juiced.. then cancel, get on Amex’ bad side and end up in popup jail.. Amex man, Amex..
I really appreciate that! The Capital One Duo is definitely a solid option to go with these days and I can see why it’s so popular! And I feel you on the SUBs for the Gold or Platinum, but you never know, you may already be in popup jail somehow with how annoying Amex has been lately 🤣
Nice video Spencer. You make some excellent arguments for not applying for/even cancelling the card and going with another bank. If it doesnt slot into your food habits, its not the card for you. Thankfully, I live in a major city with a tome of restaurants close by so its easy for me to get max value with the credits. Definitely not the card for someone that wants things easy (cash back).
Thank you Jon!! While it is a really powerful card for the right person, I don't think it should be quite as popular as it is. I feel like it of course makes sense for someone in your situation, but I bet for every one case like yours, there's 2 people that get it with no intention of using the credits. I'm glad you get use out of it though!!
100% agree
Wow, this video opened my eyes about getting this card. You made some great points. I am going to hold off on it. Question, could the card pay for the monthly grubhub subscription and that count towards the $120 dining credit?
I'm happy it had that impact! Of course, it's still a great card for folks, but I just wanted to make sure people think about it pretty hard before jumping in. And you know what, I had never asked that question before. After reading up on it, it seems like some people have found success with that triggering the credit, but I don't have personal experience with that unfortunately. So while I'd say yes that should work, I'm not 100% certain.
I’m glad Spencer is educating everyone on those facts. However I’m a corporate guy, Amex cards not only have the best benefits but because of my career it has intangibles that other brands just can’t match.
I appreciate you watching! Amex cards are definitely great for a lot of people, especially if you travel a lot for work.
Nice video Spencer! Love the idea of getting this card, but I get too much value from my SavorOne and the 10% back on Uber Eats to justify it. I’d take the straight 10% back on Uber eats over the $10 monthly credit any day.
Thank you Spencer! The Savor One could easily replace this card, especially in combination with a Venture card.
This vid is right on time. I was seriously considering adding this to my wallet, but seeing how I spend about 50 weeks out of the year in various countries overseas, it’s better to keep my Sapphire Preferred, and see about upgrading to the Reserve in about 12 more months.
That could be a really solid move! I like where your head is at. I'm happy to have helped in some way!
I wished I would’ve saw this video before I got my Gold card. I was so excited to finally be able to get one, I guess I didn’t fully, fully do my research. I too am having second thoughts renewing it when that time comes 🤦🏾♂️
Great video. The credits being in the form of $10 per month really hurts this card. I plan on adding the Savor One to compliment my Venture X once the 6 month time limit between applications is up in October/November.
You mentioned living in Austin, TX (at least until recently) ... I just read last night that Austin is the last town in America to have functional "Moonlight towers" -- are you familiar with those?
Amex Gold and Chase Freedom Flex are my daily powerhouses. Venture X for travel. Easy peasy, If you eat out a lot and spend a lot of money, 3x and 4x is a big difference especially if you spend a lot of dinners.
This is a great analysis. I’ve been considering downgrading my Platinum to a gold card, but now I realize I should just cancel the Platinum.
I actually have the Amex EDP and US Bank Altitude Go.
I get 4.5× MR on Groceries and generally 4% CB for dining.
Also, have Amex Plat so don't need anything for flights.
Nice man! Everyone's setup is different and it's cool to see you get value from different cards!
The Amex Gold card has Trip Delay Insurance.
I will say American Express charge cards such as the Gold & Platinum are not for novice points chasers. It’s best to start else where to learn how to play the game. IMO Amex points are for those seeking to redeem points for international long haul first or business class flights.
Also for the Amex Gold to make sense for the Uber & dining credit you must already be using these services twice a month every month. It also helps dramatically to live in or work in an urban area.
If you are serious about getting into the points game it’s best to have an Amex and Visa/Mastercard dual setup.
Great video btw.
Good note! I updated my pinned comment. It's still not very good, but it is there. And you're right about Amex cards being for more advanced users. I just worry way too many people FOMO into these cards without every checking to see if it really makes sense for them. Thanks for the insightful comment man!
You make a lot of good points Spencer. I love love love Amex but there are definitely downsides. I wanted to get the BBP as a catch all card but 2 major expenses I pay every month don’t take Amex so it wouldn’t be a truly catch all card for me. I have no problems using the credits every month. I actually have more of an issue with what to use the MR points with since I don’t travel much. I can just bank them for now I guess. Honestly I keep my Gold because I downgraded it from a Platinum and I still get a lot of the Platinum benefits, including the $200 Uber credit lol. It has the same card number and even after updating the expiration date, I still get the benefits. Oddly my Marriott status is Silver now instead of Gold though. I’m not complaining! So in my case it’s worth keeping it .
I'm glad this one was valuable to you! It sounds like you've done the math on whether it's worth it for you to keep this card or not which is really the most important thing. Nice work!!
6:34 As far as I know an Amex checking account allows you to redeem points at 0.8 CPP. Are there accounts out there that have a 1 CPP redemption?
Amex business checking + biz platinum allows cash out at 1 cpp
Definitely understand where Spencer is coming from in this video, although my gold card is my most used card being that I live in a big city the credits are easy to use for me as well as the earning multipers are great for how valuable AMEX points are worth if redeemed correctly, I love my gold card. Understand it may make no sense for someone who might not live in a big city or an area with tons of options to get use out of the credits though.
I’m glad you can see where I’m coming from! As I mentioned, this card is awesome for the right people, but I think a lot of inexperienced people get it and end up wasting money so I wanna save those folks and make them think about it a little more.
I live in a big city. But gold card dinning credits are for things I don’t purchase.
I have question like if you add Amex offer to your account from online offers it apply to all Amex cards. Because yesterday I add offer to my account on gold card. Today I use my different Amex card and I got email I successfully redeemed my offer even though I didn’t use gold card but BCP Amex card
I actually downgraded my gold for the green about 4 months ago because I just wanted to try it out. I would use those credits regularly on the gold but not so much with the green. I did get lucky that there were Amex discount offers that suited my spending so still brook even. It's kind of like a more expensive sapphire preferred which ain't bad for me. I'm gonna go back to the gold once I get a solid upgrade offer. But funny thing I realized is I'm not really missing out on points all that much from the multipliers alone through organic spend. Once I move away from a city I'm gonna have to consider whether or not I care enough to keep the card.
Ah that's good to know! Thanks for sharing your experience Steve. As I mentioned in the video, the Gold card can be really amazing for some people, but trash for others haha. Using those credits and redeeming for travel is key!!
CSP beast gold card x 100
Just a callout that a lot of people don't know about (and I'll admit, might not apply to a lot of people) - but if you have a corporate AMEX through your work you get a $100 statement credit to offset the annual fee of the personal gold card. So for me, only having a $150 annual fee makes it so much easier to get value from the card by not feeling pressured to use the monthly credits every single time month.
The Gold card definitely isn't for everyone. But I guess I can say that for every card hahaha. Great Video Spencer
Ya its definitely not for everyone.
But I think for those of us in the late game or with high spend it works fine.
I don’t use uber, so i can only take advantage of the dining credit. So to me I view this as an effective $130 AF card, which is just slightly above my CSP, thus easy to justify.
Also there is a neighborhood walmart down the street from my house, which codes as “grocery” on the gold card so i use it heavily there!
Agreed! However, I’d argue you’d get a lot more value from a lower annual fee card if you can’t take advantage of the Uber credit. Maybe it doesn’t fit your strategy to use a different card, but it could be something to consider! And that’s clutch that your neighborhood Walmart codes as grocery for sure.
@@SpencerJohnsonOfficial - i have other no AF cards that offer 3x on food, but i want the MR pts for travel. Plus i spend a lot, so it’s enough to off set the AF.
@@docsays, how do find out if your local Walmart is coded as a grocery store vs department store?
@@texasgirl6000 - do a small test. Go to your local walmart & make small purchase. Then wait a few days for the transaction posts to your account. Then check to see how it coded & how many pts you received for that transaction.
For me the smaller neighborhood walmarts code as “supermarkets” on my amex gold & some chase cards. The larger supercenter walmarts usually code as “merchandise”
I just got the gold, mostly for the 90k SUB, but as someone who has to go the office 3x/week I'd say the credits are justified.. for now
That’s a great bonus! And it’s good that you can use the credits for now too. That helps justify this card a ton.
I was thinking of downgrading and getting an everyday preferred credit card
Also if you have the Chase freedom flex card your probably going to be using that for a quarter because it gets 5x back at grocery stores
A clear breakdown of reasons that Amex Gold is not for everyone. Great presentation
I really appreciate your support!!
Like all things in the points and miles game, your mileage may vary. It is very easy for my family to use both credits each month and get value. We used those services before having an amex gold card but ppl should not alter their normal spend to use 20 dollars in monthly credits.
I completely agree with this! You gotta make sure you’re not accidentally spending more than you would have before just to make a card work for you.
Which card would you suggest downgrading to? I have the Amex blue cash rn and Amex gold. Very frustrated by the monthly credits because every month I have to dispute the charge with the Amex web browser
Apply for the business card no annual fee. Transfer points to the card and cancel gold and u keep all the points since the business has Mr pts
Great take on the Amex Gold card Spencer! I've definitely burned out on statement credits, and the Amex Gold is half the reason why (other reason is that $25 dining credit on the Amex Bonvoy Brilliant). I have to get rid of one, and the Amex Gold drew the short straw so it'll likely be out of my wallet in 2024. Still looking for alternate cards, but I have about 6 months to figure it out. Sucks that the dining credit is hard to use now that you live outside of the big city, but you never know when you'll be back in town and somehow next to a Cheesecake Factory, haha!
Thank you Stan!! It’s definitely sparked a lot of debate but I think the debate is needed for sure. That statement credit fatigue is real man! I don’t blame you for downsizing your setup. Of course, this card will still be worth it for me once I move again, but this temporary relocation had me really second guessing this card and I imagine a lot of folks need to reevaluate as well. But like you said, Ill still get some uses despite my new living situation here and there when the stars align 😉
I heard that anex dont make a hard pull after the first time, and im wondering if that applies to the business world as well.
Appreciate the bravery to say this card is mid for most people. Honestly most people are going to end up over paying on uber and door dash to get "value" out of it. Personally I think Amex benefits on this and the blue cash $95 are a ripoff. Amex can do better for being the premier CC. Like if this had $10 off netflix or something then I could get it. They don't really offset the annual fee in my eyes. I can see a case for platinum but idk I'd rather get the capital one setup
Love my Amex Gold, based on my spending. Also, if you have an Amex corporate card, you may be eligible for a discount to lower the annual fee.
The credits with me being in ny makes it easy but to each his own you might not have a lot of food spots near you guys but it’ll help me get out more and eat or w.e and I have more Amex points even if I close it I have the blue business plus which if I cancel the gold I’ll still have all those points with the blue which has 0 annual fee and 2x on every purchase
My wife and I barely eat out, and we get our groceries mostly at Walmart, which doesn’t qualify, so I called to cancel. But they gave me a retention offer so I told myself I’d keep it for one more year.
Those retention offers are awesome for sure!!
The Gold card could only be worth the annual fee if it were cash back. I have a BCP and Chase Freedom (among other cards) so there’s no reason to Taylor spending habits. Amex’s Gold or Platinum cards aren’t good for someone who travels once or twice yearly. They’re good cards but not ideal for my needs.
They’re definitely cards for those traveling more than just once or twice a year and who are really into points and miles. I agree!
I pick up 2 burritos a month. One from Grubhub and one from UberEats. I use the credits every month, and it's super easy as I'm in So Cal. I also like how the Gold card doesn't affect your total utilization at all.
If it works for you and you're not overspending on it because of those added features, that's all that matters!!
@@SpencerJohnsonOfficial When your on SSDI, and live in Southern California sometimes you have no choice but to carry balances so I can eat
Which company has the best travel partners? I’m looking to get my first travel card, and I feel like this is where I should put the most weight on my decision.
The best travel partners are in the eye of the beholder. For me, Chase's partners are best for my travel habits, but Amex, Citi, Cap1, etc. may all be better for you depending on where you like to stay.
Good move. Loving in Austin is crazy expensive. I lived there for 15 years even moved to Giddings then eventually moved to south Texas. Austin is just too expensive.
Thank you Gilbert! I'm not sure where I'll be moving to next, but I definitely like being out in the country again temporarily.
Yes!!! This card is a miss for me. The credits are annoying AF. $250 is too much. I’d rather have a Savor or SavorOne for $0 or $95. Lots of overlapping categories in the Amex Gold in my wallet. I’m about to cancel it when it renews.
I'm glad you agree with me on this one! While it's a great card for some, it can be annoying and very much not worth it for others.
This was the first true travel card I got and having watched a ton of videos from different CCs, I think one of the understated points is amex runs its own network which most other card issuers dont. Hence, amex typically favors customers in disputes. In the few months I’ve owned this card, this has already come in clutch when I had a large ish purchase that was invalid (s/o seatgeek lol).
While I kinda pushed back on this card being a travel card in this video, I would say Amex's ecosystem as a whole is definitely a travel focused ecosystem. And that's a good point about their CS too! That's why a lot of folks love them!
@@SpencerJohnsonOfficial fosho! Def +100 on ur point of bringing a separate visa/mastercard around for intl food purchases.
Gold is definitely not a travel card. It’s supposed to be a dying entertainment card. But it’s not even good at that! Just mediocre
The thing is you should have had an objective going into applying for the card. It's an amazing card with 4x dining and groceries, which are most peoples top spending categories. Say you spend 20k a year on food and groceries, thats 80k points which is a business class ticket, plus the 90k SUB means you get to bring a plus one. no other card has 4x on both with great travel partners which will save you thousands if you fly frequently. If you are just using as a cashback card, then you clearly dont understand how to use it.
I want to be able to justify this, and the platinum, but I just can’t. My main spend category is groceries and since we shop at Walmart we’d miss out on that 4x multiplier. Kind of strange the platinum comes with a Walmart plus membership but Walmart won’t count as grocery which I get since you can buy so much there that isn’t groceries
That definitely makes this card a lot less powerful for you! I completely get where you're coming from.
What’s even the point of Walmart+ membership? Don’t u get free delivery anyways if u spend $30?
@@newagain9964 grocery delivery is free with $35 order minimum, free shipping on all orders that aren’t grocery, 10¢ off per gallon when filling up at Walmart and paramount plus. Believe if you don’t have membership there’s a fee for grocery deliveries. We got ours for $49 for the year so just the 10¢ off per gallon is worth that
I get 5x on groceries (and more) with my Chase Ink Cash with Visa gift cards from office supply stores.
Will there be any affect on my credit score if I cancel the Amex gold upon receipt? I just got it, but in review, not sure it’s worth it.
A cancellation will yield a negative affect on your credit profile....I wouldn't cancel it, just use it within reason and don't over extend yourself.
no
Great video. How did you know 30,000 MR points is $300 minimum in cash ?
Thank you! Technically they're not worth $300 cash if you only have the Gold card. 30k Amex points would only be worth $180 (at 0.6 cents per point) if you didn't have the Charles Schwab Platinum card or the Business Platinum with a business checking account. However, 1 cent per point is the lowest amount that most people would redeem their points for and is generally considered the "cash value" of your points since it's the baseline which is how I got $300 in that quick example. In reality though, you could only get $300 or more in value from your Amex points if you use them for travel (unless you have access to one of those other paths I mentioned above).
This is not a travel card per se. This is a food card.
Does Max Rewards connect to Apple Card 🍎? Noticed I’ve been having issues
I personally haven’t tried to connect that card specifically since I don’t have it, but if it’s listed in the app then it should!
I don’t travel a ton and spend a lot on groceries and restaurants so this is perfect for me where platinum would be useless
If I don’t Uber or eat out much, do the points justify the annual fee? I spend about $140 a week on groceries.
I just learned just pick up a coffee or 2 a month at Starbucks and you'll be fine. Or a quick burrito, in fact the grub hub and Uber have convenience stores just pick up some toothpaste or something you need every month. It's free anyway so you might as well fucking go pick it up. At this point. It's basically free cuz of the credit so you do it that way too.
My feelings exactly. Don't get me wrong, the Gold is a powerhouse earner, especially if you have a family and shop for groceries in supermarkets instead of wholesale clubs. But your issue on living a bit further and having to go out of your way to use the credits, especially the dining credit when you consider that there is only one Cheesecake Factory in Puerto Rico😂, is one I know too well because I'm in that position. Probably will end up getting the gold whenever there is a good SUB but I don't see myself holding this card for more than a year. Great video Spencer 🫡🇵🇷
I'm happy to hear this one resonated with you. Of course I still think it's a great card, but I feel like we don't talk about the negatives enough! For someone in your shoes, I think it can definitely still be worth it from the SUB, but I imagine you'll only get true value from it in year 1 like you mentioned. Thanks for watching man!
Agree the card isn't for everyone, don't know if any card fits that bill. That said, you're mistaken about no viable downgrade. You can downgrade your Gold card to the no annual fee Amex EveryDay credit card. It only gives you 2x on U.S. groceries & 1x on everything else, but you won't lose those valuable points you accumulated on the Gold. NOTE: You can also transfer balances to this card for 15 months @ 0% from date of acct opening. I think we solved your issue. 😊
It’s definitely not for everyone! And unfortunately you can’t downgrade the Gold card to the Everyday card, but I wish you could! And also I’m a bit weary of 0% intro APRs as they could encourage irresponsible behavior but if you are in an emergency situation I could see the use case.
Every day purchases gold, travel platinum, all international platinum
Only reason im considering this card is for the flex.... I dont use any of the benefits aside from like $200 a month on dinning.
I have always wondered how many people take Uber rides just because they have a credit, or order takeout from one of the 4 restaurants in this state that get a monthly credit.
I'd imagine that's a higher percentage than people would like to admit.
Does Chase or any other lenders other than Amex have a Charge Card?
Just discover. Charge cards are relics from the past.
Finally someone talking about the real stuff
I’m glad you enjoyed this one!
I feel like you are trying to turn me into a chase fanboy. I definetelynsee the value of using other setups but being just outside of Atlanta i get decent value out-of-the-way gold card. Credits are easy enough and the amex offers I use. Plus this card opens rakuten MR points earning without having to get the platinum. Currently I don't fly alot and MR points are best for that but I do love ataying hiltons near monthly. I have hilton cards but fun fact the gold card gives you more hilton points than the hilton cards. But I do agree that if you can't justify the high annual fee or the card doesn't fit your lifestyle then go with the CSP or savorone. Even just the surpass if hilton is your thing.
Haha no I just want everyone to take a step back and reevaluate their setups from time to time tbh. While Chase works for me, it could be trash for other people for sure. And that's a good point about some of the other intangibles with the Gold card. However, even with a card like the BBP you unlock access to all of those things so the Gold card isn't always necessary. The fact of the matter is it's a great card for the person, but I think too many people get it without really knowing how to use the card. Great points here man!
good points
My gold got denied a million times in Italy, UK, and other European countries. Def need a visa with you. Ended up using my csp more than my gold abroad 😂
I have a similar experience abroad as I mentioned! It's crazy how some people will argue that it works everywhere and that people are just making up that issue. It's a real thing for sure!
Yes def real. I was abroad for five weeks and halfway through I just stopped bringing out my gold card because going through the denial was annoying. lol@@SpencerJohnsonOfficial
Don't have an Amex card atm, but had seriously considered getting one in the past. how come I can't downgrade gold to BCE or some other No AF card??
No. And Amex is overrated. I supposed 1-2 of their CREDIT cards are ok. Better of keeping building pts in the system ur in now. Tho cap1 has some good partners.
Yep it won’t be missed!
I take it you're fed up with this card rn haha.
You haven’t talked me out of my gold card yet!
Haha that wasn’t the goal! Just wanted to make you think a little bit!
Basically only apply for Amex charge card if you’re someone that travels a lot. Minimum 3x in a month.
Also if you’re someone that has high income and have high spending habit (at least $5k exclude rent) then go and apply for the charge card.
Otherwise just stay away from the gold and platinum charge card. It’s not for you. Don’t have to develop FOMO mentality. Be patience and discipline.
Wierd to say its a great starter travel card. Once you get deeper into the travel card game it coupon style redemption just don't make sense
I’ll claim third for CJ! 😅
Hahah I'll give it to Manny as the 3rd UNIQUE commenter, but I bet CJ appreciates that 😉
@@SpencerJohnsonOfficialwhat the?! I don’t appreciate this nonsense! I claim FIRST and only FIRST!
I’m pretty sure you can downgrade to Amex everyday, it’s not a great card but it would allow to keep your Amex points
The Amex Gold is only good beyond year 1 if you are on Team Travel and live in an urban area
Get an Amex Blue Business or Amex Everyday card before cancelling the Gold, so you don't lose your Amex points
Yep I completely agree with everything here!
There is no replacement for the Amex Gold card. YT folks are getting hit with the annual fees of their Gold and Platinum personal and business cards and realizing they are not the target customer for these products after they have got the signup bonuses.
Finally, someone did actually speak up about this card. This card is completely overrated. Uber credit policy sucks as it forces one to use uber every month. Dining credits suck as it’s specific to some restaurants which are hardly used by anyone.
I’m glad you appreciated this one!! I know that this card is a powerhouse for the right individuals, but it’s definitely not worth it for everyone.
Gold is mediocre for sure. But what’s the point of the green card? Why does it even exist (still)?
Super cool card but not for everyone. It is a great card but that 250$ annual fee is steep.
Not worth it unless you transfer points out to travel partners, specifically Hilton.
Great video. Agree fully. I mostly buy food from Costco, Wal Mart, Target so I can’t capitalize too heavily on groceries.
Thanks so much! Without that grocery category this card becomes a bit harder to get value out of for sure.
I found that I get a lot more value from the Savor One card.
That's a great choice!
@@SpencerJohnsonOfficial yes! It has been an overpowered daily driver for me and I’m racking up that cash back to convert it to points later when I get the Venture card
People overestimate the value of Amex points. I doubt most get any more than 1 cpp
I could see that. There's a lot of overestimation going on with Amex as a whole I think. I'm trying to bring a more realistic approach to the space so hopefully that's something you like more.
I've got so many cards, but this card i never thought was worth it,the credits and how they're structured made zero sense to meand you can get up to 5% multipliers on cards with no annual fee
It's not for everyone, that's for sure!
@SpencerJohnsonOfficial yes ,understood, but it's way too recommended, and it's not even close to being for the general/average joe credit card user
I agree! That's exactly why I made this video! @@KingGreen78
90K MRP after a 6K spend. Although I like the offer, I cannot justify a 6K spent on food or any multiplier category. SMH AMEX Green is a mich better travel card and lower annual fee.
Even without the card I spend 1k a month eating out and ordering food
If you you live in the city and eat out alot then it is worth it.
And don't forget, you gotta be using your points effectively! But yes, I agree with you that their intended audience is city folk.
My ideology is if the card isn’t worth it for 10+ years or have a downgrade path to no af or a small af don’t get the card. Can’t use the credits easily then it isn’t for you🤷♂️
That's a great mindset!
So don't get it if you live in the boonies, don't travel internationally and are not responsible with credit cards. Where's the sign up link?