American Express Gold Card 2022 Review

 

American Express Gold Card 2022 Review 

First up we have the welcome offer and as of June 2022, the public offer is to earn sixty thousand membership rewards points after spending four thousand dollars on purchases in the first six months from opening your account 

The approximate value will vary based on how you redeem your points but will likely be between 360 dollars and 1080 on average and yes the card does come in two different types of gold regular gold 

The rose gold you can choose whichever one you like best when you apply obviously there's a huge difference between 360 and 1080. 

So we'll come back to this in a few moments when we talk about the value of these points and the different types of redemptions that are available to you regardless though even 

If you choose the lowest value redemption of 360 that will still cover the entire cost of the annual fee and still leave you with some profit left over in the first year two and beyond though this would be of course a different question moving on to

How you can continue earning points on the card long term after the bonus you'll get four points per dollar on groceries at u.s supermarkets up to 25 000 of spending per year four points per dollar on dining at restaurants worldwide plus takeout and delivery in us triple points on flights 

When booked directly with the airline websites or via the amet's travel portal and one point per dollar on all other purchases the annual fee on the card is 250 so again 

Yes generally speaking in the first year the card definitely made sense for pretty much anybody who can get their hands on it as long as you can use that bonus and cover the annual fee 

So again 360 at the low end minus 250 is still 110 left over and then you'll be earning a bunch of points on top of that so what we've seen 

So far is that this card is going to be great for those of you who spend a lot of money on food at u.s supermarkets and eat out at restaurants and even some bars as well 

Who also may fly a little bit throughout the year to earn triple points on your flights if those two categories represent where you normally spend a lot of your own monthly budget then this card could definitely make some sense for you 

If you don't spend a lot eating out or at grocery stores or on flights then there are a lot of other cars that would be a much better fit so at this stage compare where you spend your money versus the reward multipliers of the card and that should lead you in the right direction now for what these points are actually worth well 

If you redeem for travel via transfer partners will you push your ms membership rewards points out to other frequent flyer programs or hotel programs the average value you may be able to achieve would be 1.8 cents per point 

So as an example 60 000 points would be worth 1080 again that's not a guaranteed rate but it's up to you to strategically learn how to use transit partners for the right itineraries to maximize that value alternatively and much more simply 

You can redeem for travel directly through the amet's travel portal where you can obtain 0.7 cents per point for regular hotels car rentals cruises and vacation packages or you can get a flat one simple point toward flights with these methods your 60 000 points would be worth 420 or 600 and finally 

We have cash back as a statement credit which is the feature called cover your card charges in the MX portal this only gives you 0.6 cents per point 

So one of the lowest value options available so 60 000 points would only be worth 360 so even though this card is great to earn a lot of points at home whenever you eat out or go to the grocery store 

The rewards are really best used for travel we'll have to save the transfer partner discussion for a totally separate video because that can become quite complicated but in general learning 

How to maximize them through international airline carriers in a premium cabin on a long-haul flight tends to be the sweet spot to maximize the value out of your points so for those of you who are big into travel this car can definitely make 

A lot of sense for those of you who are not maybe one trip a year or not even traveling much at all right now probably better to look at other cards by the way if you happen to determine that the gold card is going to be worth it for you 

If you want to use it alongside other American express cards or even cards from other banks definitely check out the app matt's awards to help you keep track of them all matt's rewards is a great app that 

Puts all of your card's rewards programs and more and different dashboards that make them very easy to manage you can also stay on top of your financial health by looking at your overall utilization 

Your credit scores even see all of your individual transactions across all cards in one list the app will also help you find the best card to use for a specific purchase to earn the most amount of rewards 

If you choose to sign up for the gold level of maths rewards it'll unlock even more features like activating your quarterly spend categories chase offers ammo offers and a bunch more 

So for example with cover, your card charges 10 000 points equals 60 therefore the 0.6 cents per point valuation, and then for the transfer partners here's the current list of available airlines as well 

As the hotel programs, most of these do transfer one to one meaning 10 000 emits points becomes 10 000 air miles or 10 000 hotel points in the other program however that does not have a whole lot to do with 

How much value do you actually get out of your points that just simply tells you how many you start with and how many you end with after the transfer now on to the main benefits of the amet's stole cart? 

This is the easiest way to earn back your annual fee over the course of each year the first benefit is the dining credit up to 120 per year this is issued as a 10 per month statement credit 

It's valid on purchases at Grubhub including seamless the cheesecake factory shape shack that is select participating locations gold belly milkbar and wine.com then at the bottom 

We have a couple more that are going to be ending as of august 1st 2022 and that would be ruth's Chris steakhouse and boxed second on the top right we have the uber cash benefit also up to 120 dollars per year 

This one is issued as a 10 per month uber cash benefit directly or automatically into your uber account all you've got to do is add your gold card to your uber account and then the rest takes care of itself 

You'll even receive a little push notification and or an email letting you know when the ten dollars for the month is available you can use uber cash toward rides or uber eats deliveries next we have the hotel collection 

Which is a separate portal within the overall larger amet's travel portal so through this you can put some really nice upscale hotels and you'll get some additional benefits like a hundred dollar property credit and a room upgrade 

If available at check-in this does require a two-consecutive night booking in order to be eligible and finally we have no foreign transaction fees on this card so if you're paying a 250 annual fee up front on this car you can look at it as you're pre-paying for things that you should normally be paying for anyway 

So if you remove the gold card from the pitcher and if you normally be spending your money at those eligible dining partners and using uber eats every month then that's up to 240 of credits they can be using every single year 

So a 250 fee minus 240 in credits is only a 10 out-of-pocket cost so if you can make use of those credits of course a 10 annual fee is very easy to cover with all the rewards points that you're earning on top of all that 

So if you can earn you know three four five hundred dollars in rewards throughout the course of a year then that minus 10 bucks well you've got hundreds in profit on the other hand 

If this credit would force you to start eating at places or spending money on uber that you would not normally spend well then it actually might be costing you 250 per year and you probably should avoid 

The card furthermore the car do come with some great insurance and protections you'll have car rental loss and damage insurance that is secondary coverage by the way the global assist hotline baggage insurance plan trip delay insurance extended warranty and purchase protection 

Now for the final verdict should you get this card or not which will ultimately answer the question of whether or not this card will be worth it for you this card will very likely be worth it and therefore you might want to consider getting it 

If you buy your groceries at us supermarkets that are not targeted not Walmart or any wholesale clubs or department stores or anything like that because those will not work 

I will point out however that the Walmart neighborhood market will work and earn four points per dollar it's just the regular Walmart department stores that will not work because again their primary business is not grocery 

This card will also likely be worth it to you if you eat out at restaurants often normally use uber or uber eats monthly normally spent at any of the eligible dining partner locations and prefer travel awards over cash back with that contest you may not find the card worth it and should likely avoid the card 

If you buy groceries at wholesale clubs or department stores don't use uber or uber eats monthly don't normally spend with those dining partners listed above don't like high annual fee cards and if you much prefer cash back rewards over travel rewards 

Now I hope you understand why I view credit cards almost like an accessory that you wear some people like certain colors different styles different brands etc there's no size fit all solutions 

So is the ms gold card worth it as a broad question there's no objective yes or objective no for everybody on the planet instead it comes down to your lifestyle your spending habits and the type of rewards that you want to achieve whether that's more cash in your pocket to invest into the markets or save up for some big purchase or if travel is your thing 

You want to reduce the cost of your upcoming summer vacations so look at your world as you know it and compare it to the scenarios that we just went over to see if the Emmett stole a card can make sense in your own life.

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