How the Amex Gold Card Could Save You $500 or More per Year

The American Express® Gold Card is a potent card that can turn food purchases -- from groceries at your local supermarket to restaurants across the world -- into Membership Rewards® Points for travel. It's jam packed with value and boasts a big welcome offer, yet charges a steep annual fee of $325 (see rates and fees). 

Although the fee is high for a card, certain Amex Gold Card members can easily save more than $500 annually by taking advantage of all that it offers. If the annual fee has been holding you back, here's how this card could pay for itself. 

Those with high food spending can earn a ton of rewards 

The American Express® Gold Card earns 4X Membership Rewards® Points at restaurants worldwide up to $50,000 per year, 4X Membership Rewards® Points at U.S. supermarkets up to $25,000 each year in purchases, and 3X Membership Rewards® Points on flights booked directly with airlines or on amextravel.com (terms apply). These earn rates at supermarkets and restaurants are some of the highest we've seen among food cards. 

Like other rewards cards, the value of your points depends on their redemption. Typically, if you redeem points through the American Express Travel portal, you can get $0.01 apiece. But if you transfer them to certain American Express travel partners, it's not impossible to get $0.02. Terms apply. 

If you spend at least $1,000 monthly at U.S. supermarkets and restaurants worldwide, you'd earn 48,000 Membership Rewards® Points in a year. Assuming a valuation of $0.01 to $0.02 per point, your points would equal about $480 to $960 in value. Assuming you get the lower end of that range, you would still have enough to cover the card's annual fee -- and we haven't even gotten to the good stuff yet (see rates and fees). 

The card's perks can pay for its annual fee 

Like other American Express cards, the Amex Gold Card comes packed with benefits. What's more, for the right cardholder, the value could more than offset the card's annual fee (see rates and fees). 

First, the American Express® Gold Card provides up to $120 in annual Uber Cash, dished out in $10 monthly increments. You'll automatically receive this Uber Cash when you add your Amex Gold Card to your Uber account. You can then use this Uber Cash on Uber Eats orders and Uber rides within the U.S. It will be automatically applied to the price of your ride or order, but the $10 benefit expires at the end of the month. They won't accumulate, so if you don't use them, you lose them. Terms apply. 

In a similar manner, Amex Gold Card members will get $120 in annual dining credits. These are also distributed in $10 monthly increments and can be used at select participating restaurants and food delivery services, such as Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Terms apply. Enrollment required. 

Finally, the American Express® Gold Card also provides a $100 hotel experience credit when you book The Hotel Collection for stays of at least two consecutive nights. This credit can be used on certain qualifying activities such as in-room movies, dining, or spa treatments. Terms apply. Benefit varies by property.

If you used all your Uber Cash and dining credits each year, then the card could offer you $240 in value. That's only slightly short of its annual fee as of July 2024. Likewise, taking advantage of one $100 hotel experience credit each year would put you ahead by $90. Add in the $480 in rewards, and this card could now save you more than $500 within the year. 

The Amex Gold Card is not for everyone 

To be sure, this card won't please everyone. The statement credits can be complicated to use, and you might not want to micromanage them every month. Likewise, if you're not interested in booking stays with The Hotel Collection, the onsite experience credit would likely go to waste. And while the card has strong rates for food purchases, there are plenty of great rewards cards with no fees that can compete. 

But do the math for yourself. If you're a foodie who likes to travel (or a traveler who likes to eat food), the card can offer you a Rubik's Cube of rewards. If you can take full advantage of the credits, it might be worth applying for, especially if you count groceries and dining out among your top monthly expenses.