American Express® Gold Card is one of the best credit cards in the market. It offers many great features that can make your life easier, but it’s not for everyone. So whether you’re looking to apply or want more information about this card, this guide will help you decide if it’s right for you!
What is the American Express Gold Card?
The American Express Gold Card is a charge card. It allows borrowers to pay for their charges over time, but it should not be used as credit because you must pay the balance in full each month. In addition, the interest rate on this card is high at about 30%. This makes it difficult for many people who are trying to repair or build up their credit scores.
As with any other credit product with rewards, the borrower will have to decide if they want cashback or points redeemed for travel and merchandise. Even though the annual fee of $250 may deter some potential customers, there are no foreign transaction fees which make this an ideal choice for international travelers looking to earn reward points while abroad.
What you need to know about the Amex Gold Card before applying
Even though this card has a very high interest rate, the fact that you can earn points or cashback may be enough for some borrowers to justify spending more on their credit cards. However, those who have a poor payment history with other lenders should not apply until they have improved managing debt and making regular payments.
It is also essential to use caution if you are considering applying for multiple American Express products because opening too many accounts at one time could weaken your overall credit score.
How to apply for an Amex Gold Card
The American Express® Gold Card is being offered to potential customers online. Applicants are required to have a good credit score to qualify for the card’s benefits and features. The application procedure can be started using any internet-enabled device by visiting their website or calling an authorized customer service representative at 800-528-4800, Monday through Friday from 30 minutes before opening until 15 minutes after closing Eastern Time (ET).
American Express® is based out of New York City with regional offices located throughout North America and outside, such as Singapore (Asia Pacific) and Mexico City (Americas). For more information about the company, visit their website.
Activating your Gold Card
Reward points are precious for borrowers who use their Gold Card often. They can be used to purchase travel on the American Express Travel website, and they never expire so long as you remain an active cardmember. However, if your account has been inactive for 12 consecutive months, any accumulated points will be forfeited.
The best way to ensure that this does not happen is by keeping track of when your statement closes each month and making payments before the due date to keep receiving reward points or cash back.
Requirements for getting approved for an Amex Gold Card
To qualify for an American Express® Gold Credit Card, you must have excellent credit. You also need to be at least 18 years old and earn sufficient income to afford the minimum payment on your monthly statement.
Applicants can expect their approval within 30 seconds after submitting their request online if they meet these criteria; however, those who do not may still apply but will likely face additional delays before receiving notification of whether or not they were approved.
To give potential applicants an idea of what their spending would look like under each program’s rules before signing up, American Express provides a calculator that can be found on their website.
Fees associated with the card
- $250 annual fee
- Introductory APR for Purchases: 0% (for 12 months)
- Purchase APRs: 14.49%-24.49%
- No Foreign Transaction Fee
- Balance Transfer/Cash Advance Fees: Either $0 or % of the transaction, whichever is greater (see terms).
- Late payment fees range from to up to; returned payment fees can be as high as. And if you want more information on this particular card, we suggest checking out our in-depth review here.
Benefits of having an Amex Gold Card
Amex Gold Card benefits are travel services, online shopping discounts, preferential financing offers for new purchases, and returns. Card users also get exclusive access to events hosted by American Express®, including concerts and festivals held in local areas across the United States; these are open only to Amex customers.
You may find that your favorite restaurant has a special offer just for you if you show them your credit card when paying the bill! This means more money in your pocket at no extra cost. You’ll also get an up-to-$120 annual dining statement credit (allotted in up-to-$10 increments each month) when paying with your Amex Gold at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed, and participating Shake Shack locations.
By adding your Amex Gold to your Uber app, you’ll automatically receive up to $10 in monthly Uber Cash, which can be used for Uber Eats orders or Uber rides in the U.S.
Membership rewards points
American Express® members can earn one point for every dollar spent on their card. One hundred points are equivalent to a $100 credit which you can spend anywhere Amex is accepted, including restaurants and gas stations! These rewards are called Membership Rewards®; they never expire as long as your account remains open, and there’s no limit to the number of points that you may receive per month or year if your spending habits match up with this program.
This means more money in your pocket after each purchase made at stores like Macy’s, JCPenney®, Banana Republic®, Gap Inc., Sports Authority®, Toys “R” Us/Babies “R” Us®, Bloomingdale’s®, American Eagle Outfitters®, CVS Pharmacy® or Walgreens®.
The Amex Gold Card also comes with 60,000 points after you spend $4,000 on eligible purchases within the first six months.
Disadvantages of having an Amex Gold Card
Disadvantages of the American Express Gold Card include but are not limited to its membership fee, annual percentage rate (APR), rewards program, and other applicable fees. In addition, although this card does have a $0 intro Annual Fee for your first year, you will be charged an Annual Fee after that if you would like to keep using it further on down the road.
You must use 40% more points than your statement balance to redeem them through Amex’s travel benefits section under the “Pay With Points” system. Otherwise, there might be certain restrictions or additional charges added to how much you redeemed or paid for your travel costs. However, if you pay on time and don’t exceed the credit limit of $100,000 per month, most fees are waived off.
Keep in mind that “Pay With Points” is not a cashback reward system or even considered to be an actual rewards program! This means you shouldn’t redeem points through this method because there may be restrictions added to how much money was paid for, with points taken into account when determining how many points were required beforehand.
Only use this option as a last resort, or else consider using another card that provides more benefits than American Express Gold Card would otherwise have to offer, especially since they charge their users fees along with interest rates being high in comparison to other credit cards. In addition, a credit card issuer may charge a late fee if the borrower fails to make their minimum monthly payment by the due date.
In conclusion
The American Express® Gold card is a good choice for those with average credit and who want to improve it over time without having high interest rates or fees associated with their loans. However, the American Express® Gold card is not meant to be used by those with excellent credit who want high rewards and fees associated with their loans. Instead, it’s intended to help improve your credit score over time, which makes it an ideal option if you’re looking to build up your credit for the future.
