American Express Premier Rewards Gold Card Review

The American Express® Premier Rewards Gold Card is a charge card with lots of perks. Since this is a charge card, you’re expected to pay your balance in full every month. That means you pay no interest on your purchases. There’s no pre-set spending limit. Instead, American Express decides how much you can charge based on your income and payment history.

Earn triple points on airfare, double points on gas and groceries, then earn single points on everything else.

Get 10,000 bonus points when you make your first purchase within one year of opening your card. You must open your card by December 31, 2011 to qualify for the 10,000 bonus points. If you spend $30,000 in one year, you’ll earn 15,000 bonus points.

You can use your points for flights on any airline and no blackout dates as long as you use American Express Travel. You can transfer points between frequent flier and hotel programs, though there may be some points required to convert. Points can also be used to rent cars and to book hotels, cruises, and vacations. American Express partners with more than 500 brands where you can redeem your points. You can even donate points to charity. The points you earn don’t expire.

The $175 annual fee is waived in the first year. There’s a 2.7% foreign transaction fee charges on purchases made in other currencies. The late fee is $35. If you’ve been late two consecutive billing cycles, the late fee is $35 or 2.99% whichever is greater.

Extra Benefits

Like most American Express cards, the American Express Premier Rewards Gold card comes with lots of benefits on top of the points you can use toward flights and hotel stays.

Roadside Assistance. Up to $50 toward roadside assistance and get towed to the nearest authorized facility. You get this benefit up to 4 times a year.

Baggage Insurance. The baggage insurance plan covers you against lost, stolen, and damaged baggage. There’s a $1,250 benefit for carry-on baggage and $500 for checked baggage.

Car Rental Loss and Damage Insurance. The card has car rental loss and damage insurance that lets you waive the car renter’s insurances as long as you use your American Express Premier Rewards Gold to rent the car.

Travel Accident Insurance protects you for up to $250,000 in coverage benefits.

You’ll get a $75 dining credit when you stay two nights at certain hotel locations.

Purchase Protection, Extended Warranty, and Return Protection. The card comes with purchase protection on purchases you make with your card. Get an extra year on your warranty when the original U.S. warranty is five years or less. American Express may refund certain purchases up to $300 if you attempt a refund within 90 days of the purchase and the merchant refuses to take back the item.

Biggest Benefits

• Bonus points awarded when you use your card a lot
• Additional travel benefits

Drawback

• $175 annual fee
• The balance has to be repaid in full every month