American Express(R) Gold Card Review

American Express is one of the most coveted cards in the world. Their basic charge card offerings have remained the same through several years. The American Express(R) Gold Card card, which is the mid-tier card, has exceptional rewards starting with a $75 dining credit when you stay two or more nights at certain Sheraton, Westin, W, and Le Meridien hotels and resorts. All you have to do to get your rewards is book your hotel stay using the Gold Card Hotel Program.

Fees & Interest

The Gold card has a $125 annual fee, which is waived in the first year. That means you get

to enjoy the benefits for your card for an entire year before you have to pay anything. The annual fee is subject to change, so make sure you read the credit card disclosure before you sign up for the card.

American Express Gold Card is a charge card, which means you’re responsible for paying your balance in full every month. If you later become eligible for Flexible Payment Features you can choose to pay off some purchases at a low interest rate.

There’s no preset spending limit. That may sound like you have endless purchase power, but that’s not so. Instead, American Express decides your spending limit based on your payment history, credit rating, and financial standing.

Reward Program

American Express Rewards program lets you earn one point for every dollar when you use your card. You can earn up to 10X points by making qualified purchases at certain retailers through the Membership Rewards shop. You can redeem points at any time on travel, dining, or gift cards for yourself or a friend. You can even convert points to other frequent flier and guest programs, though there may be a conversion fee, depending on the program. There are no expiration or blackouts on point redemption.

Other Benefits

The American Express Gold card comes with several other benefits including:

• Roadside assistance: Limited to 4 times a year and maximum coverage of $50 each time.
• Rental loss and damage insurance when you rent a car and pay with your American Express Gold Card.
• Baggage insurance coverage for lost and damage baggage when you purchase tickets with your card.
• Extended warranty on purchases with a U.S. warranty. Get an extra year of warranty coverage on warranties that are five years or less.
• Receive refund coverage when a store won’t accept your return.
• Purchase protection on certain items purchased with your Amex that later become broken, damaged, or stolen.

If you’re approved, you’ll find out in 60 seconds when you apply for the American Express gold Card online. Because this is a premium credit card, you’ll need excellent credit to qualify.

Biggest Benefit

• Excellent rewards program

Drawbacks

• 2.7% foreign transaction fee. Other credit cards charge no foreign transaction fee, some even with no annual fee.
• This is a charge card so your balance must be paid in full every month to avoid penalty a penalty of $35 or 2.99% of the balance.