AmEx Gold Card Hikes Annual Fee and Bonus, Adds Perks

The cost of carrying gold in your wallet is about to get more expensive.

As of July 25, 2024, the annual fee on the American Express® Gold Card is increasing to $325, up from $250. Terms apply; see rates and fees. Existing cardholders will see the annual fee increase starting Oct. 1, 2024.

Accompanying the higher annual fee are new dining-based perks; an annual cap on qualifying bonus spending at restaurants; the ability to select a limited-edition card design; and a shake-up of the merchants where the card’s monthly dining credit can be used.

Through Nov. 6, 2024, new cardholders can also grab an enhanced welcome offer.

Here’s what you should know.

The American Express® Gold Card hasn’t had an overhaul this significant since 2018, when it increased its annual fee to $250 (from $195) and added more rewards and goodies. Here’s what’s changing this time:

• Annual fee: Increase to $325 (up from $250).

• Increased welcome bonus: From July 25 to Nov. 6, 2024, new cardholders can earn 60,000 Membership Rewards points, plus 20% back on restaurant spending worldwide (up to $100) after spending $6,000 on eligible purchases on your new card in your first 6 months of card membership

• New cap on bonus rewards at restaurants: Cardholders will receive 4x points on dining purchases worldwide (including takeout and delivery) on up to $50,000 in annual spending. Purchases above the cap will earn 1x point. Previously, there was no spending cap in this category.

• New $50 semiannual Resy credit: Get $100 in annual statement credits, issued as two $50 semiannual credits, after enrolling and using your card on eligible purchases at U.S. restaurants on the Resy app or on Resy.com.

• New $7-per-month Dunkin’ credit: Receive $7 per month in statement credits after enrolling and using your card at Dunkin’ Donuts locations in the U.S.

• Updated $10-per-month dining credit: Five Guys is now an eligible restaurant for the $10-per-month ($120 annual) dining credit, adding to the existing list of Grubhub, The Cheesecake Factory, Wine.com and Goldbelly. Milk Bar and Shake Shack have been removed as eligible restaurants for the dining credit. 

• New card design: New cardholders can select a limited-edition white-gold card design (while supplies last), in addition to the existing gold and rose gold design options. 

New and current cardholders will continue to enjoy the card’s existing credits and benefits, including:

• $10 per month in Uber Cash credits (up to $120 annually) toward Uber Eats or Uber rideshares. 

• 4x points at restaurants worldwide (now with the $50,000 annual cap).

• 4x points at U.S. supermarkets on up to $25,000 in purchases per year.

• 3x points on flights booked directly with airlines or AmEx Travel.

The new $325 annual fee represents a 30% increase over the previous fee of $250. (The fee increase in 2018 represented a 28% hike.) Whether these new changes are worth that much will depend on your spending habits and how well you actively manage your card to take advantage of the recurring credits. The new perks follow the coupon-book model American Express is using to offer more perceived value at a higher cost for their premium cards, like the American Express® Gold Card and the The Platinum Card® from American Express. However, adding more benefits for specific merchants makes the card more complex to optimize for some.

That said, the new welcome offer should suit many people well. Maximizing the 20% cash back on restaurant spending (up to $100) would require only $500 eligible dining expenses, and 60,000 points could take you far. NerdWallet values American Express Membership Rewards points at between 1 cent and 2.8 cents each (depending on how you redeem them). Between the points and the dining incentive, you could easily cover the annual fee for the first year before accounting for any additional monthly or semiannual credits.