A Familiar Routine – Analyzing Amex Gold Changes

All information about the American Express Gold, Platinum, Business Gold, Business Platinum, Hilton Aspire and Surpass Cards has been collected independently by Miles to Memories. 

Amex Gold Refresh

A few months back, I described how the Amex Gold felt tired and in need of an update.  Amex apparently felt the same way, and they recently unveiled their Gold changes.  There’s plenty to consider here, and I’m confident opinions are all over the map – including my own.  Today, I’m sharing my take on the Amex Gold refresh.  But first, here’s a quick reset on the updates.

Amex Gold Refresh Highlights

DDG posted the full details on Amex Gold tweaks here.  To refresh your memory, these are the high points:

$100 Resy Credit:  Earn up to $100 in statement credits biannually for eligible Resy purchases, $50 in statement credits from January through June and another $50 in July through December.

$84 Dunkin’ Credit:  Earn up to $7 in statement credits per month for eligible Dunkin’ purchases, up to $84 per calendar year.

$120 Dining Credit Partner Changes:  Receive up to a $10 statement credit per month, for a total of $120 per calendar year in statement credits.  Five Guys is in as a new partner, joining The Cheesecake Factory, Goldbelly, and Wine.com.  The last day of Shake Shack and Milk Bar participation is 25 Sep.

4x At Restaurants:  Amex Gold earns 4X Membership Rewards on worldwide restaurant spend.  Previously an uncapped bonus category, Amex is now limiting 4x earning to $50k spend per calendar year.

Annual Fee Increase:  The Amex Gold annual fee is now $325 for new applicants, up from $250.  Existing cardholders are subject to this increased fee for renewals on or after 1 Oct.

My Take on the Amex Gold Refresh

Overall, Amex is playing a similar tune to card changes of the past few years, including the Business Gold, consumer and Business Platinum, Hilton Surpass and Aspire, etc.  In exchange for a modest fee increase, Amex throws a ton of benefits of highly variable value.  Such return is heavily based on an individual’s affinity for particular services and additional effort.

Look At This!

On the positive side, Amex is adding $184 in credits with Resy and Dunkin’.  Of course, that’s not necessarily worth that amount for people who don’t spend there, anyway, and/or don’t want the work of doing so.  Up to this point, I’ve used Resy exactly never.  But we have a few participating establishments (including breweries!) in my area, so I’ll easily use this credit twice annually.

The new Dunkin’ $7 monthly credit may be the chintziest denomination of any Amex card benefit.  But once I get past that oddball number, I can easily consume or reserve that value for down the road.  As of this writing, Dunkin’ app loads – which can be done in $7 increments – have been triggering this credit for me.  Hopefully this continues, as I’m not necessarily interested in even a once-monthly trek to Dunkin’.

I’m a fan of a solid burger, and Five Guys and Shake Shack each provide one.  I see this tweak as a clear upgrade, as my fandom of the former goes back to when they only had five locations.  Five Guys now has approximately 1,400 locations in the US (and 1,800 worldwide), while Shack Shack hovers around 300 domestically and 400 worldwide.  For my family’s tastes, this credit just got easier to use.  The other dining credit partners staying and departing don’t really move the needle for us, anyway.

Oh Yeah, This Just Happened, Too

Amex layered in a few negative changes amidst the positive distractions above.  The annual fee is going up $75, and they’re devaluing a staple bonus category long associated with the Gold.  Big spenders can’t ignore the new calendar year $50k cap on 4x earning on dining.  I’m confident this cap alone, even before incorporating the annual fee increase, will lead many to close their Amex Golds.  That’s even more of a no-brainer now that the card costs more.

Current Cardholders Win

Existing Gold cardholders clearly win in the short term, as they receive additional benefits in return for the same $250 annual fee – perhaps for more than a year, depending on their timing/luck and interest in continuing to hold the card.  I know I plan to do for the next few months, at least.  Plus, remember that the card still offers $10 monthly Uber credit and 4x supermarket earning up to $25k spend annually.

Conclusion

It felt just like yesterday that my wife and I had zero Gold cards.  Shortly after, we’re back up to four.  This has more to do with the wealth of the opportunities with Amex than with any specific card’s benefits.  Amex Golds, like other card flavors, are smaller pieces in a bigger game.  Since we’re picking up certain cards, anyway, I’ll use the more convenient benefits that come with them.  I haven’t planned to pay a year two annual fee, anyway.  If so, I’d go for a subsidized one via retention bonus, but I’ve more recently been closing.

But enough of my esoteric ways.  Deciding on the fate of a credit card is a highly personal decision, and Amex probably forces the issue here more than any other bank.  For those who pay mild attention, the Amex Gold card has just become more expensive and confusing.  Meanwhile, Amex probably hopes the positives will distract enough people to continue with the card, and inevitably, other groups won’t even care or notice the changes.  Amex wins overall, but so can thoughtful customers.

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