The price of carrying gold in your wallet is set to rise soon. As of July 25, 2024, the annual fee for the American Express® Gold Card will increase to $325 from $250. Existing cardholders will experience the fee hike starting Oct. 1, 2024. Along with the higher annual fee come new dining perks, a cap on qualifying bonus spending at restaurants, the option to choose a limited-edition card design, and changes to where the card’s monthly dining credit can be used.
New cardholders until Nov. 6, 2024, can take advantage of an enhanced welcome offer. The American Express® Gold Card has not seen significant changes since 2018 when the annual fee was raised to $250 and more rewards were added. The latest changes include:
– Annual fee increase to $325
– Increased welcome bonus
– New cap on bonus rewards at restaurants
– Addition of a $50 semiannual Resy credit
– Introduction of a $7-per-month Dunkin’ credit
– Updated $10-per-month dining credit
– Option to choose a new card design
Current and new cardholders will still benefit from existing perks like $10 per month in Uber Cash credits, 4x points at restaurants worldwide, 4x points at U.S. supermarkets, and 3x points on flights booked directly with airlines or AmEx Travel.
The $325 annual fee represents a 30% increase, and whether the new changes are worth it depends on individual spending habits. The new perks follow a coupon-book model to offer more value at a higher cost. The welcome offer, with its cash back on restaurant spending and points, could easily offset the annual fee for the first year.