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Let’s face it, there’s a secret pleasure in American Express precious metals cards, whether they’re gold or platinum. Whether it’s from decades of TV brand ads or simply because you know your boss wears one, membership has its perks, so you decide to join the club.
You can imagine your restaurant server or local merchant noticing when you hand them a brand of metallic sheen. Perhaps the cards are chargeable rather than credit, which means you pay in full at the end of the month. Its subtle message is: “I can freely spend on everything I want and need without going into long-term debt.”
Which Credit Card Has The Best Benefits
But when it comes time to choose a premium Amex card, how do gold and platinum cards compare? The annual fee for the American Express Gold card is $250 (same as in 2020), while the annual fee for the Platinum card in 2021 is $695 ($550 in 2020).
Gold Vs. Platinum Amex Card: What’s The Difference?
The Platinum will cost you an extra $5,500 over 10 years, and a side-by-side comparison confirms that the Platinum card is essentially a Gold card with some interesting extras. Therefore, it is best to evaluate the additional features on a year-by-year basis and decide whether to use them or not. If so, the Platinum card may have a higher annual fee.
The Gold card has an annual fee of $250 and there is no annual fee for adding additional cards to the Gold account. The biggest advantage for cardholders is the membership rewards program, which allows users to earn points with their credit card.
The Gold Card is designed for people who shop a lot, eat out a lot, and have high daily expenses. American Express Gold Cardholders can earn four points per dollar spent at U.S. restaurants and supermarkets (up to $25,000 in purchases), three points and one point per dollar spent on airline or flight bookings through the American Express travel website. for every dollar spent on other purchases.
Beginning in February 2021, first-time cardholders will be eligible to earn 60,000 points when they spend $4,000 in purchases using their card in the first six account months.
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Unlike regular credit cards, American Express cards have no standard APR or interest because all balances must be paid in full each month. However, the Gold Card gives cardholders the flexibility to pay a fixed interest rate on purchases of $100 or more.
Other benefits include up to $120 in dining credits each year. Includes up to $10 monthly in automatic credit when you use your card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed and participating Shake Shack locations. However, cardholders must register to participate in the program. The card offers a $100 airline fee credit on checked baggage or in-flight meals each calendar year with a Gold Card. This card offers an extended warranty program*, purchase protection*, return protection*, Amex Preferred Airline Seats and roadside assistance.
The Platinum Amex Card earns five points per dollar spent on flights booked directly with airlines or American Express travel sites, five points on prepaid hotels booked through amextravel.com and one point per dollar spent on other purchases.
Beginning in February 2021, the Platinum Welcome Bonus will reward cardholders with 75,000 points when they spend $5,000 or more in the first six months of account membership. That equates to $855 for flights booked through the Amex travel website. However, if you choose to add up to 3 additional cards to your Platinum account, you will be charged an annual fee of $175. After that, each card will have an annual fee of $175.
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Platinum card is suitable for people who love to travel. The platinum card is obviously much more beneficial than the gold, especially when you factor in the higher annual fee. Rewards can be used on merchandise, gift cards, dining, shopping, entertainment, and the Amex travel website. Points can be transferred to other loyalty programs.
The Platinum Card offers Uber ride credit in the US, giving cardholders a maximum of $15 in credit each month. The card also comes with a $200 annual airline fee discount on the airline of your choice, and gives travelers a free checked bag and in-flight meals on qualifying airlines.
Members also receive a $100 hotel credit when booking qualifying The Hotel Collection properties through the Amex travel website. Other benefits include a $100 or $85 discount credit toward Global Entry or TSAPre✓, free Boingo Wi-Fi at over 1 million hotspots, emergency travel medical insurance, and paid roadside assistance. With all these features in mind, Platinum Card add-ons can add value and reduce costs.
For those who can afford to live at a very VIP level, the Platinum card offers many additional benefits, such as discounts on private jet and limousine rentals, and a dedicated concierge service to help manage travel details. If you need to eat while traveling, American Express offers reservations at exclusive restaurants around the world.
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In addition to the annual fee, other costs must be considered. Both cards are payment cards, so the balance must be paid off in full at the end of each month. There is a $28 late fee for the first payment. Starting May 1, 2021, the Gold Card will be charged up to $40 per month for additional payments over the next six months. The same rules apply to all payments returned by the cardholder’s bank. It’s always important to make your monthly payments on time to keep your account in good standing and your credit score flawless.
There are no interest charges on the Platinum account, as it must be paid in full each month. However, the Gold Card is more flexible, allowing cardholders to interact with interest-bearing balances on purchases over $100. American Express offers a calculator to estimate interest payments.
Card marketing pushes status. A good credit score and income are required to qualify for the American Express Platinum Card. Annual membership increases from $145 to $695 in 2021. Cardholders enjoy a variety of travel discounts, including airport lounges, Uber, the CLEAR airport security program, hotels, car rental companies, and concierge services.
Some say the Platinum card is just a dressed-up gold card. The Gold Card will refund the $250 annual membership fee. The balance must be paid in full each month, so the platinum account doesn’t accrue interest, but the gold card offers interest-bearing balance transfers on purchases over $100. The Gold Card offers many of the same benefits as the Platinum Card, but at a lower level.
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The answer depends on your income, how much you pay, how much you travel, and what you can afford. Want to pay extra for bells and whistles and maybe fancy status? If so, the Platinum card has additional benefits, but you’ll pay more.
With Black, Platinum, Gold and the familiar Green cards, American Express offers cards to fit most incomes. How can a person understand what is right for him? It comes down to your income, your cash withdrawal and payment options, how much you travel, and knowing what you can afford. You might also want to consider this pesky intangible: How much status do you want? Amex also changes card benefits and promotions from time to time, so it’s a good idea to check their website regularly if you want to get a card.
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