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Also, you need to pick a card that doesn’t end up becoming too expensive for you. For instance, do the benefits offered by a card cover the costs of operating the card, such as annual fees?
This is an important question you should answer before settling on a certain credit card.
Today, we make things easier for you. This American Express Gold Card review explores everything that this Amex card entails. This way, if you’ve been considering applying for one, you’ll have all the data and facts you need.
Features of American Express Gold Card
First, the card comes in three design options. You can choose from Gold, Rose Gold or Limited Edition White Gold colors depending on your preference. You’ll usually do this during the application process.
Flexibility in payment methods is the next great feature of this card. For example, the American Express Gold Card offers Pay Over Time and Plan It payment options.
The Pay Over Time option allows you to carry a balance to the next payment cycle, but only up to a certain limit (Pay Over Time Limit).
On the other hand, the Plan It option allows you to pick large purchases and split them into smaller equal monthly installments, which accrue a fixed fee. If you don’t pick any of these options, you can decide to pay your balance in full every cycle.
Additionally, the American Express Gold Card comes with a Global Assist Hotline feature. With this feature, you get Global Assist Hotline services when you travel over 100 miles away from your home.
The services here include 24/7 emergency assistance and coordination, such as emergency cash wires, medical services, legal referrals, missing luggage assistance, etc.
Last but not least, this Amex credit card has a baggage insurance plan. This covers stolen, lost, or damaged baggage during your trip. However, you must buy the entire fare for your bus, plan, train, or ship ticket.
The coverage takes care of up to $1,250 of your carry-on baggage and a max of $500 for your checked baggage. All this is in excess of your common carrier cover.
Pros and Cons of the American Express Gold Card
The American Express Gold Card boasts numerous benefits. However, it is also not fault proof. Here are the main benefits and drawbacks of the card.
Benefits of the American Express Gold Card
So, What are the benefits of the amex gold card? Let’s break down:
- No foreign transaction fee: This means that your foreign transactions don’t get expensive due to additional foreign transaction fees. And this makes the card ideal for international travelers.
- Amex preferred access: This gives you access to premium seats during select sporting and cultural events. However, this depends on seat availability.
- Amex Offers: As a cardholder, you can earn more rewards with amex offers. Simply browse and add Amex offers to your card and enjoy earning more rewards.
- Contactless cards: With the American Express Gold Card, you can easily make contactless payments. These are not only fast but also secure.
Disadvantages of the American Express Gold Card
Here is the main drawback:
- Huge annual fee: The American Express Gold Card attracts an annual membership fee of $325. This is massive considering some rewards credit cards offer zero annual fee options.
Interest Rates and Fees
First, the American Express Gold Card attracts a variable interest rate for eligible purchase of 21.24% to 29.24%. It also has an APR of 29.99% for cash advances and charges a penalty APR of 29.99%.
And if you choose the Pay Over Time payment option, you’ll pay a fixed monthly interest rate of up to 1.33%.
Additionally, the cash advance fee amounts to 5% of the cash advance or $10, whichever is higher. Late and returned payments attract a $40 fee each.
There is also an annual membership fee of $325.
Eligibility Criteria and Requirements
Before applying for this card, here is what you need to get approval. First, you must be an adult, 18 years old and above. Second, you must be a US resident, with a social security number. They will need your personal details to help process the card.
How To Apply for the American Express Gold Card
To apply for the American Express Gold Card, start by visiting the American Express Gold Card website. Scroll down until you see the “APPLY NOW” blue button next to the golden card image.
Complete the application to find out if you’re approved without affecting your credit score initially. If you accept the card, the information provided may impact your score.
During the application, choose your card design and enter your personal details, including your full name, card name, date of birth, email address, and mobile number.
Provide your home address and financial details, including your SSN or ITIN. You can also include your total annual income and specify its source. It’s that easy!
Conclusion
If you are looking for a credit card with an attractive rewards program, the American Express Card might be what you need. It offers up to 4X membership points per dollar spent, which is more than what many cards offer. Plus, there are numerous ways of earning yourself some points.
However, you should note that the card is not free to operate. So, if you don’t want a card that requires you to pay an annual fee, you may have to look for an alternative.
But in general, comparing this card with others in the same category will help you determine whether the American Express Card is your perfect fit.
