We hate to say we told you so but … we told you so. After months of speculation, American Express CEO Steve Squeri himself confirmed Friday that big changes are right around the corner for the popular *amex gold*.
“We are on track to refresh approximately 40 products globally by the end of the year. As part of that number, we look forward to announcing our refreshed U.S. consumer Gold Card in the coming weeks,” Squeri said during a quarterly earnings call with investors on Friday.
Squeri didn't tip his hand as to what changes are coming for the Gold Card, nor when they'll take place. But it confirms what we've been expecting for months – and the wait is almost over. And while the bank didn't explicitly say that the card's current $250 annual fee (see rates & fees) will increase, the writing is on the wall.
Nearly two months ago, an application page that American Express regularly uses as a testing ground for product changes surfaced showing a $325 annual fee. Whether or not that's the number they go with is anyone's guess … but it sure doesn't seem out of the question.
That's been Amex's playbook with its many in-house travel credit cards as well as co-branded cards from brands like Hilton and Delta: Raise fees while adding new benefits (some better than others) to justify the higher price tag.
Squeri said it's a winning strategy for Amex, saying: “This enables us to add large numbers of new premium cardmembers to our customer base, drive greater engagement with existing customers, and price for the value we add.”
That last point is key. Amex is able to drive up the price (in annual fees) for the perceived value it's adding through these card overhauls.
If this feels all too familiar, that's because it is. In just the last several months, they've done that with the entire portfolio of Hilton Amex cards and Delta SkyMiles American Express cards, too.
Read more: Amex Card Credits & Benefits Are Out of Control
The problem for fed-up cardholders is that no matter how time-consuming it might feel to track and use all the credits and benefits on your Amex cards, these tactics work like a charm for the bank's balance sheet. Amex just keeps making more and more money, including pulling in 15% more in annual fees in the first quarter of 2024 compared to last year – largely powered by its increasingly expensive premium travel cards.
What Can We Expect?
The Amex Gold has long been one of our favorite travel cards, period. Let's hope that doesn't change when this refresh is officially announced.
Much of our love for the Gold card stems from the best-in-class 4x Membership Rewards points you earn at U.S. supermarkets (on up to $25,000 per year) and dining purchases worldwide, including select takeout and delivery services. We've all got to eat, right?
Those spending categories are embedded in the card's DNA, so I wouldn't expect that to change.
The card already comes with up to $10 per month in dining credits and another $10 per month in Uber Cash, which can be used for food delivery through Uber Eats. If fees increase, we'd expect more on the table. We'll have to wait and see what that entails.
Should You Apply for the Gold Card Now?
This is the question that should be top of mind for many travelers who have been eyeing the Amex Gold Card but haven't yet pulled the trigger. And the answer could be an emphatic “yes!”
Any time a bank changes up their credit cards, there's an opportunity: You can double-dip on any additional benefits … while locking in the previous, lower annual fee for your first year.
That said, there could be a cost. When Amex has reworked cards in the past, they've also rolled out bigger, limited-time bonuses to drive new sign-ups for the card.
With the current offer on the Amex Gold Card, you can bonus_miles_full But you can oftentimes do even better than that by applying through a referral from a friend or a targeted offer through CardMatch.
If the card currently makes sense for you and you're able to get in at a lower annual fee, applying now might make the most sense – especially if you're eligible for one of those elevated welcome offers currently available. Just know that you'll almost certainly need to do the math again next year once we have further clarity on what the refreshed card's benefits and fees look like.
Bottom Line
The writing has been on the wall for months and now he heard it directly from Amex's CEO: The popular *amex gold* is getting a facelift in the coming weeks. Only time will tell whether or not the card's new benefits (and fees) are a win for travelers.