One of American Express’ popular consumer cards is expected to undergo a refresh in the near future. Let’s talk about what we know so far about what these changes could entail…
Amex Gold Card refresh planned for coming weeks
American Express tends to refresh its card portfolio pretty frequently, more than you’ll find at many other card issuers. During the recent Q2 2024 earnings call, American Express CEO Stephen Squeri announced that the personal version of the Amex Gold Card will be refreshed in the coming weeks.
Here’s part of the transcript from the earnings call, which also provides some context on Amex’s strategy (bolding mine):
For example, as we execute our strategy of regularly refreshing our products, we focused on embedding additional value in our premium cards to make them highly attractive to customers across generations and geographies. This enables us to add large numbers of new premium card members to our customer base, drive greater engagement with existing customers, and price for the value we add.
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, adding to the nearly two dozen refreshed and updated products we’ve announced through the first half of the year.
For context, the Amex Gold Card currently has the following core value proposition:
- It has a $250 annual fee
- It offers 4x points at restaurants globally, 4x points at U.S. supermarkets (on up to $25,000 of spending per calendar year), 3x points on airfare booked directly with airlines or through Amex Travel, and 1x points on other purchases
- It offers up to $120 per year in dining credits ($10 per month) valid with select restaurants and services, plus up to $120 per year in Uber Cash ($10 per month)
Details of rumored Amex Gold Card changes
All that we officially know as of now is that the Amex Gold Card will undergo a refresh in the coming weeks, and that details should be announced soon. Officially we don’t know what those changes are just yet.
However, Doctor Of Credit and US Card Forum report on the changes that are apparently going to be made, as someone found the new card terms online. Let me emphasize that this is just a rumor, and of course it’s possible that the actual changes will differ from what we know so far. That being said, the rumors are that the changes will be as follows:
- The annual fee could increase by $75, from $250 to $325
- The card could keep the same bonus categories, except the 4x points on restaurants could be limited to the first $50,000 spent every calendar year
- The card could receive up to $100 in annual Resy credits, in the form of a $50 semi-annual credit, with eligible purchases being for restaurants that offer reservations through Resy
- The card could receive up to $84 in annual Dunkin’ credits, in the form of a $7 monthly credit valid for purchases at Dunkin’
- The card could keep the up to $120 in annual dining credits, except Milk Bar and Shake Shack would be removed, and replaced with Five Guys
- The card could keep the same up to $120 in Uber Cash credits annually, in the form of a $10 monthly Uber Cash credit
- The card could have a new card design option in white gold (in the past the card has had the option of gold or rose gold)
We’ll see if these changes are as rumored, since I have no inside information beyond what has been shared above. Assuming these changes are true, here’s my general take:
- The value proposition of many Amex cards has increasingly been about offering credits that are split up monthly, quarterly, or semi-annually; that leads to breakage and isn’t ideal for the average consumer, though if you’re savvy and are willing to put in the effort, it could lead to outsized value
- Personally I’d value the up to $100 annual Resy credit at close to face value, and would consider that to help offset the $75 annual fee increase
- The $7 monthly Dunkin’ credit sort of borders on being comical, though it is something that some people will get use out of, and I’d view it as a bonus perk compared to the current value proposition
- The cap of 4x points on dining won’t impact a vast majority of people, though obviously that won’t be good for dining super users (who Amex presumably isn’t making much money on)
My general take is that if these changes were to be implemented, the value proposition of the card wouldn’t fundamentally change. This is a card that you get if you’re into dining, and if that describes you, then the value for the card should still check out.
Over time, I do think annual fee inflation causes some existing members to consider canceling their card. At the same time, there are probably just as many people (if not more) who apply when they see the amount of potential value.
Bottom line
American Express’ CEO has revealed that the Amex Gold Card will be undergoing a refresh in the coming weeks. While we don’t officially know what the changes will be, there are some rumors about what could change. This could entail an annual fee increase, a cap on bonus points on dining, and some new credits.
What do you make of this Amex Gold Card refresh, and the rumored changes?
