Why I Canceled My Amex Gold Card After 3 Years
KEY POINTS
- Since I frequently spend money at restaurants, I added the American Express® Gold Card to my wallet to earn dining rewards.
- While rewards cards have appealing benefits, I found that some of this card's perks become less valuable to me over time.
- I decided to cancel my Amex Gold Card because it no longer was a good fit for me.
I'm a big fan of using credit cards to earn rewards. When I first added the American Express® Gold Card to my wallet, I was excited to get rewarded for all the dining purchases I make every month. However, some of this card's perks became less valuable due to inflation, so I canceled the card after three years. Keep reading to learn why the Amex Gold Card is no longer a good fit for me.
Some card benefits have become less valuable
One of the benefits included with the American Express® Gold Card is $10 Uber Cash, which is available each month. You can use Uber Cash to pay for Uber Eats orders or Uber rides in the United States (terms apply). These perks make the Amex Gold Card worth considering for anyone who uses these services often.
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Good/Excellent (670-850)
Intro APR
Purchases: n/a
Balance Transfers: n/a
APR
See Pay Over Time APR
Rewards Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S. (on up to $50,000 per calendar year in purchases), and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X). Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
1X-4X Membership Rewards® Points
Annual Fee
$325
Welcome Offer Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.
60,000 points + earn up to $100 back
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This card offers considerable value, as it earns 4X points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X) and 4X points at restaurants. Plus, earn 3X points on flights booked directly with airlines or on American Express Travel. Meanwhile, over $600 in various spend credits can potentially offset the entire $325 annual fee. (Terms apply.) Overall, it’s an incredibly lucrative card for those who spend a lot in its bonus categories and can use its spend credits.
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- Impressive welcome offer
- Restaurant rewards
- U.S. supermarket rewards
- Travel and dining credits
- High-value rewards points
- Annual fee
- Inflexible spending credits
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- Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.
- Get the American Express® Gold Card in either the Gold, Rose Gold or Limited-Edition White Gold metal design. White Gold design is only available while supplies last.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at Dunkin' locations.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges with every booking of two nights or more through AmexTravel.com. Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
I use Uber for rides when traveling, but only occasionally. I placed Uber Eats orders monthly, so my Uber Cash benefit didn't go to waste. But unfortunately, the longer I had this card, the more difficult it was to use this perk. I found that over time most eateries on Uber Eats jacked up their menu prices well above the usual off-platform price.
Higher menu prices, delivery fees, and service fees made it nearly impossible to find something cheap enough to order using my Uber Cash without spending additional money. It was even a challenge when I placed pickup orders to save money on delivery fees.
Here's another perk that no longer served me: Cardholders can earn up to $10 in statement credits monthly when they pay with their American Express® Gold Card at Grubhub, Goldbelly, The Cheesecake Factory, Wine.com, Milk Bar, and select Shake Shack locations. Terms apply. Enrollment required.
Since most of these businesses weren't local to me, placing Grubhub orders was the best option. Again, I found restaurants hiked their in-app menu prices due to inflation. So, I had to spend money every time I wanted to earn a $10 statement credit. I prefer ordering directly from eateries, so using this perk became more of a chore.
Don't continue to keep a credit card that doesn't meet your needs
Remember, you don't have to keep a credit card forever. If your card no longer meets your needs, it may be time to explore other options. Once I realized the Amex Gold Card was no longer providing me the same value it once did, I knew it was time to cancel it.
Reviewing your card benefits and usage at least once a year is essential to determine if it's still worth keeping. This is especially important if you're paying an annual fee for your card. You don't want to spend money on benefits you're not using or don't enjoy using.
Review all card benefits before getting a new credit card
Before getting a credit card, research the benefits provided. You want to feel confident that you understand how the perks work and ensure they're benefits you value and will use.
I suggest that anyone who already uses apps like Uber, Uber Eats, or Grubhub consider the Amex Gold Card. However, there may be better dining rewards cards that fit your needs and goals. There are many other options, including cards that earn cash back.
Learn more about how you can earn cash back rewards when you swipe your card by reviewing our list of the best cash back credit cards.
Our Research Expert
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For rates and fees for the American Express® Gold Card, click here
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