The one year anniversary of the revamped American Express® Gold Card is quickly approaching, and people are starting to wonder if they should renew their card membership for another year.
Product Change Options
It’s important to note that the American Express Gold Card is a charge card, and not a credit card. You can only product change an Amex charge card to another charge card within the same family:
The Platinum Card ($550 annual fee)
American Express Gold Card ($250 annual fee)
The Green Card ($95 annual fee)
There isn’t a product change option available that does not have an annual fee. If you don’t want to keep paying annual fees on a charge card, you’ll need to cancel.
Before you cancel, make sure you have a way to keep the Membership Reward points “alive.” Either have another open charge card that earns MR points or the Amex EveryDay card.
American Express® Gold Card Breakeven Calculator
Ask Sebby crunches the numbers for you to calculate the Expected Value of the American Express® Gold Card. For the expected value of points, we derive the approximate dollar value based on the numbers you enter in the calculator. Scroll down to the end of the post to see our methodology.
The calculator below contains default figures and serve as an example only. Users should insert their own data for the most accurate results.
Should You Keep or Cancel the Amex Gold Credit Card?
Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
UGC disclosure: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.