LEAKED Updates to the Amex PRG: $120 Dining Credit, Earn 4X at US Restaurants and Supermarkets
/[ Update 10/04/2018 ] The “new” Amex Gold Card is live with confirmed benefits. Read more in this post.
The American Express Premier Rewards Gold card is about to get a handful of new benefits and updates to current spending multipliers. The new benefits could potentially make the Amex PRG a keeper card if you get positive expected value, or a break-even card is you can use some of the benefits. h/t US Credit Card Guide
It seems like Amex planned to roll the new benefits out to everyone slowly, but it may have been a leak since they’ve been removed from the accounts. The updates are suppose to go live on Oct 4, 2018. Some people are speculating that an increased annual fee will be introduced with the new benefits.

image via https://imgur.com/a/m3vxKKW
Amex PRG Benefits
a) Multipliers (discussed later in the post)
b) $10 dining credit per month ($10 * 12 months = $120 value)
c) $100 airline incidental credit (AA, SW, Delta = $100 value)
Value before multipliers = $120 + 100 = $220
For most people, these benefits alone make the Amex PRG a no-brainer card.
$120 Dining Credit
Earn up to $10 per month in statement credit when you use the Amex PRG at:
Grubhub
Seamless
The Cheesecake Factory
Ruth’s Chris Steak House
Participating Shake Shake locations
If you maximize the $10/month statement credit each month, then the annual savings adds up to $120.
Spending Multipliers
The refreshed Amex PRG will have increased spending multipliers.
Earn 4X points at US restaurants
Earn 4X points at US supermarkets ( up to $25,000 per the calendar year, then 1X)
Earn 3X points for flights booked directly with airlines or on amextravel.com
Earn 1X points on other purchases
With the new update, the 2X at US gas stations spending multiplier will be removed.
Redeeming Membership Rewards Points
As a reminder, the Amex PRG earns points, and not cash back, meaning that you can get more value when you redeem points for travel.
If you want to cash the Membership Rewards (MR) points out, then you will need to have the Charles Schwab Amex Platinum card.
When you cash out MR points via the Schwab Platinum card, you get 1.25 cents per point (CPP).
US Restaurants + US Supermarkets Earning Rate
With the 4X spending multiplier at US restaurants and supermarkets, you can get a 5% return on spend if you want to cash the points out. For example, if you have 100,000 MR points, you can cash it out via the Schwab Platinum for $1,250.
4x MR * 1.25 CPP = 5% return on spend (ROS)
i.e., 100k MR * 1.25 CPP = $1,250
Travel (via Transfer Partners)
When you redeem the points for travel using transfer partners, you can get 2 CPP in value, resulting in an 8% return on spending for the 4X categories. 100,000 MR points are equivalent to $2,000 in travel.
4x MR * 2 CPP = 8% ROS
i.e., 100k MR * 2 CPP = $2,000
FAQ
Is the Amex PRG the same as the Amex Gold card?
The Amex Premier Rewards Gold (PRG) card is NOT the same as the old Amex Gold card.
The Amex PRG is also NOT the same as the Amex Gold cards you receive from adding authorized users on the Amex Platinum card.
Even though the cards have the word “Gold” in the name, the Amex PRG is an entirely separate product.
Can you product change an Amex EveryDay card to the Amex PRG?
No, the Amex EveryDay is a credit card, and the Amex PRG is a charge card. You cannot product change between credit cards and charge cards.
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.
How to maximize the Amex Platinum benefits: Uber credits, Saks credits, airline fees, airport lounge access, Amex Platinum Concierge, return protection, extended warranty, and purchase protection.