The Gold Card is one of the services AMEX is best known for. Founded in 1850, the company is known for its credit accounts, charge cards and traveler’s checks components.
Approximately 24 percent of the total dollars spent on credit card transactions in the United States can be traced to American Express which has been ranked by BusinessWeek as the 15th most valuable brand name in the world. Amex is also listed by Fortune magazine as one of the 30 most admired companies in the world.
The New Premier Rewards Gold Card
The AMEX Gold Card has been around for many years. This popular card is now offered in two versions. The latest is the Premier Rewards Gold Card. AMEX advertises this gold card with the offer of a credit decision in 60 seconds after application
This gold card is for you if you are interested in building rewards points quickly. You will earn 10,000 points with your first purchase when you a new Premier Rewards Gold Card user.
If you charge $30,000 in a one year period with this gold card you are awarded 15,000 more bonus points. Rewards bonus points can build up quickly. Airfare charges earn 3x bonus points while gasoline and grocery purchase earn 2x bonus points.
The AMEX rewards program is excellent over 140 businesses and services that allow you to redeem the points for dining, travel or shopping.
American Express Preferred Rewards Card
This is the workhorse of the AMEX gold cards. Purchases made on your gold card reward you with membership reward points that can be redeemed for a wide selection of products and services.
Members receive offers of exclusive travel packages and upgrades at their destinations. This AMEX gold card also offers special deals at major retailers such as the Gap, Home Depot and other shopping venues both online and offline.
Annual Fees and Account Limits
The AMEX gold cards do not have a spending limit or interest charges. This is due to the statement of charges that is due in full each month. These are not revolving charge accounts with the associated minimum monthly payments and high interest charges.
The Gold Card is free to use for the first year. After that time, the annual fee for the Premier AMEX Gold Card is $175 per year and the Preferred Gold Card carries a $125 annual fee.
Late Fees
The full amount charged to an Gold Card is due and payable each month. This is one reason the AMEX cards are so popular with consumers. For an annual fee that is only $10-15 per month, the gold card provides an excellent way to track monthly spending.
Household bills can be paid on time even when they are due a week before payday and you have the ability to buy products you need when you find them at a great price.
If you fail to pay your bill in full when due, you will be charged a late fee. The fee varies depending on your state of residence and may be $35 or up to 2.99 percent of the amount due.
Conclusion
The American Express Gold Card is an excellent choice if you want the convenience of a credit card without the high interest currently charged on many credit card accounts.
There was a time when AMEX cards were not even considered by credit ratings bureaus. The ratings agencies valued monthly payments of revolving charge accounts.
This attitude has changed with the realization that someone who pays their bills in full each month is a good credit risk. The Gold Cards from AmEx offer an excellent rewards point program with a credit card account that is inexpensive to use and will help you budget purchases and track expenditures.
