The New American Express Gold Rewards Changes – The Good And Bad

These changes are now live. You can find more details here.

The former #1 Aeroplan card in Canada was recently taken offline – the American Express Gold Rewards Card.

And it wasn’t surprising – with the recent changes to the Cobalt Card, there really wasn’t any reason to get the Gold card anymore.

But finally the details are in for what the new Amex Gold Rewards is going to look like, which will go live in September 2021.

New American Express Gold Rewards Card changes

So what’s changing with the updated Amex Gold Rewards Card?

It mostly has to do with extra benefits and the annual fee.

Here are the major changes coming.

$100 annual travel credit

First, there’s going to be an annual travel credit.

What that means is every year you have the card, you’ll get a $100 voucher you can use towards any travel booked through American Express – which includes flights, car rentals, and hotel stays.

The only catch to using it is your booking must be at least $100 (you can’t use a partial credit).

It’s an easy $100 in savings.

Free airport lounge access

A potentially valuable benefit that’s now on the new Gold Rewards card – airport lounge access.

You’ll get a Priority Pass Membership for free, but just keep in mind you’ll have to pay the fee to enter those lounges every time you visit (which is typically US$32). This level of Priority Pass membership costs US$99 per year.

But there’s more. Amex is also offering 4 free passes to Plaza Premium lounges in Canada, as they have their own partnership with Plaza Premium lounges through the Amex Global Lounge program. Each of these visits would normally cost US$32 each, an annual savings of US$128 if you use them all.

$50 NEXUS fee rebate

If you’re the type who gets a NEXUS card to make travelling to and from the U.S. easier, the new Amex Gold Rewards can help you out.

Every 4 years, you can receive a CA$50 statement credit when you apply or renew your NEXUS card.

It doesn’t quite cover the full cost, which is currently US$50, but puts a big dent in it.

Now, word has it that NEXUS fees will be increasing, so hopefully Amex will update the amount they will cover if (or when) that happens.

Insurance addition

There’s going to be one addition to the insurance package – trip cancellation.

The insurance package was quite decent before, but this will help out the overall value since it was the one major insurance coverage that wasn’t included before.

Metal card (with 2 colour options)

Sure, this can go in the category of “very nice to have, but not required” – but there’s nothing quite like the feeling of a metal credit card in your hands. It gives you an unparalleled premium feeling.

And the best part is you get to choose your card colour – either the standard gold or the new rose gold option.

Annual fee

Unfortunately, these new benefits come at a cost. The annual fee is going up from $150 to $250.

That said, the annual travel credit will offset the increased fee. So, in essence, all of these benefits are coming for no real increase in fee to you (as long as you take advantage of your credit).

What’s staying the same with the Amex Gold Rewards Card

So, that’s what’s changing…

But if you didn’t notice, there’s one major category that wasn’t mentioned – the rewards.

Nothing is changing in this regard. The old rewards structure remains, which is:

• 2 points per $1 spent on gas, groceries, drugstores, and travel, and
• 1 point per $1 spent on all other purchases.

This was the one area we’d hoped Amex would make some changes, since it’s lagging a bit behind the Cobalt.

Comparison to Amex Cobalt

Compared to the American Express Cobalt^® Card, you’ll earn far fewer rewards, for a similar net annual fee.

For the Gold Rewards card, you’ll earn around 33,000 Amex Membership Rewards points, based on a typical $2,000 monthly spend.

But the Cobalt Card? It earns 54,000 points, almost 40% more in rewards.

So which card is better? That really depends on you. If you want some more premium perks, but fewer rewards, the updated Gold Rewards Card is for you.

But for the most rewards, you’ll want the American Express Cobalt^® Card, where there’s no comparison between the 2.

However, we are hopeful for a large welcome bonus. Amex has been running some stunning welcome offers, and we believe that will happen here with an updated product.

To stay on top of the news, subscribe to our free newsletter, and be among the first to know about any potential welcome bonus this card may offer.

An Amex Platinum Card update

We also have a quick update on the American Express Platinum^® Card.

It is now offering a NEXUS fee application rebate every 4 years.

But, the credit with the Platinum Card is going to be $100, helping to cover one full fee and part of another.

What do you think about the changes?

While there’s a lot to like, the revamped Amex Gold Rewards Card leaves us with something to be desired when it comes to rewards.

What are your thoughts on the updated Amex Gold Rewards Card?

Let us know in the comments below.