Current Offer (February 2026)
Earn 60,000 Membership Rewards points after spending $4,000 in the first 6 months. At 1.2¢ per point (a conservative travel redemption estimate), that's $720 in travel value. Amex's transfer partners — including Delta, British Airways, and Air France/KLM — regularly yield 1.5–2.5¢ per point, pushing that bonus toward $900–$1,500 in real travel.
Rewards Rates
| Category | Earn Rate | Est. Value per $1 |
|---|---|---|
| Restaurants worldwide | 4x points | 4.8¢–10¢ |
| U.S. supermarkets (up to $25k/yr) | 4x points | 4.8¢–10¢ |
| Flights booked directly | 3x points | 3.6¢–7.5¢ |
| Everything else | 1x points | 1.2¢–2.5¢ |
Annual Credits — The Real Fee Math
The Amex Gold's $250 fee looks steep until you account for its annual credits. Used fully, the effective fee drops dramatically:
If you use both credits fully: $250 fee − $240 in credits = $10 effective annual fee. At that price, the 4x dining and grocery rewards are arguably the best value in the market.
The catch: the dining credit requires spending at specific merchants, and the Uber Cash requires monthly use to capture fully. If you don't use these, the effective fee stays at $250.
Calculate Your Annual Rewards
Pros & Cons
- 4x on all restaurants worldwide (no cap)
- 4x on U.S. supermarkets (up to $25k/yr)
- $240 in annual credits offsets most of the fee
- 60,000-point signup bonus
- 18+ Amex transfer partners
- No foreign transaction fees
- Baggage insurance included
- $250 annual fee requires intentional use
- Dining credit limited to specific merchants
- No lounge access
- Uber Cash requires adding card to app monthly
- Grocery earn capped at $25,000/year
- Amex not accepted everywhere
Amex Membership Rewards Transfer Partners
The Amex Gold earns Membership Rewards points, transferable 1:1 to 18+ airline and hotel programs. The strongest transfer partners for value include Delta SkyMiles, Air France/KLM Flying Blue, ANA Mileage Club, British Airways Avios, and Hilton Honors. For hotel redemptions, Hilton transfers at 1:2 (one MR point = two Hilton points), which can yield excellent value for Hilton's premium properties.
Who Should Get the Amex Gold?
This card is built for people who spend heavily on restaurants and groceries. If those two categories combine for $1,000+/month, the 4x earn rate will outperform almost every other card in the market, including the Chase Sapphire Preferred's 3x dining. The $250 fee is fully justified if you use the credits and transfer points to airline partners.
It's not a great fit if most of your spending falls outside dining and groceries, if you need lounge access, or if you prefer the simplicity of a flat-rate cash back card.