The "precious metal" credit cards from American Express, both Gold and Platinum, are often regarded as symbols of wealth and status. There is a wide variety of advantages for cardholders of both the Gold and Platinum cards, and the annual fees for both are far greater than the average credit card yearly charge.

Find out what sets the Amex Gold Card apart from the Amex Platinum Card so you can make an educated choice. Because the American Express Gold and Platinum cards are "charge" cards and not "credit" cards, the balance is due in full on the due date of each billing cycle.

The Platinum card is similar to the Gold card but offers more perks in exchange for a higher annual cost. As of the year 2023, the yearly charge for the American Express Gold card is $250, while the price for the Platinum card is $695.

The Gold Card from American Express

There is a $250 yearly charge for the Gold card, but no additional cost for additional cards on the same account. The membership rewards program, through which customers may accumulate points with every purchase, is a significant advantage. People who often make large purchases at stores and restaurants will get the most out of the Gold card.

You may earn four points for every dollar spent in U.S. restaurants and supermarkets when using your American Express Gold card, three points for every dollar spent booking tickets with airlines or through the American Express travel website, and one point for every dollar spent otherwise.

First-time cardholders can get 90,000 bonus points after spending $4,000 in the first six months of account membership, a perk that will be implemented in January 2023.

A Platinum Card From American Express

Starting in January 2023, new Platinum cards will receive 150,000 bonus points after spending $6,000 or more within the first six months after account opening. There is a $175 yearly cost for the first three cards added to your Platinum account and an additional $175 for each card beyond that.

Those who often take trips will benefit most from the Platinum card. Its travel benefits surpass those of the Gold card. Your points may be redeemed for everything from products and gift cards to meals and shopping sprees to hotel stays and vacation packages booked through the American Express Travel website.

Exceptions and Cautions

In addition to the yearly fees, there may be extra expenses. The monthly amount on both cards must be paid in full by the due date. A $29 late fee will be added to your first late payment. If you need to arrive on time with a price for the next six months, you might be charged $40 each month.

Cardholders may also be subject to a returned payment cost of up to $40. Platinum accounts only accrue interest if the balance is paid monthly.

On the other hand, the Gold card gives its members additional leeway by allowing them to make interest-bearing balance transfers for transactions above $100. If you want to estimate your interest fees, American Express has a calculator you may use.

Who Should Get An American Express Platinum Card?

Promotion of the card emphasizes social standing. The American Express Platinum card requires a high credit score and regular income. In 2021, the cost of being a member will be $695, up $145 from the previous year. Airport lounge access, discounts at hotels, car rentals, and restaurants, and the airport security app CLEAR are just a few of the travel advantages offered to cardholders.

Should I Get the Gold Card or the Platinum Card?

Which credit card is best depends on your spending habits, how often you travel, and how much disposable money you have. It would help if you thought about whether or not you want to pay more for more benefits, in which case the Platinum card might be the ideal option for you.

Conclusion

American Express has various credit card options for people of all income levels, including the classic Green Card and the more luxurious Black, Platinum, and Gold cards. How frequently you travel, how much money you make, and how often you use plastic all go into determining the perfect credit card for you. Please inquire about the current perks before applying for a card, as Amex regularly makes changes to them.