Amex Gold Credit Card Review 2020
Amex Gold Credit Card Review

Amex Gold Credit Card Review 2020

Last Updated: 16 Jan 2020

Amex Gold Credit Card is a premium card that falls in the category of popular HDFC Regalia Credit card. Along with that, the American Express Credit cards are a status symbol for cardholders in India.

Without wasting your time, let’s start the Amex Gold Credit Card review to unfold the features & benefits.

Fee & Charges

  • First Year Fee – Rs 1000
  • Renewal Fee – Rs 4500
  • Interest Rate – 42%
  • Foreign Currency Markup – 3.5%

Welcome Gift

  • Get 4000 reward points on using the card 3 times within the 60 days of card issuance.
  • Get 5000 reward points on renewal of Gold card

In the first, year you get 4000 reward points worth INR 1000 that is equal to your first-year annual fee. In simple terms, the Amex gold credit card costs you nothing in the first year.

Bonus Offer with Amex Gold Credit Card

You can use the Amex gold card to get 1,000 bonus membership rewards points for simply using your Card 6 times (earlier it was 4 times) on transactions of Rs. 1,000 or above.

This way you can earn up to 12,000 bonus reward points every year.

That’s fascinating.

Reward Points & other offers

  • Earn 1 reward point for every Rs 50 on all spend except fuel, insurance, utility bills, and cash transaction.
  • Get 10% discounts on flight booking with Etihad Airlines.
  • Enjoy up to 20% off every time you dine at select restaurant partners.
  • Zero lost card liability if reported within 3 days of the fraud attempt. Otherwise, you have to pay fee of Rs. 1000.

What to Do Redeem Reward Points

You don’t have to decide in a hurry because your Amex gold reward points never expire. That’s amazing, you can plan a foreign a trip by collecting for a longer period or can choose from other 500+ redemption options.

The redemption value of 1 reward point is = INR 0.25

Redemption of Reward Points

You can redeem your reward points from the stunning 18-carat and 24-carat gold collections. To avail this benefit, you have to collect 18000 reward points for 18-Karat offer and 24000 reward points for 24-Karat gold collection offer.

After collecting reward points,  you can choose any redemption option which includes the statement credit option as well (Wow).

You will have the following redemption options

24,000 Points / 24 Karat Gold Collection

  • American Express Domestic Travel Online voucher worth Rs. 11,000
  • Bose Sound Link Color II Bluetooth Speaker
  • Statement Credit worth Rs. 10,000

18,000 Points / 18 Karat Gold Collection

  • Statement Credit worth Rs. 7,500
  • Amazon Gift Card worth Rs. 8,000
  • Tanishq Voucher worth Rs. 7,500

Drawback Of Amex Gold Credit Card

Amex Gold credit card is not accepted at all shopping places. So, you need to carry another credit card like Visa or MasterCard for payment at some places.

In the recent past, the bank has reduced the reward points on the Gold credit card. Now, to get 1000 bonus membership reward points, you have to use Card 6 times on each transaction of Rs. 1,000 or above while earlier it was 4 times.

Check Your Eligibility

  • The applicant should be of more than 18 years old.
  • The applicant should have a personal income of INR 6 lakh or more ( for both salaried and self-employed).
  • Must have a good credit history.
  • For self-employed, business has been trading for more than 12 months.

Documents Required

  • Identity Card.
  • Address proof.
  • 1 passport size photograph.
  • Salaried class- latest one-month salary slip.
  • Self Employed Businessmen- Latest IT Return with the computation of income.
  • Self Employed Professionals – Latest IT return.

Comparison of Amex Credit Card

I make a comparison with another status symbol credit card from HDFC that is HDFC Regalia  & the second most demanded Amex credit card is American Express Platinum Travel Credit Card.

Amex Gold vs HDFC Regalia

CategoriesAmex GoldHDFC Regalia
Annual FeeFirst Year Fee Rs. 1000

 

2nd year onwards Rs. 4500

Rs. 2500
Annual Fee waiver Not availableOn annual spending of 3 lakh
Reward Points3 reward points on every spent of Rs 150 

 

(1 reward point every Rs. 50 spent)

4 reward points on every spent of Rs 150
Rewards RedemptionGet redeem on My Rewards catalogueGet redeem from 18 Karat and 24 Karat Gold collection
Welcome Gift4000 reward points2500 reward points
Bonus rewards1,000 Bonus Membership Rewards Points 4 times in a month10,000 Reward Points on annual spends of Rs. 5,00,000

 

15,000 Reward Points on annual spends of Rs. 8,00,000

Dining Benefits20% every time you dine at select restaurants15% every time you dine at select restaurants
Lounge AccessNot Available6 times/year outside India

 

12 times/year within India

 

Amex Gold vs Amex Travel Platinum card

CategoriesAmex GoldAmex Platinum Travel
Annual FeeFirst Year Fee Rs. 1000

 

2nd year onwards Rs. 4500

First Year fee: Rs 3,500

 

2nd year onwards Rs. 5000

Annual Fee waiver Not availableNot available
Reward Points1 reward point every Rs. 50 spent1 reward point every Rs. 50 spent
Rewards RedemptionGet redeem from 18 Karat and 24 Karat Gold collectionGet redeem from 18 Karat and 24 Karat Gold collection
Welcome Gift4000 bonus reward points11,000 bonus reward points
Bonus rewards1,000 Bonus Membership Rewards Points 4 times in a month10,000 Reward Points on annual spends of Rs. 5,00,000

 


15,000 Reward Points on annual spends of Rs. 8,00,000

1,000 Bonus Membership Rewards Points 4 times in a month

Other Benefits20% every time you dine at select restaurants20% every time you dine at select restaurants

 

Health care benefits

Complimentary Golf lessons

Taj Hotels membership

Lounge AccessNot AvailableDomestic lounge access

Should You Apply For Amex Gold Credit Card?

Amex Gold credit card is useful in the first year. You get the welcome reward point having the same value as the first year annual fee.

But from the second year, this equation changed. You have to pay the annual fee of INR 4500. Look at the calculation for the second year.

On spending 3.48 lakh per annum, your savings will be only 1.22% (too low).

This card is beneficial only in its first year. If you want to get this card only for one year, then go for it, otherwise, search for another card.

Did you find my Amex Gold Credit Card Review helpful, let me know in comments.

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