This undated product image provided by American Express shows the new Gold Card, which is getting a major upgrade this fall. It’s the latest move by American Express to keep and grow its card member base in the face of increased competition. But also refreshes a product that industry experts have said was too expensive for the perks it previously was offering. (Bill Davila/Courtesy of American Express via AP)
The middle child of American Express’ suite of charge cards, the Gold Card, is getting a major upgrade this fall, but its bigger perks are going to come with a higher fee.
It’s the latest move by American Express to keep and grow its card member base in the face of increased competition. But it also refreshes a product that industry experts have said was too expensive for the perks it previously was offering.
The Gold Card has, for some time, sat between the sub-$100 annual fee cards like Chase’s Sapphire Preferred, Citi’s ThankYou Premier Card and the super-premium cards like the Platinum Card or Sapphire Reserve, which grant airport lounge access or have big travel credits. Its positioning on the annual fee scale gave the Gold Card little direct competition, and made it popular with those looking for some perks but not looking to spend $500 just for the privilege of using a credit card.
AmEx is redirecting the Gold Card at customers who want to travel and dine just like its Platinum Card customers, but don’t need the airport lounge access or travel internationally as much as its higher-spending customers do, said Rachel Stocks, who runs AmEx’s Gold and Platinum Card products.
“It’s a staple product for us for years, and we wanted to add more value to it,” Stocks said.