American Express Gold Rewards Card Review
We review the American Express Gold Rewards Card, the credit card offering rewards points and an annual dining credits.
Updated 8 November 2023
Who Is The American Express Gold Card for?
Our View: We believe the card won’t suit the following people:
Our guide outlines the benefits, pros and cons and suggests typical cardholders. We cover:
To apply for an American Express Gold Rewards Card, you’ll need to be able to meet the following criteria:
Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the below links. Our research and findings are independent of any bank, credit card issuer, or product manufacturer/service provider, and have not been endorsed by any of these entities. Please see our Advertising Policy for more details about how we make money.
Know This: Are you a business owner? You can now use your AMEX to pay IRD and ACC bills using RewardPay. Our review explains how it works, what it costs and what benefits you will earn. As the American Express Gold Rewards card earns Membership Rewards Points, it's one of two American Express credit cards popular with business owners or directors who can use their card to pay business costs and earn points for personal use. Our guide to the Best American Express Credit Cards has more information about the cards available.
- The Gold Card is unique - we think it will appeal to city-dwellers looking for a points-earning card that has a bonus of statement credit when you dine out. In short, American Express offers one $100 statement credit every six months when you spend at least $100 at an eligible restaurant.
- The card is new to the market, and we're interested to see how popular it becomes. It's not for everyone, but it does offer some unique benefits.
- If you're looking for an Airpoints Dollars-earning credit card, this earns at a rate of $75 to 1 Airpoints Dollar, which is standard among 'gold' cards issued by banks. The American Express Platinum Airpoints card offers a much better $59 to 1 Airpoints Dollar rate, a 27%+ higher earn rate.
- Our view is simple - if you need to evaluate in detail whether you'll use the card's dining benefits, this card is probably not for you. There are plenty of alternatives - we suggest looking at our best credit cards guide for more options.
Our View: We believe the card won’t suit the following people:
- Anyone spending less than $10,000 a year on a credit card and/or
- Those who don’t eat out at restaurants and spend $100+ per time doing so.
Our guide outlines the benefits, pros and cons and suggests typical cardholders. We cover:
- Annual Fee and Membership Rewards
- The American Express Gold Rewards Card - Benefits in Detail
- Pros and Cons
- How Does the American Express Gold Rewards Card Work in New Zealand?
- Summary and Conclusion
To apply for an American Express Gold Rewards Card, you’ll need to be able to meet the following criteria:
- Be aged 18 or over
- Have no history of bad debt or payment default
- Have the right to work in New Zealand, and
- If self-employed, have been trading for at least 18 months (or 12 months if you hold an existing American Express issued Card)
Advertising Disclaimer: MoneyHub may earn a referral bonus for anyone that’s approved through some of the below links. Our research and findings are independent of any bank, credit card issuer, or product manufacturer/service provider, and have not been endorsed by any of these entities. Please see our Advertising Policy for more details about how we make money.
Know This: Are you a business owner? You can now use your AMEX to pay IRD and ACC bills using RewardPay. Our review explains how it works, what it costs and what benefits you will earn. As the American Express Gold Rewards card earns Membership Rewards Points, it's one of two American Express credit cards popular with business owners or directors who can use their card to pay business costs and earn points for personal use. Our guide to the Best American Express Credit Cards has more information about the cards available.
MoneyHub Founder Christopher Walsh shares his views about the American Express Gold Card:
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"No other mass-market credit card offers refunds for spending in specific restaurants, but the American Express Gold Rewards Card does just that. However, whether the card is right for you depends on how much you spend and whether you'd eat at the partner restaurants in the first place.
I believe that if you spend at least $20,000 on a credit card and eat at the restaurants American Express partners with, the benefits are arguably valuable and unique. If you add in the option of dining at a First Table restaurant (see below), you can effectively get $200 of food orders for free per visit. While the $200 annual card fee is more expensive than the arguably excellent-value American Express Airpoints Platinum card, not everyone wants to earn Airpoints Dollars. This Gold card lets cardholders redeem points they earn for statement credit at a fair rate. If you're hesitating on whether this card is for you, it really comes down to whether or not you'll use the $200 dining credit. If you don't, there are plenty of other rewards credit cards". The video below explains the card in detail, and gives further background to the pros and cons: |
MoneyHub Founder
Christopher Walsh |
Know This First - Annual Fee and Membership Rewards
1. The Gold Card's Welcome Bonus and Annual Fee
- Annual fee: $200, billed annually
- Annual percentage interest rate: 22.95% p.a.
- Bonus offer: $200 statement credit when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
- Earn Membership Rewards: The Gold Card earns at a rate of 2 points for every $1 spent. You can use Membership Reward points to pay for travel with American Express directly, or you can convert them to other airline and hotel programs. As a background, 150 Membership Rewards points = 1 Air New Zealand Airpoints Dollar while 2 Membership Rewards points = 1 Qantas Frequent Flyer Point.
2. Redeeming Membership Points
What point value will I earn? This is best explained with an example:
- If you spend $25,000 (about $2,000 a month) on the card in one year, you will earn 50,000 Membership Reward points.
- 50,000 points translate to around 333 Airpoints Dollars or 25,000 Qantas Frequent Flyer points (which arguably doesn't get you too much).
- If you use the points with American Express, you'll earn around $375 of travel credit.
- Otherwise, a $250 credit on your card costs 52,000 Membership Rewards points.
- The benefits you receive will depend on your travel preferences and how you redeem the points.
The Gold Card - Benefits in Detail
1. Welcome Bonus – $200 statement credit
Bonus offer: $200 statement credit when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
Our view: The signup bonus is generous and helps absorb more than the annual fee. Importantly, the bonus is a one-off benefit and won't be offered on your card renewal.
Our view: The signup bonus is generous and helps absorb more than the annual fee. Importantly, the bonus is a one-off benefit and won't be offered on your card renewal.
2. Two $100 dining credits every year
American Express has a number of dining partners throughout New Zealand. If you visit them and spend over $100 on one bill, you’ll get $100 credited to your statement. The dining credit resets every six months. The participating restaurants are located all over New Zealand, although Auckland, Wellington and Queenstown have the widest choices.
Our view: The offer is simple - spend $100+ at a qualifying restaurant (in one transaction) and get $100 back on your credit card statement, up to twice a year. We like this add-on benefit and interpret it as two free dinners.
Our view: The offer is simple - spend $100+ at a qualifying restaurant (in one transaction) and get $100 back on your credit card statement, up to twice a year. We like this add-on benefit and interpret it as two free dinners.
3. Rewards generated for spending
Cardholders earn 2 Membership Reward Points per NZ$1 spent. This means that an annual card spend of around $25,000 will earn 50,000 Membership Reward Points. This can be converted to 333 Airpoints Dollars, $375 of travel credit (bookable via American Express Travel) or around $250 credit on your card costs (52,000 Membership Rewards points).
Our view: If you would usually spend around $25,000 a year on a credit card, cardholders will receive around $500 of value ($200 dining credit and $300+ Airpoints or travel-related credit), which offsets the $200 annual charge fee. However, if you're a light spender and don't plan to use the card often, this option may not be the most cost-efficient.
Our view: If you would usually spend around $25,000 a year on a credit card, cardholders will receive around $500 of value ($200 dining credit and $300+ Airpoints or travel-related credit), which offsets the $200 annual charge fee. However, if you're a light spender and don't plan to use the card often, this option may not be the most cost-efficient.
4. Free Domestic and International Travel Insurance
As a cardholder of the American Express Gold Rewards Card, you can enjoy free travel insurance for both domestic and international trips. You'll need to use your card to pay for your return trip to be eligible for this benefit, and as with any travel insurance policy there are limits and exclusions. Excesses on any claims range from $100 to $250 per the policy (which you can find in the Terms and Conditions).
Coverage Limits: You and your family have coverage for medical emergencies up to $2.5 million, trip cancellation for up to $30,000, and lost baggage or documents for up to $30,000.
Coverage Limits: You and your family have coverage for medical emergencies up to $2.5 million, trip cancellation for up to $30,000, and lost baggage or documents for up to $30,000.
5. Chargebacks from fraudulent transactions
You’ll also be protected against fraudulent transactions made using your Card details with the American Express Fraud Protection Guarantee. In our chargeback research, we found that American Express offered the best consumer protection. The benefits include having a helpline, a provider that has a transparent process for its customers and a track record of approving chargebacks.
Our view: We have observed difficulties with securing chargebacks using Mastercard and Visa-issued cards as issuing banks are involved and complicate the process. American Express is much easier to deal with in this regard as they are an all-in-one card issuer and card provider.
Our view: We have observed difficulties with securing chargebacks using Mastercard and Visa-issued cards as issuing banks are involved and complicate the process. American Express is much easier to deal with in this regard as they are an all-in-one card issuer and card provider.
Pros and Cons
Pros:
Cons:
- If you spend at least $18,000 a year (or $1,250 a month), the card will pay for itself – You'll earn 2 Membership Reward points per $1 spent, which gives you 30,000 points and converts to 200 Airpoints Dollars. If you want a $200 statement credit, you'll need to spend $22,000 a year (or around $1,840 a month). You can then redeem the dining credits and be 'in profit'.
- Bonus offer: $200 statement credit when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.
- Two $100 dining vouchers every year (and a way to save further) - If you spend at least $100 in one transaction at a participating restaurant, you'll receive $100 back on your card. If you want to save further, many of the restaurants listed also participate in First Table which offers 50% off food at set times for a $5 to $10 fee per booking. This means you could order $200+ of food, have the 50% discount applied by the restaurant when you pay the bill, pay $100 and then redeem the $100 statement credit.
- Customer Service – With American Express, you have a direct line, but if you use Visa and Mastercard, you’ll have to deal with your bank. Most New Zealand banks use a multi-option call centre for credit card help with standard office hours. Any troublesome issues may be ‘referred’ to Visa or Mastercard for ‘review’ and 'decision'. American Express operates specific 0800 hotlines which are open 24/7 and makes decisions directly.
- Favourable Customer Dispute Terms – if you experience fraud or wish to question a transaction, American Express will actively fight in your corner. Our guide to chargebacks has more details.
- Cards are increasingly accepted at major New Zealand retailers – You can use your card at Countdown, New World, PAK'nSAVE and other supermarkets. Other retailers include most petrol stations, rental car, hotel and airline websites.
Cons:
- A number of non-chain retailers don’t accept American Express as a payment method so you may need a backup credit card.
- The card is metal - while American Express markets this as a selling point, we would argue it's a heavier addition to your wallet or purse.
- A 2.50% Currency Conversion Commission applies to all American Express NZ credit cards - This means you’ll pay more when making foreign purchases than other credit cards. Travel reward credit cards usually charge 1.85% to 2.50%. However, if the vast majority of your spending is in NZD, then there is little difference between other credit cards.
How Does the American Express Gold Rewards Card Work in New Zealand?
To help determine the feeling about how the card works in shops and online, we've pasted a review from a Reddit member that appeared on June 2022 PersonalFinanceNZ post to help you decide if the card is right for your needs:
"One month back, I decided to get my first credit card; the reason for doing so is that I wanted to earn rewards for the everyday purchases I make. I have a solid budget and have never spent outside of what I put aside for myself, so the idea of a credit card appealed to me.
So, here is a breakdown of my experience so far:
Considering another AMEX card? Our guide to the Best American Express Credit Cards has more information about the cards available.
"One month back, I decided to get my first credit card; the reason for doing so is that I wanted to earn rewards for the everyday purchases I make. I have a solid budget and have never spent outside of what I put aside for myself, so the idea of a credit card appealed to me.
So, here is a breakdown of my experience so far:
- The annual card fee of $200 is no bother to me as I get $200 dining credits when I spend $100 out at one of the approved venues. I tend to dine out often, so getting rewarded for something I do anyway is a no-brainer.
- All of my household purchases have been made on my AMEX other the last month, like HelloFresh, Pet food orders, New World shopping, Bunnings for home renovations, McDonald's, and since I live in Wellington, most coffee shops and bars etc. also accept which was surprising to me.
- They also had a $300 cashback when spending $1500 in the first three months, which was also another great way to negate the annual fee for the first year.
- To me, it seems like the better Credit cards out there if you live in a city like Auckland, Wellington etc. When my card is not accepted, I just use my bank debit card, but the experience has been pretty decent so far".
Considering another AMEX card? Our guide to the Best American Express Credit Cards has more information about the cards available.
Summary and Conclusion
- There’s a lot to like about the Gold Card. It offers $200 of value by way of statement credit from dining, which offsets the annual fee. You can then convert Membership Rewards Points to flights, Airpoints Dollars or statement credit, among other rewards. We believe the rewards/benefit rate is around 1% to 1.50% in addition to the dining credits.
- If you spend over $22,000 a year on the card, the rewards will pay for the card's annual fee.
- However, be aware that while American Express is more and more accepted throughout New Zealand, it's not universal, so you may need a backup credit card.
Which Cards Compete With the Gold Card?
If you're looking for a points-generating card with dining credits, only the American Express Platinum Charge card competes, but this has a $1,000+ annual fee. Our guide to the Best American Express Credit Cards has more information about the cards available.
Our View: The American Express Gold Rewards Card is, in our opinion, useful for anyone who will use the dining credits and make the most of the Membership Rewards points. The dining credits are worth $200 and offset the annual fee (if redeemed). If you spend at least $10,000 a year on a credit card, it's likely the card will have some benefits. If you spend much less, this card is unlikely to offer value for money.
Our View: The American Express Gold Rewards Card is, in our opinion, useful for anyone who will use the dining credits and make the most of the Membership Rewards points. The dining credits are worth $200 and offset the annual fee (if redeemed). If you spend at least $10,000 a year on a credit card, it's likely the card will have some benefits. If you spend much less, this card is unlikely to offer value for money.
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