Amex Gold Card 2026: My Experience After the Price Increase

The Amex Gold Card got a price increase. 240 euros annual fee, that's more than before, and the question that has been coming up the most in my messages since then: is the Gold still worth it?

I had the Gold myself before I switched to the Platinum and then to the Centurion. I know the card from everyday use, not from the product sheet. And I think it's often treated unfairly in the discussion around the price increase. Not because 240 euros is nothing. But because many people forget what the Gold actually brings to the table.

The Price Increase to 240 Euros: What Changed

Let's start with the facts. The Amex Gold now costs 240 euros per year since March 2025. That's a noticeable increase compared to the previous price. The question is: did anything change besides the price?

The core benefits have stayed the same. Membership Rewards points, insurance, purchase protection. The card is still a metal charge card integrated into the Amex ecosystem. What has changed is the ratio between price and value. Anyone who used to recommend the Gold as a no-brainer now has to run the numbers more carefully.

And that's exactly what I'll do here. Not across the board, but for different user types. Because whether 240 euros is worth it doesn't depend on the card. It depends on how you use it.

What the Gold Card Offers

The Gold isn't a stripped-down Platinum. It's a standalone card with a clear profile. Anyone who wants to place it correctly needs to understand what it can and can't do.

Membership Rewards points. The Gold earns 1 MR point per euro spent. With the optional Punkte-Turbo (15 euros/year), it's 1.5 points per euro on the first 40,000 euros in annual spending. The base earning rate is identical to the Platinum. That's a point many people miss: when it comes to pure points earning, there's no difference between Gold and Platinum.

The points you collect land in the same Membership Rewards program. The same transfer partners, the same redemption rates. British Airways Avios, Singapore Airlines KrisFlyer, ANA Mileage Club, they're all available to you. The value of the points doesn't depend on the card, but on how you use them.

At 20,000 euros in annual spending on the Gold, you collect 20,000 MR points. Transferred to an airline and redeemed for business class flights, those have a value of 200 to 400 euros. At 30,000 euros in spending, it's 300 to 600 euros. The 240 euro annual fee is quickly covered at those numbers.

SIXT ride credit. The Gold comes with SIXT ride credit. It's a nice extra for anyone who occasionally books rides through SIXT ride. Not the main reason for the card, but a building block that helps with the cost-benefit calculation.

Travel insurance. The Gold has an insurance package that's solid for occasional travelers. Trip cancellation insurance, international health insurance, and additional components are included. The scope is less broad than the Platinum, that has to be said clearly. Anyone who needs comprehensive coverage with rental car insurance and higher limits will be better served by the Platinum.

But for someone who travels three to five times a year and wants basic coverage, the Gold's insurance package is usually sufficient. Separate travel insurance policies easily cost 60 to 100 euros per year. If the Gold saves you that, the annual fee is further offset.

Purchase protection. Purchases made with the Gold are protected against damage and theft. 90 days after purchase. Anyone who regularly buys expensive electronics or other valuable items has a free supplemental insurance here. I've used Amex purchase protection myself in the past and can confirm that the claims process was straightforward.

The card itself. The Gold is a metal card. It feels premium, it has an appealing design. That sounds like a superficial point, but the feel and weight of a metal card matter to many people. When you hold a card in your hand 365 days a year, it's not irrelevant how it feels.

One free additional card. The Gold offers one free additional card that runs on the same account. For couples or families, this is a relevant point, because your partner also earns MR points without paying a separate annual fee.

The Punkte-Turbo: 50 Percent More Points

This point deserves its own mention because in practice it makes more of a difference than most people expect.

For 15 euros per year, you can activate the Punkte-Turbo: 1.5 MR points per euro on the first 40,000 euros in annual spending. At 30,000 euros in annual spending, that's 45,000 instead of 30,000 points, meaning 15,000 extra points. With an airline transfer, those are worth 150 to 300 euros.

That's the lever many Gold cardholders don't use. 15 euros for 50 percent more points on all spending up to 40,000 euros is a no-brainer. Anyone who doesn't activate the Turbo is leaving value on the table.

What the Gold Does NOT Offer

Just as important as what the Gold can do is what it can't. Here are the benefits you don't get with the Gold that deserve an honest place on the table when making a purchase decision.

No lounge access. The Gold has no Priority Pass, no access to Centurion Lounges, no access to partner airline lounges. If you want to get into the lounge at the airport, you have to buy access separately or upgrade to the Platinum.

For me, this is the biggest difference between Gold and Platinum. Anyone who flies frequently knows what a lounge is worth. Not just the comfort, but also the productivity and the money saved on food and drinks at the gate. Anyone who rarely flies won't notice the missing lounge access.

No hotel status. The Gold doesn't come with Hilton Honors Gold, Marriott Bonvoy Gold, or SIXT Platinum Status. These status benefits are included with the Platinum and deliver real value: free breakfast at Hilton, room upgrades, rental car upgrades. With the Gold, all of that is missing entirely.

Anyone who stays at a Hilton three to four times a year and pays 40 to 60 euros for breakfast each time spends 120 to 240 euros that would have been saved with the Platinum's Hilton Gold status. That alone offsets the price difference between Gold and Platinum.

No Fine Hotels & Resorts. FHR is a booking program for luxury hotels that isn't available to Gold cardholders. FHR bookings bring extras worth 150 to 300 euros per stay: guaranteed upgrade, free breakfast, spa credit, late checkout. Anyone who stays at upscale hotels and can use FHR gets substantial value from the Platinum that the Gold doesn't deliver.

No travel credit. The Platinum offers 200 euros in annual travel credit at Amex Travel. The Gold doesn't. That credit alone covers a large portion of the difference between the two annual fees.

My Personal Experience with the Gold

I applied for the Gold a few years ago as my first Amex. At the time, I didn't know the Membership Rewards system, knew nothing about transfer partners, and had no concept of what credit card optimization meant.

The Gold was my entry point. And looking back, it was exactly the right entry point.

In the first year, I learned the fundamentals. How MR points work, which transfer partners are worthwhile, how to use Amex Offers, where Amex is accepted in Germany and where it isn't. All of that at a manageable annual fee that didn't put me under pressure to squeeze out every last benefit.

After about a year and a half, I switched to the Platinum because my travel volume had increased and the lounge access and Hilton status became relevant. Later came the Centurion. But the Gold laid the foundation.

What I liked about the Gold back then: the simplicity. One card, one points program, no complicated optimization necessary. You pay with the card, you collect points, you redeem them with an airline partner. Done. No stress about expiring credits, no pressure to use up travel budgets.

What I missed: lounge access. I remember a layover in Istanbul, four hours on the ground, no lounge access. I sat at the gate, ate overpriced airport food, and thought: next time, I want to be in the lounge. That was one of the triggers for upgrading to the Platinum.

Gold vs. Payback Amex: The Comparison That Always Comes Up

A question I hear regularly: why the Gold for 240 euros when the Payback Amex is free?

The Payback Amex is a full American Express credit card with no annual fee. Instead of Membership Rewards points, it earns Payback points. And Payback points are significantly less flexible and less valuable than MR points.

The key difference: Membership Rewards points can be transferred to airline partners and, when used wisely, are worth 1 to 2 cents per point. Payback points are tied to the Payback system and have a fixed value of 1 cent per point when redeemed as vouchers or discounts.

At 20,000 euros in annual spending, you collect 20,000 MR points with the Gold (value with airline transfer: 200 to 400 euros). With the Payback Amex, you collect Payback points that at the standard rate are worth about 200 euros, but only redeemable within the Payback system.

The Gold costs you 240 euros but potentially delivers 100 to 200 euros more in value through better redemptions. On top of that come insurance and purchase protection that the Payback Amex doesn't offer in this form.

The Payback Amex is the right card for people who don't want to pay an annual fee, already use the Payback system, and have no need for insurance or travel benefits. The Gold is the right card for people willing to invest 240 euros to enter the MR system and get more value from their points in the long run.

Who the Gold Is Worth It For

After all the details, here's the clear recommendation.

The Gold is worth it if you:

Are looking for an entry into the Amex ecosystem without immediately spending 720 euros on the Platinum. You want to test whether you can get by with Amex in daily life, whether the acceptance is sufficient for you, whether you can use the points effectively. The Gold is the low-risk entry point.

Want to collect Membership Rewards points and have moderate annual spending, let's say 15,000 to 40,000 euros on the card. At this volume, you generate enough points to justify the 240 euro annual fee but not enough to make the jump to the 720-euro Platinum mandatory.

Travel lightly to moderately, meaning two to five times a year, and lounge access isn't a must. If you fly to Mallorca once a year and to Berlin twice, you don't need a Priority Pass. The Gold's insurance is enough for this travel profile.

Want to use the Gold as a complement to another card. Some people have the Gold in addition to a Visa or Mastercard, specifically to earn points at Amex-accepting merchants and use the other card for the rest.

The Gold is less worth it if you:

Fly frequently and will miss the lounge access. The jump from Gold to Platinum costs 480 euros more, but the Priority Pass alone has a value that justifies that premium for frequent travelers.

Regularly stay at Hilton or Marriott hotels and would benefit from the free breakfast and upgrades that come with the Gold status.

Have less than 10,000 euros in annual spending on the card. At that volume, you earn 10,000 MR points per year, which corresponds to a value of 100 to 200 euros. That doesn't cover the 240 euro annual fee. The Payback Amex would be the more efficient choice in this case.

The Math: When Is the Gold in the Black

Let me run through the numbers concretely.

Scenario 1: 15,000 euros in annual spending. 15,000 MR points. Conservative value (1 cent/point): 150 euros. Insurance: estimated 60 euros saved compared to separate policies. SIXT ride credit partially used: 20 euros. Total: 230 euros in value. Minus 240 euros annual fee. Result: just under zero. Borderline.

Scenario 2: 30,000 euros in annual spending with Punkte-Turbo (1.5 MR per euro on the first 40,000 euros). 45,000 MR points. Value with airline transfer (1.5 cents/point): 675 euros. Insurance: 60 euros. SIXT ride: 30 euros. Total: 765 euros. Minus 240 euros. Result: 525 euros in the black.

Scenario 3: 8,000 euros in annual spending. 8,000 MR points. Value: 80 to 160 euros. Insurance: 60 euros. Total: 140 to 220 euros. Minus 240 euros. Result: in the red. Not worth it.

The threshold is roughly 15,000 to 20,000 euros in annual spending on the card. Below that, it becomes hard to justify the 240 euros.

The Welcome Bonus

One factor that massively impacts the math in the first year: the welcome bonus. The Gold regularly has offers with 40,000 to 50,000 MR points as a welcome bonus with a minimum spend requirement in the first few months.

40,000 MR points are, conservatively valued, worth 400 euros. With an airline transfer, they can be worth 600 to 800 euros. That means: in the first year, the Gold is almost always in the black, regardless of spending volume. The question isn't whether the Gold is worth it in the first year (yes, almost always), but whether it's worth it from the second year onward.

And that comes down to your usage. If after the first year you realize you use the card regularly and put the points to good use, you keep it. If not, you cancel after the first year and still benefited from the welcome bonus. No losing proposition.

My Verdict on the Gold After the Price Increase

The price increase to 240 euros hasn't devalued the Gold. It has raised the threshold at which the card pays off. Anyone who used to break even at 8,000 euros in annual spending now needs closer to 18,000 euros. Anyone who used to treat the Gold as a cheap alternative to the Platinum needs to recalculate.

But the Gold remains a good card. It's the best entry into the Membership Rewards system, it offers solid insurance, it earns points just as efficiently as the Platinum. Anyone who doesn't travel enough to justify the Platinum's 720 euros will find the right balance between cost and value in the Gold.

I'd recommend the Gold to anyone who wants to try Amex. Get the welcome bonus, use the card consistently for a year, and then decide whether to keep it, upgrade, or cancel. At 240 euros per year, the risk is manageable. The potential value is not.