Amex Business Gold Card Updates Perks and Annual Fee

The changes to the American Express® Business Gold Card are likely to be an overall net positive for many users. Plus, new and existing cardholders can take advantage of all of the new benefits right now, while the negative changes don’t go into effect until Feb. 1, 2024. That said, some of the features Amex is ditching will undoubtedly decrease the value of this card for some people.

As part of these changes, anyone looking to upgrade the aesthetics of their card can now opt for a gold or rose gold card design, which was previously only available on the consumer American Express® Gold Card.

Benefits and annual fee changes

One of the biggest drawbacks to the Amex Business Gold Card has been its lack of statement credits to help offset its high annual fee*. Now that’s changed, thanks to new statement credits worth up to $395 a year that cardmembers can start using immediately, even though the annual fee doesn’t increase to $375* for new applicants and account renewals until Feb 1, 2024.

Cardholders can receive:

• Up to $240 in statement credits per year (up to $20 a month) for eligible purchases at FedEx, Grubhub and office supply stores. Enrollment required.
• A monthly Walmart+ membership credit when you pay for a monthly Walmart+ membership (subject to autorenew) with your Business Gold Card (worth $155 annually)

Currently, Amex Business Gold Card holders receive a 25% points rebate on eligible flights purchased with points through Amex Travel (up to 250,000 points back per calendar year). However, this benefit will no longer be available from Feb. 1, 2024.

The card’s new cell phone insurance** applies when your cell number is listed on the bill and your previous bill was paid with your Amex Business Gold card. It covers theft and damage for up to $800 per claim with a $50 deductible per claim and a limit of up to two claims per 12-month period.

*See rates and fees

**Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details.Underwritten by New Hampshire Insurance Company, an AIG Company.

Bonus spending category changes

Amex Business Gold earns 4X Membership Rewards® points on the 2 categories where your business spends the most each billing cycle from 6 eligible categories. While your top 2 categories may change, you will earn 4X points on the first $150,000 in combined purchases from these categories each calendar year (then 1X thereafter). Only the top 2 categories each billing cycle will count towards the $150,000 cap.

Some bonus categories are going away, while there are a few new ones being added. Until Feb. 1, 2024, Amex Business Gold cardmembers can take advantage of all of the new and old 4X bonus categories, including:

• Airfare purchased directly from airlines (expires Feb. 1, 2024)
• U.S. shipping purchases (expires Feb. 1, 2024)
• U.S. dining purchases (including takeout and delivery)
• U.S. gas station purchases
• U.S. advertising purchases in select media (online, TV, radio)
• U.S. purchases made from electronic goods retailers and software and cloud system providers
• Transit purchases, including trains, ferries, tolls, parking, buses, subways, taxis and rideshare services (new category)
• Monthly wireless phone service charges made directly from a service provider in the U.S. (new category)
• Terms apply

Shipping and airfare purchased directly from airlines will no longer be eligible for the 4X bonus starting on Feb. 1, 2024. This is offset by the new additions to the 4X category pool, transit purchases and monthly wireless phone service charges made directly to a provider in the U.S.

Cardmembers also used to earn 2X points on travel purchased through Amex Travel. Now, Amex Travel purchases are more rewarding and earn 3X points. All other purchases continue to earn one point per dollar.

The boost in Amex Travel purchases somewhat offsets the loss of possibly earning four points per dollar on direct airfare purchases. However, you’ll want to price shop before booking through Amex to ensure you’re getting the best deal. For many small business owners, the value of the Amex Business Gold for spending will most likely boil down to whether you spend more on shipping or transit and wireless phone services.

The new Amex Business Gold statement credits can be more valuable than its annual fee (see rates and fees). But that won’t be the case for everyone, especially if you weren’t planning to pay for Walmart+. Even if you take full advantage of the new benefits, you earn the statement credits piecemeal. That means you pay a high upfront cost and then slowly earn credits throughout the year.

A simpler option is a small business credit card with a $0 annual fee.

The Ink Business Cash® Credit Card and Ink Business Unlimited® Credit Card are good options to consider, especially if your business spending won’t max out the Amex Business Gold’s 4X bonus categories.

The Ink Business Cash earns 5% back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year (then 1%). It also earns 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year (then 1%), and all other purchases earn 1% back. While this card isn’t as rewarding for many purchases, the reward structure is much simpler. With the Amex Business Gold Card, you’ll only earn more for U.S. gas station and U.S. dining purchases if those are the two categories where you spent the most that month.

The Ink Business Unlimited is a great option for businesses that spend heavily outside of the bonus categories offered by other cards because it earns a flat 1.5% cash back on every purchase.

The biggest shortcoming of the Ink Business Cash and Ink Business Unlimited cards, is they earn cash-back rewards, which typically aren’t as valuable as the transferrable points you earn with the Amex Business Gold. However, you can dramatically boost the value of these rewards if you pair them with other Chase credit cards, such as the Chase Sapphire Preferred® Card, which enable transfers to 14 airline and hotel partners.

Alternatively, if you like the idea of a more premium card with many different statement credits, you might prefer The Business Platinum Card® from American Express. It isn’t as rewarding for business purchases as the Amex Business Gold Card and has a higher $695 annual fee (see rates and fees), but comes with more benefits, including:

• Up to $400 in Dell statement credits every year (up to $200 semi-annually). Enrollment required. 
• Up to $360 in Indeed credit each year, up to $90 per quarter
• Up to $150 for select Adobe prepaid business subscriptions. Enrollment required. 
• Up to $120 in wireless telephone provider credit each year (up to $10 per month). Enrollment required. 
• Up to $189 in CLEAR® Plus membership fee credits each year
• Up to $200 in airline fee credits per calendar year
• Up to $100 Global Entry or up to $85 TSA PreCheck® application fee credit
• Access to 1,400+ airport lounges
• 35% points rebate (up to one million points per calendar year) when you use the Pay with Points feature to book business- or first-class flights or any flights with your selected airline
• Marriott and Hilton Gold status
• **Cell phone insurance
• **Purchase protection
• **Extended warranty

**Eligibility and Benefit level varies by Card.Terms, Conditions and Limitations Apply. Please visit americanexpress.com/ benefitsguide for more details. Underwritten by AMEX Assurance Company. Underwritten by New Hampshire Insurance Company, an AIG Company.

There are new valuable benefits available to American Express® Business Gold Card members. These perks include statement credits worth up to $395, cell phone insurance and new 4X bonus spending categories.

However, several negative changes will take effect on Feb. 1, 2024, including an $80 annual fee increase (see rates and fees), the elimination of certain bonus spending categories and the end of the card’s 25% points rebate when you pay for eligible flights with points. To figure out if the card is still worth the annual fee, take a look at your spending habits and see if the math adds up.

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For rates and fees of the Business Gold Card® from American Express, click here.