Is the Amex Business Gold worth the annual fee?

12 October 2023

Small businesses need to constantly reevaluate their expenses and spending habits to ensure they can stay in business. And just like you check whether you can get your products at a lower price from another supplier, you should consider whether the credit card — or cards — you’re using for business expenses get the best return possible on your purchases.

Another key consideration is whether a small-business credit card you’re using is worth its annual fee. Are you getting perks and benefits that justify this fee? Is it worth paying the card’s annual fee to earn the bonus points it provides on your business expenses? Or would you be better served with another credit card?

The American Express® Business Gold Card has recently undergone a refresh, including some changes to its bonus categories and benefits. The current $295 annual fee (see rates and fees) is going up to $375 on Feb. 1, 2024, so let’s consider whether this card’s earning potential and benefits make that fee worth paying.

Welcome bonus

New applicants for the Amex Business Gold card can earn 70,000 bonus Membership Rewards points after spending $10,000 on purchases within the first three months of card membership.

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Membership Rewards points are worth 2 cents apiece, according to our latest valuations. That makes this bonus worth $1,400, providing a solid 14% return on spending during the welcome offer period.

For the first year, this bonus completely cover’s the card’s annual fee — though starting in year two, you’ll need to crunch the numbers to decide if it’s still worth it.

Adaptive bonus earnings

Many credit cards offer set bonus categories and then allow you to earn extra rewards on purchases at those merchants — but you’re often forced into those categories. In contrast, the Amex Business Gold card provides bonus earnings that adjust monthly, so you can earn additional points where you’re spending the most.

Cardmembers earn 4 points per dollar in the two categories where they spend the most each billing cycle. This applies to the first $150,000 of combined purchases in bonus categories each year (then 1 point per dollar thereafter). The available bonus categories include:

Transit purchases, including trains, taxicabs, rideshare services, ferries, tolls, parking, buses and subways
U.S. purchases from electronic goods retailers and software & cloud system providers
U.S. monthly wireless telephone service charges made directly from a wireless telephone service provider
U.S. purchases at gas stations
U.S. purchases at restaurants, including takeout and delivery
U.S. purchases for advertising in select media (online, TV or radio)

Beyond the top two spending categories from this list, cardholders earn 3 points per dollar on flights and prepaid hotels booked through Amex Travel or AmexTravel.com as well as 1 point per dollar on all other purchases.

If you’re able to earn bonus points on the full $150,000 of spending in these available bonus categories, you’ll earn a staggering 600,000 bonus points each year — worth $12,000 according to our valuations.

Statement credits

The most significant change to the Amex Business Gold includes the addition of statement credits. Cardholders can now take advantage of up to $395 in credits each year:

Up to $240 back annually (up to $20 back per month) for eligible purchases at FedEx, Grubhub and office supply stores
Up to $155 back annually for a monthly Walmart+ membership (subject to auto-renewal)

If you can take full advantage of these statement credits, you’ll more than make up for the increased annual fee cost with this benefit alone.

Small-business perks

Amex Business Gold primary cardholders can access several business-related benefits. These perks include year-end summaries, auto-expense categorization in Intuit QuickBooks and bill-pay services with Vendor Pay by Bill.com. This feature is free for the first user and offers six free months for the second user, then $15 per month for the second user. Enrollment is required in advance for this benefit.

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The primary card member can also add employee cards to the Amex Business Gold, up to 99 total additional cards. However, the fees associated with this depends on the type of additional card(s) you add as well as when you opened your Amex Business Gold account:

When you opened your card
Additional Business Gold Card
Additional Business Expense Card

Prior to Feb. 1, 2023
$95 for up to five cards; $95 for each additional card after that, beginning on the first renewal after being notified of this new fee structure (see rates and fees)
No annual fee

Between Feb. 1, 2023 and Jan. 31, 2024
$50 for the first card; no additional fee for each additional card after that (see rates and fees)
No annual fee

After Jan. 31, 2024
$95 for up to five cards; $95 for each additional card after that (see rates and fees)
No annual fee

There’s no real difference between the two other than being able to select between the Gold and Rose Gold version. As a result, most small business owners should opt for the additional business expense card.

Regardless of which one you choose, these cards will help the primary account holder earn rewards on employee spending while also controlling and limiting employee spending as needed. In fact, you can also designate other people as account managers to handle many of these features.

The Amex Business Gold card is not a traditional credit card but instead comes with no preset spending limit. This means that the amount you can spend on the card will vary based on things like creditworthiness, payment history and your relationship with American Express. Additionally, you may be eligible to enroll in Pay Over Time on your card, and Amex sometimes sends out targeted offers of bonus points to enroll in this feature.

Additional perks and protections

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Amex Business Gold cardholders enjoy a number of additional perks and protections, including:

Access to The Hotel Collection: The primary cardmember has access to The Hotel Collection bookings with Amex Travel. While a two-night minimum is imposed on these bookings, you can receive perks like a $100 on-property credit for things like dining, spa or resort activities and room upgrades at check-in (when available).
Access to Amex Offers: Cardmembers have access to Amex Offers, which can provide savings or bonus points on qualifying purchases for targeted cardholders.
Travel protections: Cardmembers enjoy multiple travel protections, including baggage insurance,* trip delay insurance** and car rental insurance.***
Cellphone protection: Cardmembers can be reimbursed for the cost to repair or replace their stolen or damaged cellphone up to $800 per claim for up to two approved claims per year (with a $50 deductible for each claim).**
Extended warranty: Eligible warranties of five years or less can be extended by one year.*
Purchase protection: Eligible purchases are covered for up to 90 days from the covered purchase date if it is stolen or damaged (limited up to $1,000 per occurrence, up to $50,000 per account each calendar year).*

It’s difficult to quantify the specific value of these benefits, but the protections alone will provide you with invaluable peace of mind.

*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company.

**Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.

***Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc.

Bottom line

If you’re able to maximize its bonus categories and statement credits, the Amex Business Gold will provide value for your business that far exceeds its annual fee. However, if you aren’t able to utilize the statement credits or want additional travel-specific benefits, you’ll likely get better value from a different card.

For more details, please see our full review of the Amex Business Gold.

Official application link: American Express Business Gold Card with a welcome bonus of 70,000 bonus points after spending $10,000 on purchases within the first three months of card membership.

For rates and fees of the Amex Business Gold card, click here.

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