The American Express® Business Gold Card (review) has a $375 annual fee (Rates & Fees), and unlike most premium business cards, whether it pencils out doesn’t come down to a stack of coupon-book credits (though those can help with offsetting the annual fee). It comes down to whether your two top spending categories every billing cycle actually align with the six categories Amex will pay 4x on.
I picked the card up again last year, thanks to the current huge welcome offer, plus the fact that I was targeted with an offer with no lifetime language (meaning I was eligible for the welcome offer despite having had the card years back).
So I’ve been tracking which two categories I’m actually earning 4x points on each cycle, and how the overall math is working out. What follows isn’t a list of benefits (the full review covers those). Instead, it’s an update on how useful the 4x points have proven to me, whether the $150,000 annual cap matters, and whether the headline 6.8% return holds up once you factor in the categories that don’t fit your business.
Link: Learn more about the American Express® Business Gold Card
My running tally so far on the Amex Business Gold
Before getting into individual categories, here’s where I am on the math on the Amex Business Gold Card at the time of writing:
- So far I’ve paid a $375 annual fee (my next annual fee is due in a couple of months, if I choose to renew); I of course earned the huge welcome offer, which was a fantastic incentive to pick up the card
- I’ve used the flexible business credit for eight months so far, and with a value of $20 per month, that has gotten me around $160 in statement credits
- While the 4x points categories are generally great for a business card, I’m not sure their return has actually exceeded what I’d earn on another card
As of now, I think it’s unlikely that I’ll be renewing the card. While the credits have helped partly offset the annual fee, and while the card was worth getting for the welcome offer, I’m not sure the long term value is there, without getting more out of the 4x points categories. This card won’t be for everyone, and my situation is the perfect example of that.
The welcome offer is what makes the first year almost automatic
The Amex Business Gold Card consistently has a generous welcome offer, currently as high as 200,000 Membership Rewards points after spending $15,000 on eligible purchases within the first three months. I value Membership Rewards points at 1.7 cents each, so to me those 200,000 points are worth $3,400 (assuming you’re eligible for the offer).
This is an incredible welcome offer, and if you’re eligible and can reach the spending requirement, it’s 100% worth applying. Anecdotally, I find Amex business cards to be quite easy to get approved for, and there are several advantages when it comes to applying for the Amex Business Gold, even if you’re new to business cards.
In my case, I had received a targeted offer in my Amex account for the same offer but without the typical “once in a lifetime” language. So I couldn’t help but apply given the great welcome offer, and my card was instantly approved, which I was happy about.
Which two of the six 4x categories actually trigger for me
The single biggest reason to pick up the Amex Business Gold Card is the bonus structure. Each billing cycle, you earn 4x Membership Rewards points in the two categories where your business spends the most, out of a list of six eligible categories. You earn 4x points on the first $150,000 in combined purchases from these categories each calendar year, and then 1x points thereafter.
Categories eligible for 4x points include:
- Purchases at U.S. media providers for advertising in select media (online, TV, radio)
- U.S. purchases made from electronic goods retailers and software & cloud system providers
- U.S. purchases at restaurants, including takeout and delivery
- U.S. purchases at gas stations
- Transit purchases, including trains, taxicabs, rideshare services, ferries, tolls, parking, buses, and subways
- Monthly wireless telephone service charges made directly from a wireless telephone service provider in the U.S.
At my 1.7 cents per point valuation, that’s the equivalent of a 6.8% return on spending in those categories — which is great, if your business actually spends meaningfully in two of these six categories. That “if” is the whole ballgame with this card.
I have to be honest, this is where the card sort of falls apart for me, based on my own spending patterns — and this of course just means the card probably isn’t a great fit for me. I don’t actually spend a lot with media providers for advertising in select media, on electronic goods retailers, or on wireless telephone service charges (or at least I put those on another card).
So for the time that I’ve had this card, my top two 4x points categories have either been restaurants, gas stations, or transit purchases. None of those are particularly huge spending categories for me, and in particular, there are also other cards where I earn a comparable (or sometimes even better) return on spending.
As I view it, this card really shines if you spend a lot on advertising or on electronic goods retailers, since those are unique bonus categories on the card. But for others, it’s hard to make the math work.
Which merchants actually qualify (and which don’t)
The Amex Business Gold Card category names sound broad, but it’s always worth understanding what’s included with each. Here’s how the qualifying merchant lists work in practice:
To earn additional rewards in this category, the purchase must be made directly from U.S. electronic goods retailers or U.S. software and cloud system providers.
Electronic retailers are in the primary business of selling a range of electronic goods (e.g., Dell Technologies, Newegg*).
Software and cloud system providers are in the primary business of selling programs and data storage, whether downloaded or cloud-hosted (e.g., Adobe, Salesforce*).
- U.S. electronics goods, software, and cloud systems including electronic retailers that are in the primary business of selling a range of electronics, and software and cloud system providers are in the primary business of selling programs and data storage; this includes things like Apple, CDW, Dell, HP, IBM, Intuit, Lenovo, Microsoft, Newegg, Oracle, Rackspace, Sage Software, Salesforce.com, Symantec, and Tiger Direct
- U.S. advertising in select media includes purchases made directly from media providers in order to promote a business; this includes things like Google, Facebook, Yahoo, NBC National Broadcasting, and CBS Radio
- U.S. wireless service providers include monthly charges directly from a wireless telephone service provider; this includes things like AT&T, Sprint, T-Mobile, Verizon, and more, and it doesn’t include purchases for hardware, bundled services, VoIP services, and purchases from resellers or third party sellers
The gas station, restaurant, and transit categories are mostly self-explanatory. Just keep in mind that gas station and restaurant categories are limited to U.S. locations.
There are often questions about whether some other retailers qualify for 4x points in these categories. For example, does Best Buy qualify for 4x points as an electronic goods retailer, and does Amazon qualify for 4x points as a software company, in some situations? Based on what I’ve tested, Best Buy does typically qualify as an electronics good store, while Amazon services typically wouldn’t qualify for 4x points.
When the $150,000 cap actually matters
The Amex Business Gold Card limits you to earning 4x points on a total of $150,000 of spending every calendar year. That’s across all the bonus categories combined, and it doesn’t matter how it’s split up. Above the cap, you earn 1x points on those purchases for the rest of the calendar year.
For most small businesses, this cap is theoretical — you’d need to be spending an average of $12,500/month in the bonus categories to hit it. But for businesses doing heavy U.S. advertising or large software or cloud spending, it can come into play.
In terms of my own usage of the card, I’ve gotten nowhere close to reaching that limit. However, this is an important consideration for many. The card has some unique 4x points categories, so if you have a company that spends millions per year on software or advertising, that can quickly become a concern.
For everything else, the card is 1x, and that’s a problem worth solving
For categories in which you can’t earn 4x points, the Amex Business Gold Card offers 1x points per dollar spent (the only exception is earning 3x points on flights and pre-paid hotels through Amex Travel, which I’d once again consider to be niche). There are generally going to be better cards for everyday spending.
This is exactly why I pair the Amex Business Gold (or any other Amex business card) with The Blue Business® Plus Credit Card from American Express (review), which offers 2x Membership Rewards points on the first $50,000 spent every calendar year (1x after that), with no annual fee (Rates & Fees). The combination is one of my favorite duos:
- You can earn 4x points on the Amex Business Gold’s bonus categories
- You can earn 2x points on everything else via the Amex Blue Business Plus (up to the limit)
- Both cards earn Membership Rewards points, so they pool seamlessly
For example, I’ve used the Amex Business Gold to earn 4x points on dining and gas stations, while I’ve then used the Amex Blue Business Plus to earn 2x points for online purchases and tax payments that wouldn’t have otherwise triggered a bonus category on the Amex Business Gold.
The other no-foreign-transaction-fee note worth flagging: the Amex Business Gold Card has no foreign transaction fees (Rates & Fees), so it’s usable for international purchases — just remember that several of the 4x categories are restricted to U.S. purchases, so the bonus structure doesn’t follow you abroad.
The credits, ranked by how easy they actually are to use
On top of the rewards structure, the Amex Business Gold Card offers a few credits that, in theory, more than offset the annual fee. In practice, most cardmembers won’t capture full value. Here’s how each has worked for me, ranked from easiest to hardest to redeem.
1. The up to $240 flexible business credit (easy)
The Amex Business Gold Card offers up to $240 back annually for eligible purchases with FedEx, Grubhub, and office supply stores. This comes in the form of up to $20 per month in statement credits toward eligible purchases. Enrollment is required for this perk.
Personally I find this credit quite easy to use, especially since FedEx, Grubhub, and office supply stores are easy enough to frequent. $20 per month is a low enough bar that even a single Grubhub order or a Staples run usually clears it.
For example, I’ve used this credit for eight of the months with Grubhub (I accidentally missed a couple of months). While I have a preference for Uber Eats and DoorDash (just out of habit, more than anything else), I find it’s worth using this benefit, since $20 is pretty meaningful savings.
2. The $300 ChatGPT business credit (useful, with a catch)
The Amex Business Gold Card offers up to $300 per year in statement credits on purchases of ChatGPT Business made directly with OpenAI in the U.S. This seems like a perk that definitely matches the times, in terms of its value.
Now, does that get you a free ChatGPT membership? Well, not quite. The minimum cost of ChatGPT Business is $20 per user per month, with a minimum of two users required. So that means you’d pay a minimum of $40 per month for two users, or $480 per year. With the $300 credit, you’d be paying just $180, or $15 per month total for two people. That could definitely be a good value.
Also keep in mind there are sometimes further promotions with ChatGPT Business, which could get you an even better price, and those can potentially be stacked with this perk. This isn’t a benefit I’ve used yet, as it’s still quite new, but it’s one I will likely get around to using at some point.
3. The $12.95/month Walmart+ credit (easy if you use Walmart+)
For being a cardmember on the Amex Business Gold Card you can receive a $12.95 monthly credit toward a Walmart+ membership, which covers the entire cost of it. Walmart+ can save you money on shipping and delivery of Walmart purchases, as well as on prescriptions and gas. You need to enroll for the Walmart+ benefit.
I’m set up for my Walmart+ membership, and I receive a statement credit for this every month. That being said, would I actually otherwise pay for a Walmart+ membership? Probably not. However, I have used it — looking at my Walmart+ account, I’ve made four purchases through there since I got my membership. It’s a long story, but basically there’s one household product we use that I can only seem to find at Walmart, so that’s why we order it there.
So I’ll absolutely take the benefit, but I wouldn’t consider it to be worth face value.
4. The $150 Squarespace credit (niche, not for me)
The Amex Business Gold Card offers up to $150 per year in statement credits for U.S. purchases with Squarespace. Squarspace can help you build a website or online store, and it’s very popular. I can’t say I’ve used this benefit or value it much, but others will feel differently.
Amex Offers and Hotel Collection: nice to have, not why you get the card
There are two Amex Business Gold Card perks that are worth a brief mention, because they’re part of the card, but they’re not what makes the math work.
First, there’s Amex Offers. One of the great features of Amex cards is access to Amex Offers, which offers savings or bonus points on purchases with all kinds of retailers. The more Amex cards you have, the more offers you’ll have access to.
I use Amex Offers all the time to save on purchases with all kinds of retailers — in some cases you can receive a statement credit, while in other cases, you can receive bonus points.
Second, there’s The Hotel Collection. For staying two or more nights at select luxury hotels, you can receive extra benefits through The Hotel Collection. Benefits include a $100 hotel credit and a room upgrade if available. This is different than Amex Fine Hotels + Resorts®, which requires having a Platinum Card. To be honest, I typically use the FHR benefit more than than the other benefit, so I can’t say that I have much firsthand experience with that, or place much value on it specifically.
Showdown: Amex Business Gold vs. Chase Ink Business Preferred
One of the best business credit cards out there is the Ink Business Preferred® Credit Card (review). The card has a massive welcome bonus, a reasonable $95 annual fee, offers 3x points in useful categories, has a great cell phone protection plan and rental car coverage, and more.
The honest comparison: the Ink Preferred is a more well-rounded card with a more reasonable annual fee. If you could only get one, the Ink Preferred is the safer pick for most businesses.
For example, the Ink Business Preferred definitely sits higher in my wallet, and is a card I’ve had for years. With such a reasonable annual fee and such widely useful bonus categories (like just generally earning 3x points on travel), I consider the card to be a slam dunk.
That being said, there’s no reason not to take advantage of the great offer on the Amex Business Gold, and if you spend a lot in the 4x points categories, the card could also make a lot of sense in the long run.
Showdown: Amex Business Gold vs. Capital One Venture X Business
The Capital One Venture X Business (review) is the other card that’s quite a competitor, given how lucrative it is. It offers 2x miles per dollar spent with no foreign transaction fees, and while the card has a $395 annual fee, that’s easy to justify thanks to the $300 annual Capital One Travel credit, 10,000 anniversary bonus miles, and more.
Capital One miles can also be transferred to a variety of airline and hotel partners, and the card offers lounge access, including a Priority Pass™ Select membership, and access to Capital One Lounges and Capital One Landings.
The real comparison is rewards structure vs. lounge access. The Amex Business Gold gives you a higher ceiling on bonus category spending, while the Venture X Business gives you a flat 2x points plus genuine lounge benefits and a travel credit. Different cards for different priorities.
I also think it’s much easier to recoup the annual fee on the Capital One Venture X Business. As I see it, the $395 annual fee can more than be offset on an ongoing basis simply with the Capital One Travel credit, along with the 10,000 anniversary bonus miles. The flat 2x points is also much more well-rounded.
Is the Amex Business Gold Card worth it for me right now?
For the first year, having the Amex Business Gold Card was an obvious choice for me. The welcome offer alone justifies the first-year fee by a wide margin. However, on an ongoing basis I have a harder time justifying the card, and that ultimately comes down to not having sufficient spending in the 4x points categories to offset the fee and come out ahead.
In fairness, many people can probably make the math work on the credits alone, especially if you can maximize the flexible business credits, the ChatGPT credits, the Walmart+ credits, etc. But it takes quite some effort to justify the $375 fee.
Meanwhile I think the Amex Business Gold Card could make a lot of sense for the following people:
- If your business spends meaningfully in at least one or two of the six 4x points categories, every month, not just occasionally, getting you close to the $150,000 spending cap
- You can name at least one merchant on each of those categories that you actually use — not “I might run ads on Google someday”
- You’ll actually use $20 per month in FedEx, Grubhub, or office supply spending
- You can use some combination of the Walmart+, ChatGPT, and Squarespace credits, to help justify the annual fee
- You haven’t already had the card and used the welcome offer (assuming the lifetime rule applies to you)
If two or more of those don’t apply, I’d either take the welcome offer in year one and reassess at renewal, or look hard at Ink Business Preferred ($95 annual fee, more well-rounded) or Capital One Venture X Business (flat 2x points, plus lounge access) instead.
When this card is up for renewal, I’ll probably be canceling it, and focusing on the other business cards I have, since the 4x points categories just aren’t a good match for me.
Bottom line
The Amex Business Gold Card is among the best business cards for earning Membership Rewards points… but only if your spending genuinely concentrates in at least one or two of the six bonus categories. The 6.8% return headline number is real for that specific scenario, and the up to $240 flexible credit plus the credits with ChatGPT, Squarespace, and Walmart+, can help close the gap on the $375 annual fee for cardmembers who can use them.
What’s done the heaviest lifting in my own usage so far this cycle, in order: the welcome offer, the flexible business credit, and then lastly the 4x points categories (which I’ve used, but not to a volume where it justifies the annual fee).
For readers whose business spending doesn’t cleanly match the 4x list, the Ink Business Preferred Card and Capital One Venture X Business remain the two most lucrative business cards in general — and pairing the Amex Business Gold with Amex Blue Business Plus is what makes the rewards structure work best for everything that falls outside the bonus categories.
What’s your take on the value proposition of the Amex Business Gold Card? Which two of the 4x categories trigger for your business most often, and have you found any merchants that surprised you with how they coded?
The following links will direct you to the rates and fees for mentioned American Express Cards. These include: American Express® Business Gold Card (Rates & Fees), and The Blue Business® Plus Credit Card from American Express (Rates & Fees).
