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The American Express Gold Card is one of the most recognizable cards globally, but how does it truly perform in Canada? Is it a status symbol, or does it offer substantial value to its users? In this comprehensive review, we’ll explore the card’s features, rewards, insurance coverage, and perks to determine if it’s worth the $250 annual fee.

Signup Bonus

The Amex Gold Card offers a straightforward signup bonus: 5,000 points per month if you spend over $1,000 each month in the first year. This could add up to 60,000 points annually. When transferred to Aeroplan points, this bonus can be valued at approximately $1,200. Considering the card’s $250 annual fee, this seems like a good deal, potentially yielding a $950 profit in the first year.

Rewards

The American Express Gold Card positions itself more as a rewards card than a travel card. However, the rewards structure is somewhat lacking. The card offers 2x multipliers for groceries, drugstores, and travel, which pales compared to other cards like the Kobo card, known for its 5x multipliers for groceries and restaurants.

While travel rewards are typically less robust, they are compensated by travel perks. Unfortunately, the Amex Gold Card’s rewards don’t impress, especially with a $250 annual fee. It struggles to compete with cards like the Kobo card, which are more rewarding for everyday spending categories.

Insurance Coverage

On paper, the card boasts eleven insurance coverages, which seems impressive. However, when compared with other cards, especially given its $250 fee, the coverage falls short. For instance, it lacks mobile insurance and offers limited travel insurance.

The emergency medical coverage is restricted to those under 65 and only for 15 days, which is disappointing for a card marketed as a travel card. Other categories like flight and baggage delays offer minimal coverage, making the insurance package underwhelming.

Perks

Amex is known for offering excellent perks, and the Gold Card aims to entice users with travel-related benefits. Despite the $250 annual fee, the perks are quite decent if you travel frequently.

The card includes a $100 annual travel credit, four free lounge accesses, a $50 Nexus rebate every four years, and hotel perks like potential room upgrades and credits at participating hotels. If you travel at least twice a year, these perks could enhance your travel experience significantly.