I finally canceled my Amex Gold Card

Guys if you haven't noticed - i have begun to inject small bits of humor into these videos. Please dont be offended because some of my generalizations aren't meant to be taken serious. I have however canceled my Amex Gold Card and in this video, I explain why!
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[@Nick-1828]

The shake up the credit card world needed! 🙌🏿

[@LukesPointsandMiles]

End of an era

[@joemarino1582]

I agree 100%. I canceled my Amex Gold 5 years ago because of the fees. The only cards I use now are, VentureX, SavorOne, Citi Custom cash and Navy Federal More Rewards Amex. The rest are all sock drawer cards. I live in South Florida, so paradise is in my back yard. I don’t travel that much anymore so no need for those annual fees.👍

[@LukesPointsandMiles]

Ha! I have and use all of those same cards.

[@joemarino1582]

Great minds think alike. 👍👍👍

[@TheCreditFrog]

Uncle Luke telling the kids to stop playing with the Gold card and to get off his lawn 😅. I’m sitting in the rocking chair right next to you buddy!

[@LukesPointsandMiles]

Haha! Stan these kids have never even pushed a grocery cart 🛒!!! You now this! Ma! Meatloaf!!!

[@chachisticks]

Please continue making content like this. Your honesty is refreshing and extremely helpful.

[@LukesPointsandMiles]

I’ll be talking about the fate of my platinum card tomorrow!!

[@newagain9964]

@@LukesPointsandMilesunlike with the gold or any other Amex card, even if u cancel the plat, you’ll definitely be back for the plat!🥴

[@curmudgeonextraordinaire1884]

I never get emotional over a credit card. It’s just a tool in my eyes.

[@LukesPointsandMiles]

💯. But we have grown men saying they are on some “team”

[@curmudgeonextraordinaire1884]

@@LukesPointsandMiles I think it’s ok to say you are team travel or team cash back.

[@LukesPointsandMiles]

@@curmudgeonextraordinaire1884 sure it’s ok but being on team chase or team gold card adds just a bit of emotion.

[@curmudgeonextraordinaire1884]

@@LukesPointsandMiles without a doubt

[@scottivlow9962]

@@curmudgeonextraordinaire1884 There is an emotional attachment and it's real. It begins with a mindset that it really is an honor and a privilege to be approved for them. When we all apply for a travel card no one goes into the application process thinking that we are self worthy in credit card journey to have these types of travel cards. The card issuers can really make them far more restrictive if they want to. I have the Sapphire Preferred Card. It's the card that has the highest limit of all my cash back cards. This is a thing with travel cards over cash back cards. You get credit limits with a minimum of $5000. This is good like Luke was saying. We become Visa Signature, Master Card World Elite members and Amex what ever they call it. It's a tremendous honor to have this status with a travel card. It took me 2 years to have Visa Signature status. Chase could have denied me this card from not having 3 years of credit history. It means the world to me that I have this very card in my wallet. I got this card solely because of the Chase Primary Collision Damage Waiver for rental cars. This card is saving me money from not having to purchase it from Allianz. I don't care about airline partners or lounge access. I do like having 3 points on dining. That's all I do anyway.

[@LK_EBM]

All the credits are tiring to use. I don't need Amex assigning me homework every month.

[@LukesPointsandMiles]

🤣

[@jsbatra]

@@LukesPointsandMiles that is the truth. the current card benefits work ok for me, but I am fully expecting them to f it up sometime later this year

[@SpartanOfFinance]

I still believe Luke cancelling the Gold is one of the 7 signs of the Apocalypse....

[@matthewhamblin9585]

Another would be John Liang canceling his Venture X

[@LukesPointsandMiles]

Ha! It is the end of a great era!

[@LukesPointsandMiles]

Ha! I love the VX as well!!

[@faithful360]

I *checks notes* concur, this is definitely one of the 7 signs, if sebby says drop the ritz or plat it's time to join hands in prayer

[@LukesPointsandMiles]

@@faithful360 ha!!!🤣

[@funny2thag]

I always appreciate your rationale and logic on keep or cancelling cards. Your Uber Eats Chipotle example is what many other KZbinrs use to justify the credits. For my use Chipotle app and Uber Eats was exactly the same for pickup but prices vary from each location. Regardless it’s worth paying attention to up charges as restaurant prices are already much more expensive these days.

[@LukesPointsandMiles]

Over eats is the most frustrating merchant I’ve ever used

[@SledgeIncTeam]

I just said in my Live that I keep hearing everyone say their cancelling the Gold card but never see them making videos doing it. hahahaha. I got rid of my Gold card in December. I already had the SavorOne

[@LukesPointsandMiles]

I just did it this morning. Even though I had the video already done. Ha!

[@KevinGonzalez-vz7rz]

Much Respect Luke. Still kept My AMEX Platinum but I am contemplating canceling both My AMEX Gold and Green Cards when they soon come up for renewal. Great content and much appreciated!!

[@LukesPointsandMiles]

I’ll be talking about the fate of my platinum tomororw

[@dmgphotographyfilms6454]

i'm glad you made it clear these reasons apply Personally to you instead of speaking on behalf of others. you are clearly speaking about people in a similar situation as yourself.. thanks for sharing your situation

[@LukesPointsandMiles]

My pleasure.

[@jaredholbrook3144]

Great vid! Excellent logic on why actual spend on this for most of us will not be (and shouldn't be!) as high as often spoken about or thought to be.

[@LukesPointsandMiles]

No one seems to mention that when bonus hunting that gold is in the drawer

[@mari-cruz25]

Uncle Luke, loving your analysis on this card. It works for some but not for most. Good looking out and keep up the great work!

[@LukesPointsandMiles]

Thanks for watching, Mari!!!

[@WealthOfOpportunity]

The type of Credit Card content we love to see

[@LukesPointsandMiles]

Thanks for watching!!

[@carol-wg3zr]

I'm going to rethink my GOLD card!! Thank you as always!!!!😊

[@LukesPointsandMiles]

My Pleasure!

[@chrisoverbey5937]

This is why I watch Luke (and a few others). The math/engineering approach and actual use experience really helps me refine my thinking.

[@LukesPointsandMiles]

Thank you for the kind words. Although the math on this one wasn’t exactly, well, exact. It was specific to me and the numbers + behaviors just didn’t work out

[@thedufloth]

I completely understand your point Luke and do share the same experience. I did cancel my Gold Card last month exactly because the “credits” don’t make sense anymore because you are not getting value/money back. It still does have great multipliers but overall when considering the 4x and the $250 AF it didn’t make sense for me anymore.

[@LukesPointsandMiles]

Understood. I still think it’s a great card especially convenient for almost all food!!

[@adewaleoluyinka5519]

I've been thinking about cancelling mine. Thanks for this video, I now have additional variables to consider.

[@LukesPointsandMiles]

My pleasure

[@nicky_rads]

Keeping it real man, appreciate the insight and analysis ! Totally get the credits forcing you to change your habits and diminish purchasing power. Maybe AMEX can redo those down the line

[@LukesPointsandMiles]

I really appreciate the 4x / 4x but that just not worth it anymore.

[@Thecreditcardconnection]

Uncle Luke! Great move!! You already know I cut up the Gold in February for the same reason. I wasn’t getting the supermarket spend in enough to justify the $250 annual fee. The Green is just as good and even better at travel! Thanks as always !

[@LukesPointsandMiles]

Yes sir, Joe. I’m following in your footsteps!!!

[@Thecreditcardconnection]

@@LukesPointsandMiles lmao! You pointed out all of the reasons why people should wait before running to get it! It has to be said! Thank you

[@JonsCreditAndTravel]

Great video Uncle Luke!! As much of an Amex fan as I am, I like your explanation as to why you canceled it and why it doesnt work for you and your family. The real world data your provide is legitimate. Good stuff as always Uncle Luke. With that being said, Im keeping my Gold card 😁

[@LukesPointsandMiles]

Well said! The gold will always be a great earner, no debating that!!!!

[@RickBeckOhio]

I too agree. I accepted an upgrade offer to Platinum thinking I would reapply for Gold or downgrade back to it. Now I don’t miss chasing the credits and split my groceries between Blue Cash Preferred, Custom Cash, and Surpass depending on the situation. Thanks for your hard work.

[@LukesPointsandMiles]

Ah that’s makes a lot of sense as those are all great grocery cards 💳

[@johmdamico9506]

Great video! Very well put.

[@LukesPointsandMiles]

Thanks for watching!!

[@beaunoonan510]

Appreciate and respect the perspective, Luke. I’ll be close to the 25k cap, and that’s with also maxing out the Chase FF q1 groceries. Do you put food spend on new cards? I don’t, I shift lower earn spending to the new cards and still use the Gold throughout the year. Either way - great stuff and I always enjoy your take. Some of us get caught up in the high annual fee cards without good reason. Good self reflection

[@LukesPointsandMiles]

I always try not to use new cards for food - but for me it's the quickest and easier way to hit a sub. and my normal strategy is to hit the sub as fast as possible.

[@DugrozReports]

Your reasons for cancellation, pretty much mirror mine. Excellent points!

[@LukesPointsandMiles]

Thanks Doug!

[@TheAudioCzar]

I use the 3x on flights on my gold card for Southwest flights

[@LukesPointsandMiles]

Nice!!

[@johnfernando5429]

Im renewing my gold card one more year but definitely will cancel next year. Thanks for sharing your insight

[@LukesPointsandMiles]

Thanks for watching!!

[@wanderingdoc5075]

Great move Luke. Just cancelled my Brilliant and CS Plat in the last couple of weeks, feels great!

[@LukesPointsandMiles]

I’ll be talking about my platinum card tomorrow!!

[@StevenSmith-oy8iy]

Just subscribed, love your content.

[@LukesPointsandMiles]

i appreciate the sub and the kind words!

[@IkeVoorhies]

I believe the Amex Green Card is an excellent alternative, but for the dining side though…

[@LukesPointsandMiles]

Green is big league, for sure.

[@tlewis4522]

I agree 100%. I have been thanos to a lot of my cards last year and this year. I’m going down to a two card setup.

[@LukesPointsandMiles]

Oh wow. Which two cards???

[@JeffNewton]

Great video man. Very well thought out on your decision. I see where you’re coming from and I will probably reach the same place eventually. We are a family of four, with two kids - so we spend a considerable amount on groceries per month. I also hold the Savor One - which could easily replace this card with a no annual fee. I still get enough value from this to hold it for a bit, but I do see an annual fee increase coming in the near future so decisions will have to be made sooner than later.

[@LukesPointsandMiles]

Amex has already stated more increases are coming. I just don’t want to pay a fee to earn. The gold doesn’t give me any real benefit.

[@MontyTheCardNerd]

Monumental and very understandable, if I could get approved for the Savor One I'd consider doing away with the Amex Gold too. Also I was just in Athens and maybe 1 out of 10 places there accept Amex. It just doesn't get used as often as you might expect, like you said. Though for me, since I can always organically use 100% of the monthly credits, I'll be keeping my Amex Gold. Awesome video Luke!

[@LukesPointsandMiles]

Using them and getting real value from them is different. But the card is a great earner. Thanks for watching!!

[@docsays]

definitely some good points. i just checked the last 6 statements on my gold card and i average $1100 per mth & im only year 1, so im definitely going to keep it for now. If they increase the AF too high then i'll reconsider, but until then it will stay in doc's wallet.

[@LukesPointsandMiles]

Conventional wisdom states the fee hike is on its way.

[@CitizenZero1]

Smh. The chipotle burrito is EXACTLY what I do! I’m definitely cancelling because we rarely eat out and get our groceries at places like Walmart and Costco, which don’t qualify. I tried to cancel last year, but they gave me a retention bonus.

[@LukesPointsandMiles]

Nothing wrong with accepting an offer, they offer some really good ones!

[@ryanmartin7033]

How much did they offer for retention?

[@LukesPointsandMiles]

@@ryanmartin7033 they offered me the ability to pay the AF with 25k Mr points.

[@CitizenZero1]

@@ryanmartin703350K

[@MattMcGrathOfficial]

We will most likely be doing the same thing with my wife’s Amex Gold this summer when the annual fee hits. I agree that the Uber Eats & Grubhub credits are forced each month for foods I shouldn’t be having in the first place. Additionally I am getting 5X back on my Chase Freedom Unlimited until I reach 12K or until October on Gas & Groceries. Plus my Custom Cash is being utilized for 5X on Dining. Like you said in your video the Amex Gold gets left out for its two 4x categories. Awesome video as usual Luke.

[@LukesPointsandMiles]

Thanks for watching, Matt!!

[@chickenfactory1010]

The Gold is constantly talked about and I never thought it was good for me. That's why I'm sticking with Green for now. I may move away from Amex in the future and go with the Autograph as my primary. Great video!

[@LukesPointsandMiles]

Thanks for watching. Amex is slowly changing and they’re moving further away from a lot of customers.

[@TheAndyzilla]

The fact that the x4 on groceries doesnt apply to places like walmart or target that means you have to even go spend or more costly supermarkets like wholefoods or publix so even then you still have to pay more for the elevated %

[@LukesPointsandMiles]

That can be true to some. For a weird reason, where i live walmart codes as groceries with most other isssuers. just not amex

[@TheAndyzilla]

@@LukesPointsandMiles yeah from what ive seen c1 doesnt give walmart/target the x3 also on supermarket

[@LukesPointsandMiles]

@@TheAndyzilla It does for me, at least at my location. AAA visa also does.

[@siumaka]

AAA Daily Advantage 5% cash back codes WM as groceries if you’re in store, but not online. That’s been my experience at least. It doesn’t work for Target

[@LukesPointsandMiles]

@@siumaka me too

[@aaront936]

Most of my gas and grocery spend has gone to sams club the last few years.

[@LukesPointsandMiles]

Sam's is very popular!!!

[@daniellee6398]

Sam’s is great as a gas credit card…5X at any gas station, even in Canada.

[@jonathanscott5252]

It’s all about where you live and your spending habits. I live in NYC. Rarely spend at supermarkets (maybe $150 a month)… but easily spend $15K or more per year at restaurants. I use Uber four or five times a week and use the dining credit at Shake Shack. Definitely get my value on the Gold. Had been holding out on getting Platinum, but they offered me 150K SUB and I had a $9K spend item coming up, so I jumped on it. I might have more trouble justifying that annual fee in the future (even with the city living).

[@LukesPointsandMiles]

The gold card is so great for some folks but for most of us, using it to overpay for food delivery services wont make sense. NYC though? I’m sure the gold and green work well.

[@ItsJustMeStevie]

Thanks for the video. Never really paid attention to the card but this made me realize this card is ideal. I use Uber and Uber eats a lot especially because I work remotely. I also like to eat out on weekends. Online grocery orders are ideal too and don’t get me started on how much I use Uber and Lyft since I don’t drive and refuse to. I live in the city and feel this card is ideal for those who do. This card and the WF Autograph is good enough for me.

[@LukesPointsandMiles]

Nice!

[@TheMajesticFreak]

I'm thinking of cancelling my Gold card as well. I'll probably go back to AMEX BCP. Thanks for the insight!

[@LukesPointsandMiles]

Thanks for watching!

[@Mr01dschool]

Amex BCP is a good card. especially if you subscribe to a Disney+ bundle and other streaming services. 3% back on tolls and fuel is nice too.

[@ItsMeCJ]

PLOT TWIST: Luke cancelled his classic gold card to join team rose gold 👀. You are spot on about the Grubhub and Uber Eats credit for pickup. For me, it isn’t too bad because I pick up ONE meal which is just one menu item. By the time you’re done ordering food for the family, you’ve used up all of your “credit” on the inflated price. Not worth it at all. Yup CFF was in use during the grocery category for me and now I’m getting 7x back on dining this quarter…so the Gold card is getting ignored in my wallet 😂. No worries about the referrals. It’s very hard to get any referrals when the best welcome offer typically comes from Amex directly 😅. Dang, Amex losing to all of the big players 😲😲😲…..I barely earned MR points last yr. I opened like 4 new cards 😅.

[@LukesPointsandMiles]

I have another Amex plot twist later next week!!

[@ItsMeCJ]

@@LukesPointsandMiles I’ll be on the lookout for it brother 🙌🏾

[@newagain9964]

Amex losing because lifetime language (should be 36 mos) AND family ladder rules! Also unpredictably/missing out on bigger sub gives toxic feeling.

[@seanhughes2026]

Uncle Luke, you have inspired me to take a 120,000 point upgrade to the platinum (in pop up jail so it was a deal) I also got to use the new Centurion lounge in ATL on my way back from Cancún. I’m replacing the gold card with the CSP, because I can get the 3x on groceries using Kroger pay at checkout. I think the CSP is the best replacement for the gold, it just requires a little more work in the grocery category.

[@LukesPointsandMiles]

Nice work. I could never get my wife to use the Kroger pay with the CSP. Oh well. We choose our battles.

[@GrantPalagonia]

I agree 100% with this video. I just canceled mine for the same reason.

[@LukesPointsandMiles]

Nice work!

[@madbreakers5853]

Should have referred someone and got the bonus 14x on dining for 3 months!

[@GrantPalagonia]

@@madbreakers5853 got plenty of other cards to do that with and plenty of SUBs to chase.

[@nubianpwr]

I hear you Luke... for me, ANA saved my Gold card at renewal last mth. No other Issuer has them as a travel partner. I get a minimum of 4-5x on Int'l 1st/Bus class flights thru this transfer partner alone, so I bit the $250 bullet - knowing what you said here is truth. Also, I sense a refresh and fee hike on the card this yr, and would like to experiment for the same price. Great points however👍🏾

[@LukesPointsandMiles]

ANA could be a game changer so I understand that. I’ll be honest, I expect a refresh with a higher AF but I think most folks will be happy with it. If they already like food credits then they can just raise them

[@thejokerspeaks]

I no longer value the credits either, and they become more tedious with inflation. No doubt, still a great earner. Moving forward, I won't get more than 4.8% back without a Delta or Hilton boost. I am earning an easy 6%-9% back with Bilt and Surpass, free hotel night included, without the monthly hassle.

[@jordan23ww]

Great video! You raise some great points! I have been contemplating lately whether or not to keep this card. It’s my favorite card but I do recognize how it causes me to over spend each time I use the Uber Eats credit. Also I use the monthly $10 credit at Cheesecake Factory each month, which is on the other side of town so it’s costing me extra money in gas and time. Not to mention the slice of cheesecake I get each month isn’t necessarily benefiting my health and wellness goals!👀😄😂 If I end up canceling it, I still have the Citi Custom Cash, Discover It and OG Chase Freedom to earn 5% on restaurant spend. I also have the Navy Federal More Rewards and Wells Fargo Autograph cards to still earn 3% back on, and none of these come with an annual fee! I have never used the Amex Gold on groceries, I just use it for dining out. I had the Amex Blue Cash Preferred first and have always kept using it for 6% back on groceries! You’ve given me a lot to consider.

[@LukesPointsandMiles]

Yeah you may not be getting too far ahead won’t he gold.

[@rene.s.s]

I agree with most of your points especially for the vast majority of people. I’m not sure why the Gold isn’t also your food card. I use every single penny of the credit to get my wife her Sushi and Thai food fix, and a 15% premium is acceptable. I personally can’t be assed to manage rotating categories but maybe I should look into it. I tend to average $10,000 on both food categories annually on my Gold card. I almost never put other spend on the card. I have considered using my Morgan Stanley Blue Cash Preferred, which I only opened for $350 back on a large purchase but I feel the $95 annual fee is barely subsidized versus the Gold. If I did that then the Gold would also be easier to replace with another restaurant card.

[@LukesPointsandMiles]

definitely makes sense. I used the gold for all my food unless there was a better opportunity. It really just stopped making sense for me

[@vijayanbalasubramanian8837]

Very good eye opening video. One reason I prefer to watch your video is because it is authentic and relatable. I totally agree with you. I opened this card just for 90k points. Surprisingly I saved 120$ in Amex offers this year. I am not great at asking people to take my referral. Since it is charge card it doesn’t increase my credit utilization too. I will be closely watching for a year and will take a call. When I went to UK last month, I didn’t had a problem with Amex except at 1 small restaurant. You also mentioned that you don’t use to book airline tickets. May I know what is your CC if you are not using points to book your airline tickets?

[@LukesPointsandMiles]

I normally book flights with the Amex platinum or a chase Ink preferred.

[@edmondsmith6008]

I will probably go back to the green. I upgraded to the Gold. I mostly spend on restaurants anyway. The annual fee is in the positive too versus -$10 with the Gold card. Managing the credits on the gold card is frustrating too.

[@LukesPointsandMiles]

Sounds like a plan

[@chickenfactory1010]

I like your analysis. In my opinion, the Gold is worth it with a corp discount ($100 off AF) or if in the military (AF waived)

[@LukesPointsandMiles]

Oh heck yeah! Haha.

[@basaindon]

Thank you for this. Your math is my same reason for not picking it up (yet). I do use Uber Eats, knowing it is more expensive, so I would use that credit. But the other $120 dining credit is pretty much useless for me. And right now, the Savor One has 10% on UE. I don't have to use it, but when I want delivery, I can get a little back while appreciating the convenience. That being said, there will be a time when I need points for a big trip, so I want to save the Amex bonuses as a "break glass in case of emergency" situation. They're suite of cards aren't the best fit for my ongoing spend. Weirdly, the Green is the one I could see keeping, but it is redundant with what I have.

[@LukesPointsandMiles]

I hate the thought of saving points! I never accumulate too many at once. But I do like the green card but I don’t have a use for it right now!

[@Lancun]

I'm one of those rare cases that really wants and values the Platinum but am not enthusiastic at all about the Gold. I'll still get the gold first because I'd be leaving a lot of easy MR points on the table for a card I can get a bit of value out of in the first year or two, but after that, I'll probably just get the Platinum and call it a day with Amex's charge cards. I hear you on wanting to lower annual fees, but I'm probably going to increase mine quite substantially in the coming year. Why? I want to upgrade my Surpass to a second Aspire. It's insane value for me and I have no qualms about spending more for a card that I'd use all the benefits of.

[@LukesPointsandMiles]

The Aspire is truly a unicorn in the credit card space!

[@Lancun]

@LukesPointsandMiles Truly. I get positive value out of the card...even before I use the Free Night cert. With it, it's just nuts.

[@daniellee6398]

Another great video Luke! I reached the same conclusion as you. I’m going to cancel my gold card when it expires. I use the $10 dining credit at my local Shake Shack and I use the $10 Uber credit when I ride to the airport every month for work, so I do offer the annual fee without overspending. However, it’s a pain to keep track of monthly. We also use the AAA card for our family groceries, but we buy a lot of groceries from Costco. Any strategies to get more than 2X at Costco?

[@LukesPointsandMiles]

I’ve Never really thought about it since I’ve been in a Costco. Do they take prepaid visa debit cards?💳

[@BonVoyageMiles]

BOA customized cash card could be a potential option. Set your card to Online shopping then buy Costco gift cards at 3% cash back. And if you BOA preferred rewards, the multiplier can be additional 25%, 50% or 75% depending on how much money you have with BOA

[@CRFF17]

Keeping my Gold Card. Credits are easily used living in the NY metropolitan area. Usually deals on Uber Eats; like buy one get one free. Several months out of the year taking an Uber anyway. Also, JFK airport is a big Delta hub. Don't blame others for cancelling who live in other areas though.

[@LukesPointsandMiles]

If I used uber then it could make sense but I’m in the burbs.

[@thecleaningteacher638]

I always think I need the Gold card, but I have honestly found more use with the Green card. Also, thanks to you, I signed up for Redstone yesterday. ✅

[@LukesPointsandMiles]

Oh nice. Congrats on the cashback king!!

[@thecleaningteacher638]

I can’t get over that Redstone lets you earn at Wal-Mart and discount clubs. 🎉

[@LukesPointsandMiles]

@@thecleaningteacher638 pretty crazy card. I wonder if with all the new applicants, it’ll get nerfed?

[@alexchen7729]

Always good to renew your cards and annual fees. But for your calculation, it’s not just how many cards you open up in a year (and have to work on SUB); it’s how much spending you have. I’ll open up a new card about monthly but still always use the Gold for groceries (not dining since I have the Prestige), since I can still hit the SUB with other spending. Also P2 gets confused swapping cards in and out her purse, so I keep it simple for her and have her always use the Gold for her dining and groceries.

[@LukesPointsandMiles]

Makes sense!

[@mostlyfreetravel]

Makes perfect sense Luke! Many of those reasons are why I’ve never gotten the gold card although at some point I’ll get it for the bonus. The Everday preferred might make sense for lower spenders instead if they swipe it 30 times a month to earn the extra 50% points so 4.5x groceries, 3x gas, 1.5x all other.

[@LukesPointsandMiles]

I agree! The credits are bunk for me.

[@mostlyfreetravel]

@@LukesPointsandMilesI ordered a $15 burrito recently & the Mexican coke was $4.20. 🙄

[@LukesPointsandMiles]

@@mostlyfreetravel I got tired of ordering $24 breakfast burritos when I forgot my lunch at work

[@mostlyfreetravel]

@@LukesPointsandMiles I just need to stay away from chipotle. It gets addicting.

[@jgmedium]

Yes I am product changing my gold card to the green. Who am I kidding? I’m spending a lot more with the gold and those tedious monthly statement credits do not justify the math! I had it more because the card looks nice. 😂Thanks for your video!

[@LukesPointsandMiles]

Hey! The card looks awesome! Can’t deny that.

[@c50grand2]

I recently downgraded my AmEx Gold Card to AmEx Green because I achieved the 90k MR points SUB, and because the Gold just doesn't work for me, and I want to reduce or get rid of the card I have that have an Annual Renewal fee. I'm getting more usage out of the AmEx Green then I was with the Gold.

[@LukesPointsandMiles]

I can understand that

[@seand99x]

I came to the same conclusions Luke so I ditched mine back in February. Good video if the math isn’t math it’s got to go.

[@LukesPointsandMiles]

Yes sir, thank you!!

[@mauricio231]

I canceled my platinum yesterday, declined the 35k retention offer because I was tired of the credits and prefer to use my CSR for travel, was offered a downgrade path but decided against the Gold because I thought about how I use the flex for groceries and dining for some quarters.

[@LukesPointsandMiles]

Amex cards are definitely trending down for me personally

[@MichaelPithium89]

Bold move my friend, bold move lol I live ion Dallas so I use all the credits and its a food Mecca but ill admit if you can't utilize the credits your math is spot on

[@LukesPointsandMiles]

Love Dallas!!! Hopefully the Mavericks can move a further into the playoffs this year

[@Bifyo]

Great video!

[@LukesPointsandMiles]

Thanks!

[@PhilMo78]

I am struggling with this very decision!! I just dont use it enough. Maybe I just needed you to do it 1st!

[@LukesPointsandMiles]

Ha! It felt liberating to get rid of that big fee. my new motto is fees are for benefits and credits, not for earning.

[@JacobsPointsAndProfit]

Luke going after the young people! If I thought the Gold card was good for me I’d feel attacked lol. I’m spending too much on new welcome offers that I’d only put a small amount of spend on this card and the $250 annual fee wouldn’t make sense

[@LukesPointsandMiles]

I’ve actually noted to myself that I need more positivity in my videos! I’m going to make an effort to stop the attacks

[@cjcab3158]

I was dead set on canceling but I got a retention offer again. Next year for sure in not eligible for an offer so I will finally be canceling it. After 5 years heavily invested in the Amex ecosystem in shifting back to my Chade set up.

[@LukesPointsandMiles]

I’m very similar. No retention offer this year

[@jimmyjames6492]

Bye bye AMEX Gold 🥳🥳🥳 Thanks for the info + video!

[@LukesPointsandMiles]

Thanks for watching Jimmy!!

[@scottivlow9962]

Watching this video makes sense. You still have the Platinum card. The Amex trifecta setup is the most expensive. For the total cost of all the annual fees you can spend that same money on a nice ocean cruise easily even if it's just 3 days with inside cabins.

[@LukesPointsandMiles]

Great point

[@arteephact]

Don't forget to add the Rewards+ to your Citi lineup. .67% less points on Food transactions on the Premier for a 62% fee discount. We like it when the Math Maths!

[@LukesPointsandMiles]

Rewards+ is too tough for me to get approved for I think and it just doesn’t move the needle enough for a new account.

[@scottshapiro2795]

Thank you for this video. I always hear "$10 effective annual fee." But they never take into account Uber eats is more expensive than just ordering from the restaurant directly even if you pickup. In addition, I don't think you can value credits at the full value if you don't use them organically. Like you, I live in survirbia, and maybe take an Uber 3-4 times a year? Sure, I could use it more, but then again, I'd be spending money I normally wouldn't. So how much are those credits really worth?

[@LukesPointsandMiles]

I despise those credits. Ha!

[@kylescouten8515]

I don’t spend enough on the gold card to make the annual fee worth it. I don’t use Uber and I mostly grocery shop at Walmart. I got it for the welcome bonus, and I’m cancelling after the first year.

[@LukesPointsandMiles]

Makes sense

[@VincentPascual]

After doing some quick math for how I’d use the Gold’s dining/Uber credits if I had the card, I figured that outside of the bonus, the Gold probably wouldn’t serve me well as a long term card. The Business Gold, on the other hand, can be a great workhorse in the first year at the old annual fee and can still get 4x on restaurants (and many other useful categories, but only the top 2 get 4x), but you just don’t get groceries. The flexible business credit is among the (relatively) nicer and easier to use credits.

[@LukesPointsandMiles]

I like this version of the biz gold more than the old one with no credits

[@Rolo555]

I plan on canceling the Amex Gold in June once the fee hits. There are other cards which can give tons of value for Supermarkets and Restaurants. Plus inflation has decreased the value of the card. Sure back in 2021, I could get a Burger Meal at Cheesecake Factory for $12, which i will pay 2 bucks out of pocket. Now in 2024, same burger meal is like $17.

[@LukesPointsandMiles]

Those credits are a farce

[@daniellee6398]

I get a Double shack burger for about $10 a month at Shake Shack.

[@LukesPointsandMiles]

@@daniellee6398 I love shake shack!!

[@paulstein916]

I earned zero MR points on the Gold card last year.because I don’t have one and with the new card family rules, not likely to happen anytime soon. As you pointed out, there are several other great alternatives available. I think there must be more shoes to drop from Uncle Luke because the Gold card is the big MR point generator. Platinum doesn’t do it at 1x for most spend. And no referral bonuses any more.

[@LukesPointsandMiles]

I have a platinum card video coming out Monday!!

[@mlj_the_shield]

Sorry for all the questions Luke, but help me understand something. The AAA Daily Advantage has a 10k/$500 max cap per year. You said your grocery spend was $1500 per month, yet you said you will only use this card for about 3 months. Why not use it for 6? Or, do as my wife and I have done - each gotten one of these cards and one for the other person as the AU. So we have 20k @ 5% for groceries (family of 4 plus dogs/cats) that adds up quickly with teenagers. I'm not in love with the Comenity web interface, but boy those rewards stack up. Also the card we've been wearing out for 4+ years is the Capital One / Walmart 5% grocery card. It's unlimited too for 5% for Walmart online or pickup. Pairs great with Walmart+. Also don't forget the AAA does 3% at Costco! And it's a VISA! :)

[@LukesPointsandMiles]

I don’t focus on cash back. Most of my spend will earn travel points.

[@AFC_27]

Feels nice right? I cancelled the Vanilla plat + Gold card last month and I feel great! Yea I'll miss those monthly uber credits, but I won't miss those big AFs. Aside from the SUBS + maybe 7,000 ish MR points I didn't really use those cards. Just the credits they give (Digital, Airline, Etc).

[@LukesPointsandMiles]

I’ll be talking about the platinum on Monday

[@mikeybee98]

You're totally right. Imo the only people that can justify the EAF, are people that value not having to go out to pickup their own food. I know there's a lot of judgements out there like "just cook your own food! Its healthier" or "just walk to the restaurant, get some exercise!" but the reality is, a few people myself included dislike or get anxious sitting in crowded restaurants or bumping into people waiting in line at the grocery store. Being able to get all food and groceries without having to interact with anyone is a genuine convenience for a select few. It is more expensive, but that's the premium for the service just like any other luxury we all pay for sometimes. That being said, I definitely don't order delivery everyday, but I will order food delivery without thinking about it, greater than 2x a month. So is a keeper card for me even if its not used year round. But I agree that it may not be as good for more people than we might think.

[@LukesPointsandMiles]

I agree 100%

[@firefist330]

I’ve been on the fence about canceling my gold card for a little while now. I love it as my restaurant card, and it’s my backup grocery card once I max my Blue Cash Preferred for the year, but that all together that’s $350 in fees 😢

[@LukesPointsandMiles]

Too rich for my blood. 🩸

[@Dial_J_for_Josh]

Hi Luke, been watching your videos for a while now, but this is my first time commenting. I'm glad that you decided to make the hard decision to close the gold account and not stick it out due to attachment. I have a quick question regarding closing accounts. I just realized that for years I had the c1 quicksilver one with an annual fee and not the regular quicksilver (no annual fee). I called c1 to product change to the none annual fee quicksilver but they told me I can't do that. I dont want to product change to the savor one yet because I want to apply for that one separately in order to get the sign up bonus. I'm afraid to cancel the quicksilver one because it may hurt my credit score and remove an old account off my credit history. So do you recommend applying for the savor one then product changing the quicksilver one into another savor one and just hold onto two savor cards? I sincerely apologize for the long wall of text, phenomenal videos btw.

[@LukesPointsandMiles]

I don’t think it will affect your average age of credit for now. Closed account will still stay on your report for years. The quicksilver might be product changed to a venture card. That would pair well with the savor one

[@Dial_J_for_Josh]

​@@LukesPointsandMiles ah! Thanks a lot really appreciate it, also keep up the great work.

[@chasegod7561]

Couldnt be me. Use regular uber, use a restaurant partner not delivery/pickup, renew using travel partner and the card beyond pays for itself

[@LukesPointsandMiles]

Nice work

[@somedudeonyoutoob]

yeah im getting ready to cancel mine too. the annual fee just hit my account. but i already used an amex offer that gave me back 120 from a hotel purchase. maybe when i call to cancel they will offer me a retention offer

[@LukesPointsandMiles]

always ask!!!

[@user-wh1ti5cl2c]

Thank you. For the video. When it comes to credit cards it is not one size fits all. I live in a city.Where it's no problem using uber. And I also live right by a shake shack. So for me, the credits are easy to use. Have you ever applied for the wyndham business earners card???. And fear not it's impossible to hurt my feelings

[@LukesPointsandMiles]

I’ve been declined for the biz Wyndham but I really hate Barclays as an issuer.

[@user-wh1ti5cl2c]

@LukesPointsandMiles Later on this year I'll be down 2 -24 . I will try it then and let you know my results.I heard they are very difficult

[@LukesPointsandMiles]

@@user-wh1ti5cl2c I never looked at Wyndham properties before but I’ve recently seen some great value in Latin America.

[@sergem4925]

I agree with you. Amex is getting greedy with higher annual fees with not much in return. I will be canceling my gold card soon also but I just took advantage of 10x points on dining worldwide after a referral got approved. I planned a trip to Europe and this will get me plenty of MR points earning 14x per dollar at restaurants on my trip.

[@LukesPointsandMiles]

Nice move!!!

[@yurig2530]

Excellent decision. I cancelled few years ago.

[@LukesPointsandMiles]

Thanks for watching!!

[@joephillips5594]

My only experience with the gold is on the business side. Got a 130k sub and just transferred 240k points to Virgin on a 30% bonus to fly my entire family of 4 from SEA to LHR in upper class. 8.5 CPP. For you, this seems like a great strategy...my only add is that it is difficult to quantify the value you get from how frequently amex offers transfer bonuses compared to the other banks.

[@LukesPointsandMiles]

This is true but I have a lot of Mr points and other Mr point earning cards but you are correct.

[@TorisGarage]

i will be rethinking my Gold card this year, was worth it last year for the 90k bonus though !

[@LukesPointsandMiles]

Those bonuses are healthy!!

[@fuge511]

I opened the gold card in October last year, and my guess is I only earned about 11,000 points from 4x spend in 2023. But I always put my card down when I go out to eat with friends or with my family so I can easily put $1500+ on the card a month! I am also currently in a mini SUB with 14x in dinning which ends this June!

[@LukesPointsandMiles]

Nice move!!

[@electricrancid]

I almost fell of my seat when I saw the title! 😮😂

[@LukesPointsandMiles]

An end of an era.

[@edgarcrespo6018]

I was shocked but guess what would take it's place and was correct in my guess. Funny that I had a lot of the same thoughts when considering the gold card

[@LukesPointsandMiles]

@@edgarcrespo6018 Gold is still a monster - i just think there are other cards that can do it better for me - at least for now.

[@PurpleDrazi]

keep an eye on you socks! 🙃

[@LukesPointsandMiles]

@@PurpleDrazi 🤣

[@oscargomez7070]

I easily use the credits (enjoy Shake Shack and payed for Uber Eats before the card anyway)… Even I question if I’m getting enough value, lol

[@LukesPointsandMiles]

Gotta keep evaluating!

[@huckleberrymulberry4764]

I’m a credit youtube watcher with all 3 FICOs in the 800 club and no I don’t get too many new cards a year and no I don’t have any of the Chase Freedom cards. But I do have the business gold card and it makes total sense to me. But the standard gold doesn’t make sense at all due to living in rural Montana and not really having Uber, Uber eats, or grubhub.

[@LukesPointsandMiles]

Ah thanks for sharing. I’ve had the biz gold and I really had a tough time making it work. Mostly due to not high enough spend

[@caribdude8151]

Great Video Sir! NO AMEX for me. I don't have any of their cards and I'm not a fan. SavorOne all the way! 👍

[@LukesPointsandMiles]

Savor one is a killer for sure.

[@dgasmd1]

Great video as always. I can’t believe it has taken so long for someone to say aloud in KZbin what I’ve been thinking for years!! I never understood the obsession with the gold card and “trifecta” with it. You’d have to spend so much money on these cards to make it work, and that would put you in an income bracket that has no time to sit and do KZbin videos (no offense to anyone, just reality). I admire the people that get these huge deals on point redemptions. I simply don’t have the time or circumstances to do that. Even then, at strictly cash redemptions with my Schwab plat I get several times the cost/year of the plat. My personal circumstances simply make that card/Amex good for me, not the other way around! I like intro bonuses like anyone else, but I only apply for cards that I wanna keep after the intro bonus is gone. They have to maximize their spot in my wallet long term. I guess YMMV😊

[@LukesPointsandMiles]

Your self awareness is awesome! thanks for watching!

[@geraldalves9107]

Your rationale is exactly why I could never justify getting the Amex Gold or any Amex cards for that matter for the foreseeable future because it will make me completely change my spending habits and make me buy items that I normally wouldn't buy just get use out of the credits to try to justify the annual fee. I'll use Uber Eats/Door Dash occasionally but I'm already aware that I'm buying overpriced food so I don't see the credits as full value at all either. It still doesn't change that at the end of the day, that $250.00 is going to hit your bank account annually no matter what and you'll feel it lol.

[@LukesPointsandMiles]

exactly and $250 is significant for a card that doesn't actually "do anything" besides let me spend.

[@Ben..E]

The AMEX Gold is still on my roadmap, the 90K SUB is calling me. But I'm at 4/24, and the potential for an elevated SUB on the CSP, and can still get Inks until I'm 3/24. Even then, the Gold is a one year and done, my AAA Travel Advantage gets me 3% Groceries and Restaurants if Cash Back is what I want, or the Savor One or Gift Cards using my InkCash for C1Miles or URs. Luke is right... SUBs are more important until you can't get them.

[@LukesPointsandMiles]

Agree!

[@gunsole64]

Never had an Amex card and I still haven’t been convinced to get one. Still kind of bitter that I was not approved for the Costco Amex 16 years ago😂

[@LukesPointsandMiles]

A man! Gotta keep emotions away from our money!! But I understand. Haha

[@dex4308]

I’ll wait for refresh … which should be coming soon.

[@LukesPointsandMiles]

Get it now, for the lower fee!!

[@dex4308]

@@LukesPointsandMilesalready have it.. waiting for refresh to see if I want to cancel or not.

[@glenardonia]

Smart Move. Venture X is gold.

[@LukesPointsandMiles]

Glen the VX man!!!! World traveler.

[@dylanschang6386]

I agree that I wouldn’t get value (23 yr old), but since we need to get it before the plat to get all the SUBs, it’ll probably be a cancel after year 1 for me

[@LukesPointsandMiles]

That makes total sense!!