AMEX Gold vs. Chase Sapphire Preferred: Who Wins?

American Express

There are hundreds of credit cards on the market today, and it’s for very good reason. Every consumer has different financial needs and preferences. It’s up to the individual to take the time to research the credit cards that he or she is eligible for, to find the card or cards that offer the most benefits with the least number of drawbacks. It’s wise to compare credit card offers to determine which is best. Today we’re comparing the AMEX Gold with the Chase Sapphire Preferred to determine which is the winner.

Similarities of the AMEX Gold and Chase Sapphire Preferred

According to CNBC, both AMEX Gold and Chase Sapphire Preferred are rewards cards, but that is where the similarities end. Each card offers different rewards, and charge annual fees with a host of benefits that accompany them.

Annual Fees

The AMEX Gold card has an annual fee of $250. The Chase Sapphire Preferred charges cardholders $95 per year. While the fees for Chase are lower, it doesn’t offer quite as much in benefits. The higher fees of the AMEX Gold are offset by the various credits you receive. Now it’s time to compare the benefits offered by each card to find out which card comes out on top as a value for the cost.

AMEX Gold Credits

  • •$10 per month up to $120 annual dining credit with specified delivery services including Grubhub, Boxed, and Seamless, Ruth’s Chris Steak House, Shake Shack, and Cheesecake Factory if enrolled. The $10 credits must be used by the end of each month.
  • •$10 credit per month up to $120 annually for Uber Cash. This benefit may be used for rides and dining through Uber Eats if the card is used o pay through the Uber app and if you are enrolled.

If you use any of these services regularly you could potentially save $240 of the $250 annual fee which would result in a total cost of $10 annually. If you don’t use the services, then the Chase Sapphire Preferred offers lower annual fees.

Welcome Bonus

Both cards offer a welcome bonus. AMEX Gold offers cardholders up to 60,000 bonus points for spending a minimum of $4,000 on eligible purchases with the card within six months of opening the account. The Chase Sapphire Preferred card offers up to 100,000 bonus points for spending $4,000 on eligible purchases. While this sounds like a better deal, there is a catch. you must use the card to make eligible purchases and spend $4,000 within three months of opening the account. You only have half the time to meet the spending minimum, but the rewards points are a lot higher.

Redemption values of the points

The Chase Sapphire Preferred points may be used to book travel through the company’s Ultimate Rewards portal to book travel, or they can be redeemed for statement credits, home improvement purchases, grocery, or dining through the Pay Yourself Back feature. It’s best to use this special tool because it adds an extra 25 percent on top of the original value of the points. It’s best to use the points for the eligible purchases as redeeming for cash value drops the value to $1,000. If they’re used for purchases, you get a value of $1,250. The American Express Travel option for redeeming the 60,000 points for booking hotels and flights has a value that is worth $420 for hotels or $600 for flights. When we compare the two points rewards for new customers, it’s clear that the Chase Sapphire Preferred card offers the most value for using the card.

Comparison of APR

Investopedia compares the Annual Percentage Rates for each credit card. The recommended credit score to qualify for a Chase Sapphire Preferred is between 680 and 860, or a good to excellent rating. The APR is between 15.99% to 22.99 percent and is variable. The AMEX Gold has the same requirements for eligibility and APR. Cash advances for both cards cost $10 or 5% of the amount of each transaction made, whichever figure is the highest. The cash advance APR for AMEX Gold is 25.25%. The Chase Sapphire Preferred is slightly lower at 24.99%. Late payment fees are both up to $40 with return payment the same, and Penalty APRs both at up to 29.99%.

Security

Chase provides Zero liability protection for cardholders in the event of fraudulent charges. It also offers a real-time security monitor. The benefit includes instant fraud alerts sent to the device of your choice, along with chip-enhanced security for identity protection. AMEX Gold provides various enhanced security features such as contactless cards, emergency support through the Global Assist Hotline for round-the-clock support throughout the world. AMEX offers fraud monitoring with fraud alerts and emergency card replacement and shopping protection through SafeKey technology. It appears that AMEX Gold offers more safety protection than Chase but it’s a wash when you consider Chase’s zero liability protection for bogus charges. The Points Guy advises checking on any changes to these offers. They may change at any time. Some of the benefits have expiration dates for some features.

Rewards Earning Rates

AMEX Gold offers 5 X rewards through March of 2022 for Lyft purchases, 2X for eligible travel and dining. It was 2X on groceries through April 2021. All other purchases are 1X earning rates, receiving one point for every dollar spent using the card. Chase Sapphire Preferred offers 4X earning on all restaurant dining, expenditures on US supermarkets with a limit of $25,000 in one calendar year at this rate, with other purchases at 1X. It offers 3X earning on directly booked flights from an airline or through amextravel.com and 1X on all other purchases. The rewards earning potential is higher through AMEX Gold.

Summary

The Chase card offers a chapter membership fee but fewer rewards for dining and travel. There are also restrictions on travel partners, a shorter timeframe for the rewards benefits, and a shorter earning period. It’s intended for the moderate spender. The introductory rewards are better than the traditional rewards past the introduction period. American Express offers a higher value for those who use dining and travel features more frequently. It also accumulates rewards points at a higher rate and gives you double the time to reach the minimum spending requirement for bonus points.

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