Credit Cards

What Credit Score Do You Need For Amex Gold

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

If you can’t decide which of these cards is best for you, here are some crucial distinctions to consider. Most lists of the best travel credit cards include the Chase Sapphire Preferred and the American Express® Gold Card, and for good reason. Both cards provide generous sign-up bonuses, exclusive member perks, and a wide variety of redemption choices.

Chase and American Express have made significant modifications to the advantages of both cards, making them even better. Is there a card that is appropriate for you? To assist you in making your final decision, we’ll go over some of the most intriguing features of each card.

What each card excels in is different from the other

The Amex Gold and Chase Sapphire Preferred credit cards have a lot in common, including generous sign-up incentives. After spending $4,000 in the first three months with the Chase Sapphire Preferred, new cardholders may receive 60,000 Chase Ultimate Rewards points. In contrast, with Amex Gold, you may receive 60,000 Membership Rewards points after spending $4,000 in the first six months of membership.

However, if you redeem your points for travel through the Chase Ultimate Rewards site, Chase Sapphire Preferred provides a better introductory bonus at face value. In terms of prizes, there is a lot of similarity between the two cards. American Express’s rewards points are referred to as Membership Rewards, despite the fact that Chase gives Ultimate Rewards points on practically every purchase. Through their own reward systems, both Chase and Amex points may be redeemed in comparable ways, but the easiest method to redeem points is to transfer them to airlines and hotels.

Although there is some duplication among the transfer partners, American Express offers the most variety. It’s possible that one group of partners is more valuable than the other depending on the flights and hotels you use.

As a result, many of the travel insurance policies and coverages offered by the Chase Sapphire Preferred and Amex Gold cards are similar. The Chase Sapphire Preferred features more complete travel coverage, despite a lot of nuances in terminology, uses, and perks. Take a look at each benefit’s specific terms and conditions before deciding whether or not it’s right for you.

Amex Offers and Chase Offers, two more ways to save money on purchases, are also available on both cards. To qualify for a promotion, customers must meet a spending threshold and get cashback or additional reward points from participating retailers. Offers from Amex and Chase might help you earn more points or save money on your purchases. Please be aware that Amex Offers require registration.

Chase Sapphire Preferred and Amex Gold: 3 key distinctions

What are the main differences between the Chase Sapphire Preferred and AmEx Gold travel credit cards?

Statement balances and spending limits

Like a regular credit card, the Chase Sapphire Preferred may be used to make purchases as well as pay interest. Amex Gold, however, does not have this problem. If you have an Amex Gold credit card, you can carry a balance only for specific charges, not all of them. Because statement amounts might be due in full every month, you should plan your financial flow properly (though paying balances in full is a best practice regardless of which card you have).

Amex Gold does not have a specific spending restriction, so you may spend as much as you like. When it comes to how much you can spend, there are several variables to consider. It’s worth noting, though, that the Amex Gold card comes with the additional obligation of making sure certain sums are paid on time.

Annual credits vs. partner benefits

It’s Amex Gold’s yearly credits that make it the winner in this area, with up to $120 in dining credits and an additional $120 in Uber credits each year.

It’s simple to use your dining credit: Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House and certain Shake Shack locations are among the restaurants where cardholders may earn up to $10 in monthly statement credits. This is a no-brainer if you live near any of these establishments: just use your monthly eating credit at one of them. It’s also a wonderful reason to go out on a date. For some perks, such as the dining credit, enrollment is necessary.

Annual statement credits of up to $50 for hotel stays booked via Chase Ultimate Rewards are included in the Chase Sapphire Preferred’s benefits, as is a points bonus equivalent to 10% of the previous year’s total spending. In addition, it offers two distinct advantages:

  • Bonus points for Lyft ride till March 2022.
  • A first-year DoorDash DashPass subscription is free.

Since Lyft rides and travel bookings through Chase Ultimate Rewards are the two most popular categories of spending across these two cards, earning 5X points on these purchases is a major perk. It’s a huge perk for customers who often order meals for delivery, as DoorDash DashPass membership provides reduced service costs and free delivery for qualified purchases of $12 or more.

Rewards for spending

Overall, the Amex Gold looks to provide higher rewards on regular spending, but your lifestyle and spending habits will determine how much you get out of the card. Some typical bonus types are broken out as follows:

Spend categoryChase Sapphire PreferredAmex Gold
Restaurants3X points per $14X points per $1
Travel2X points per $13X points per $1*
U.S Supermarkets1X points per $14X points per $1**
Lyft Rides5X points per $11X points per $1

*on flights booked directly with airlines or AmexTravel.com

**on up to $25,000 in purchases per calendar year

Sapphire Preferred bonus categories aren’t all shown in this table. Earn 3x points on eligible dining, delivery, and takeout orders; 5x points on Lyft rides (until March 2022); and certain streaming services and online grocery purchases (excluding Target, Walmart, and wholesale clubs) when you use your Chase Ultimate Rewards credit card. When it comes to your normal expenditure, the Sapphire Preferred may be a better option than Amex Gold if you fall into these categories.

For the Chase Sapphire Preferred, what credit score is required?

This card normally requires outstanding or exceptional credit to be eligible. Good credit scores often fall between 660 and 780, while excellent credit scores typically fall between 780 and 850. As a result of their high earning potential and extensive advantages, many travel credit cards need a higher credit score.

What is the minimum credit score required for Amex Gold?

To be eligible for the Amex Gold, your credit rating must be at least good or outstanding. This indicates that a credit score over 660 is OK, while an exceptional credit score above 800 is ideal. Because of the various perks and privileges, they offer, rewards credit cards like the Amex Gold frequently demand better credit ratings.

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