We know what you’re thinking: Why pay hefty annual fees on two cards that earn the same type of points? Well, for us (and many others), it’s entirely worthwhile.
Indeed, the combined $1,000-plus price tag on The Platinum Card® from American Express and American Express® Gold Card can be confronting. However, these cards’ earning rates and perks differ significantly.
If you want to accelerate your earnings, maximize card benefits and protect your purchases, it can make sense to hold both the Platinum and Gold cards. Here are four reasons why.
Earn two welcome bonuses
During the first year that you have a card, the welcome bonus is one of the most valuable benefits, if not the most valuable.
Between these two cards, you can earn up to 140,000 bonus Membership Rewards points:
- Amex Platinum: Earn 80,000 bonus points after spending $8,000 on eligible purchases in the first six months of card membership.
- Amex Gold: Earn 60,000 bonus points after spending $6,000 on eligible purchases in the first six months of card membership.
TPG March 2025 valuations peg American Express Membership Rewards points at 2 cents apiece, meaning these welcome bonuses are worth an incredible up to $2,800.
Be sure to check the CardMatch tool as you may be targeted for an elevated welcome offer on one or both cards. (These offers are subject to change at any time.)
There are a couple of application restrictions to be aware of:
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- You’ll only earn a welcome offer on each card once per lifetime.
- It’s best to apply for the Gold first and then the Platinum; if you do it the other way around, you will be ineligible to earn Gold welcome offer.
Related: A complete guide to Amex’s one-bonus-per-lifetime restrictions
Accelerate your earnings
You could earn thousands of extra points each year by using the right card for each purchase. A general guide is to use the:
Let’s dive into the numbers…
Use the Platinum to book flights, as you’ll earn 5 points per dollar spent directly with airlines or with Amex Travel*. That compares to 3 points per dollar on the Amex Gold.
For prepaid hotels booked through Amex Travel, Platinum is again the way to go, earning 5 points per dollar spent instead of just 2 points per dollar with the Amex Gold.
Then, you’ll want to use the Amex Gold for your grocery and dining purchases, earning 4 points per dollar spent at restaurants worldwide** and at U.S. supermarkets***. With the Platinum, you’d only earn 1 point per dollar spent in these categories.
* on up to $500,000 of these purchases annually, then 1 point per dollar
** on up to $50,000 in purchases per calendar year, then 1 point per dollar
*** on up to $25,000 on purchases per calendar year, then 1 point per dollar
Related: How to earn over 300,000 points in a year
Maximize statement credits
Both cards provide annual statement credits that can put hundreds — or even thousands — of dollars back in your pocket.
The Amex Gold’s $325 annual fee (see rates and fees) is more than offset by up to $424 in statement credits, which are mainly focused on dining. Cardmembers receive:
- Up to $50 biannual Resy credit: At Resy-affiliated U.S. restaurants
- Up to $10 monthly dining credit: At select merchants like Five Guys and Grubhub
- Up to $10 monthly Uber Cash^: For Uber rides or Uber Eats orders in the U.S.
- Up to $7 monthly Dunkin’ credit: At U.S. Dunkin’ locations
Enrollment is required.
Meanwhile, the Amex Platinum’s high $695 annual fee (see rates and fees) can be more than offset by up to $1,500 in statement credits — as long as you maximize all of them. The majority are travel- and lifestyle-focused, with some of our favorites being:
- Up to $200 annual airline fee credit: With your preferred airline
- Up to $200 annual hotel credit: To offset prepaid bookings with Amex Fine Hotels + Resorts or The Hotel Collection (minimum two-night stay)
- Up to $199 annual Clear Plus credit: To cover your annual membership (subject to auto-renewal)
- Up to $20 monthly digital entertainment credit: Including Disney+ and Peacock subscriptions
- Up to $15 monthly Uber Cash^: For Uber rides or Uber Eats orders in the U.S.; bonus $20 in December
Enrollment is required.
^Uber Cash will only be deposited into one Uber account when you add the eligible Amex card as a payment method and redeem with any Amex card.
Related: American Express Gold vs. American Express Platinum: Which one is right for you?
Protect your purchases and travel
Both the American Express Platinum and Gold cards offer extended warranty and purchase protection benefits.
However, the Amex Platinum card offers more comprehensive protection benefits, especially for frequent travelers, while the Amex Gold card provides more limited coverage.
The shopping and travel protections that the Amex Platinum offers and the Amex Gold doesn’t include:
- Cellphone protection
- Emergency medical transportation (if coordinated by the benefit administrator)
- Return protection
- Trip cancellation and interruption insurance*
- Trip delay insurance*
- Higher coverage for car rental loss and damage, and baggage and trip delay insurance
*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.
When it doesn’t make sense
Holding both the Amex Platinum and Gold cards may not be cost-effective for everyone. Consider the following:
- Lounge access: If you rarely use airport lounges or don’t spend enough on the Platinum to unlock guest access, you may not get enough value from the card.
- Grocery purchases: If you primarily shop at big-box retailers like Walmart or Target or through grocery delivery services that don’t code as “supermarkets,” you might not earn bonus points in these categories.
- Statement credits: Assess whether you already spend on services (like Grubhub and Uber) that you’ll receive statement credits for; if not, you may end up spending to “save” money.
Bottom line
The Amex Gold card’s lower annual fee and bonus points on dining and groceries may suit many users, while the Platinum card’s higher fee is worth it for those who can maximize its travel perks.
Combining both cards can boost your Amex points balance, elevate your travels and offset your spending on lifestyle purchases.
To learn more, read our full reviews of the Amex Platinum and Amex Gold cards.
Apply here: Amex Gold card
Apply here: Amex Platinum card
For rates and fees of the Amex Platinum Card, please click here.
For rates and fees of the Amex Gold Card, please click here.