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One of the first cards I applied for when I was 18 was the Premier Rewards Gold Card from American Express. It’s a fantastic, well rounded card, and I think for a lot of people it’s one of the best options out there. The card’s $195 annual fee hit my account last month, and I think it’s time I finally cancel the card.
Let me explain:
Why the Premier Rewards Gold Card is awesome
The Premier Rewards Gold Card offers four great bonus categories:
- 3x points for flights booked directly with airlines
- 2x points at US restaurants, US gas stations, and US supermarkets
This card is extremely well rounded thanks to it offering bonus points on restaurants, gas stations, supermarkets, and airfare. Furthermore, this card was generous before most other cards were, as it had bonus categories even a decade ago, when most other cards didn’t.
The card has a $195 annual fee (waived the first year), though it offers a $100 annual airline credit. In practice I’ve been able to use that airline credit towards buying American airlines gift cards, so I value that at pretty close to face value.
Furthermore, keep in mind that the credit is based on a calendar year rather than a cardmember year, so before your first cardmember year is up you should receive two of these credits.
The point is, long term I view the “out of pocket” on this card as being $95 or so per year.
The EveryDay Preferred and Platinum Card changed the game
A few years ago, Amex introduced The Amex EveryDay® Preferred Credit Card from American Express, which in many ways became a substitute for the Premier Rewards Gold Card. The card has a $95 annual fee, and offers the following bonus categories:
- 3x points at US supermarkets, on up to $6,000 per year in purchases
- 2x points at US gas stations
On top of that, you earn a 50% points bonus when you use your card to make 30 or more transactions per billing cycle. Assuming you can make that many transactions, you’re earning:
- 4.5x points at US supermarkets, on up to $6,000 per year in purchases
- 3x points at US gas stations
- 1.5x points on other purchases
With the introduction of that card, I was going back and forth about whether or not it’s worth holding onto the Premier Rewards Gold Card for the potential to earn bonus points on dining and airfare. However, late last year The Platinum Card® from American Express introduced 5x points on airfare, which has been a huge new bonus category for me.
Furthermore, the Chase Sapphire Preferred® Card offers double points on dining, and the Reserve even offers triple points.
So I’m at a point where there’s not a single spend category anymore where the Premier Rewards Gold Card is the best option for me.
The Premier Rewards Gold Card has served me well for nearly a decade. The card offered big bonus categories at a time when most other cards didn’t. This is the first time the annual fee on the card has come due where I realize that there’s not a single spend category anymore where this card offers the best return for my purposes, largely due to the strength of the Amex EveryDay Preferred Card and Amex Platinum Card.
Has anyone else had the Premier Rewards Gold Card and decided it doesn’t make sense anymore?
Non-Affiliate Product Disclaimer: The information for the AmEx Everyday Preferred has been collected independently by One Mile At A Time. The card details on this page have not been reviewed or provided by the card issuer.