Cancelling my American Express Gold Card…Here’s Why!

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The first thing that you absolutely must consider they cost me thousands of dollars is understanding how you are going to use the points. I know that it is really easy to get excited about a big signup bonus and earning points on this category in that category and that's all fantastic but if you don't use those points properly then you're actually losing out on thousands of dollars and that's exactly what happened to me.

The next thing you need to consider that I again completely ignored is can you actually get a net benefit out of the credits that this card gives you. At the moment the American Express gold card gives you a $120 Uber credit which can be used for Uber eats or for the ridesharing platform as well as a $120 dining credit that you can use at partner locations like Grubhub, seamless, boxed, and a few others.

The next thing to keep in mind that is actually a positive for the gold card right now is the signup bonus that is currently being offered. Just about a month ago, it was at 75,000 points, I think it's now back down to 60,000 points but you may also be able to get a targeted offer for 75,000 points when you spend $4000 in the first three months which is a pretty huge signup bonus for a card that costs $250 per year. But as we just talked about make sure you understand how to maximize the value of these points and also make sure that you can hit $4000 of spending in the first three months naturally without having to go out and buy stuff that you otherwise would not have purchased because obviously, that would be really dumb.

And the last more specific thing to keep in mind before we get to the only thing that is keeping me from canceling this card would actually be what's called the chase 5/24 rule. Now, this is getting a little bit in the weeds of the credit card world but essentially chase has this unspoken rule where if you've applied for five or more credit cards in the past 24 months then you will automatically be denied from any chase credit card application. So this one only really applies if you're planning on getting a chase credit card but if you want to get the freedom flex or unlimited cards which are both fantastic free options or one of their more premium options like the chase sapphire reserve or sapphire preferred, then depending on how many credit cards you have recently applied for you may want to prioritize those chase credit cards first because again if you've already applied for five or more credit cards in the past 24 months then you will have no chance of getting those chase cards until you fall back under that 5/24 rule.

0:00-Should I CANCEL My Gold Card?
0:48-Amex Gold Core Features
1:38-How to Use Your Amex Points
3:46-How to Use The Amex Credits
4:49-Amex Gold Sign-Up Bonus
5:31-Chase 5/24 Rule
6:50-My FINAL Thoughts

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