Why You Should Consider Both the Amex Gold and Platinum Cards

When it comes to maximizing rewards and benefits from credit cards, many travelers often wonder if it’s worth holding multiple cards, especially when they seem to offer similar perks. The American Express Gold Card and the Platinum Card from American Express are two such examples. While the combined annual fees may exceed $1,000, the unique advantages of each card can make them a powerful duo for savvy spenders. Here are four compelling reasons to consider holding both the Amex Gold and Platinum cards.

1. Lucrative Welcome Bonuses

One of the most enticing aspects of credit cards is the welcome bonus, especially during the first year of card membership. The American Express Gold and Platinum cards offer a staggering potential of up to 275,000 bonus Membership Rewards points when you meet the spending requirements. According to TPG’s July 2025 valuations, these points are valued at approximately 2 cents each, translating to a potential worth of up to $5,500. This significant bonus alone can justify the hefty annual fees associated with both cards.

2. Optimize Your Earning Potential

Using the right card for specific purchases can result in thousands of extra points each year. For travel-related expenses, the Amex Platinum card shines with its earning rate of 5 points per dollar spent directly with airlines or through American Express Travel. In contrast, the Gold card offers 3 points per dollar for the same purchases.

When it comes to hotel bookings through Amex Travel, the Platinum card again takes the lead, allowing you to earn 5 points per dollar, while the Gold card only provides 2 points. However, for everyday expenses such as grocery shopping and dining, the Gold card is the better choice, offering 4 points per dollar spent at restaurants and U.S. supermarkets, compared to just 1 point with the Platinum card. This strategic use of both cards can dramatically enhance your overall points accumulation.

3. Valuable Annual Statement Credits

Both the Amex Gold and Platinum cards come with annual statement credits that can significantly offset their respective fees. The Gold card, with its $325 annual fee, offers up to $424 in statement credits primarily focused on dining. This means that, with proper use, the card can effectively pay for itself.

On the other hand, the Platinum card, which carries a higher annual fee of $695, also provides substantial statement credits that can cover travel and lifestyle expenses. By maximizing these credits, cardholders can reduce the overall cost of holding the Platinum card, making it a worthwhile investment for frequent travelers.

4. Enhanced Purchase Protection and Benefits

While both cards offer purchase protection and extended warranty benefits, the Platinum card provides more comprehensive coverage, especially for those who travel frequently. The additional protections include travel insurance, baggage insurance, and access to premium services, which can be invaluable for frequent flyers. While the Gold card offers a more limited range of protections, it still provides essential coverage for everyday purchases.

Combining the benefits of both cards allows users to enjoy an elevated travel experience while also protecting their everyday purchases. This dual approach can help you maximize your rewards and ensure that you’re covered in various scenarios.

Is It Right for You?

It’s important to note that holding both the Amex Gold and Platinum cards may not be the best choice for everyone. If your spending habits align more with dining and groceries, the Gold card’s lower annual fee and higher earning potential in those categories may be more suitable. Conversely, if you travel frequently and can take advantage of the Platinum card’s extensive travel perks, the higher fee could be justified.

Ultimately, combining both cards can significantly boost your American Express points balance, enhance your travel experiences, and offset your lifestyle spending. If you’re interested in learning more, consider reading our comprehensive reviews of the Amex Platinum and Amex Gold cards to see which options align best with your spending habits and travel goals.

Whether you choose to apply for the Amex Gold or the Amex Platinum, each card has its unique strengths that can help you achieve your financial and travel aspirations.