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Is an AMEX Premier Rewards Gold Card worth it?

disappearingact123 891 March 11, 2011 at 11:33 AM
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Just got an offer to apply for the AMEX Premier Rewards Gold Card and I was wondering if you guys thought it was worth it.

$175 annual fee but 10,000 rewards points at signup and the first year's fee is "on them".

I would probably put almost everything I spent on the card but I am still only a college student until December. Gas/groceries/food/utilities/Amazon purchases/etc.

What are the rewards like? How many points does a gift card cost and in what denomination? I see most people say that 10,000 equates to about a $100 gift card???

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#2
Correct in that 10,000 points is about a $100 gift card.

This card is not worth it for a student. I can barely recommend it for those that spend a good amount of money per year. Heck for $175 I won't even touch it and I spend about $30,000 annually through my credit card.

go here: www.membershiprewards.com
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#3
You only got 10,000 reward points? Screw that. I got 50,000. Not worth it for only 10,000 imo. Big Grin

I am a college student too and got offered it. Just spend $500 in 3 months of ownership of the card. I have already put almost 1.5k on it (paid off obviously) and my 50,000 points already show up in my account..woot

10,000 yes is around a $100..on travel. For merchandise I believe it's like 1.25 points to the dollar or something like that..depends on where you're looking. You can also redeem points in their points shop from retailers like buy.com, amazon etc.

For me..it's a good "first" Amex. There are better rewards cards out there but having been denied every single Student CC a couple months before..it's nice to have an Amex. I am going to have to cancel it or see if Amex will offer me a different card at the end of the year since I will rarely use the many benefits of the Gold card.

Oh..but people will annoy the SHIT out of you about it. "May I see your ID?" ALL THE TIME. Because they look at the card, and they look at me and say "WTF Gold?".

Annoyed me at Panera when there was two lines...girl asks me for ID, while I see the guy in the line next to me just swipe his VISA and let him go.

Look..anyone can get a stupid Gold card nowadays..it's not a status symbol like a Platinum or a Centurion. So it annoys me when people have to check for my ID because they don't believe that I can own one.

I also was at Costco with my Costco Amex and had a random employee pull me to the side as I was in self-checkout to ask me for my ID. Naturally I showed it to her. Honestly...I sometimes hate people. There ARE such things as responsible college students..sheesh.
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#4
Go with the Blue cash card from AMEX, you get cash back and no annual fee. Being a college student I assume you do not make a lot of money and for the first couple of years out of college you wont either, at $175 is a lot to spend each year to get some "rewards".

Blue cash card gives you % cash back on ALL purchases, some places more than others (gas stations, groceries, drugstores).
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#5
Quote from discostu58 View Post :
Go with the Blue cash card from AMEX, you get cash back and no annual fee. Being a college student I assume you do not make a lot of money and for the first couple of years out of college you wont either, at $175 is a lot to spend each year to get some "rewards".

Blue cash card gives you % cash back on ALL purchases, some places more than others (gas stations, groceries, drugstores).
Assuming you qualify for it.

For some reason..Amex only will qualify me for this card..but none of their other charge cards (including Zync) or credit.

I have a feeling they have to meet some kind of quota on these Gold cards and are giving them out to as many people as possible..

EDIT: OP. You can get 25,000 reward points on their website right now for applying for the Preferred Rewards Gold (must spend $1,000 within first 3 though)...so like I said...10,000 was a shitty offer.
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#6
Quote from PiratesSayARRR View Post :
Correct in that 10,000 points is about a $100 gift card.

This card is not worth it for a student. I can barely recommend it for those that spend a good amount of money per year. Heck for $175 I won't even touch it and I spend about $30,000 annually through my credit card.

go here: www.membershiprewards.com
Quote from discostu58 View Post :
Go with the Blue cash card from AMEX, you get cash back and no annual fee. Being a college student I assume you do not make a lot of money and for the first couple of years out of college you wont either, at $175 is a lot to spend each year to get some "rewards".

Blue cash card gives you % cash back on ALL purchases, some places more than others (gas stations, groceries, drugstores).
Okay, here is where I should have qualified by statements...

For a student, I probably have an excessively large budget considering I work and make about $30k a year while going to school (non-FT). After school, I will be starting at/near $50k a year. Considering living expenses and what I have right now as "spendable cash", I will probably be spending a lot on various things.

So let me get this straight tho... the 1x points on "normal" purchases is essentially 1% back on all purchases? etc etc...

I figured the "rewards" would be more substantial given you have the annual fee and such. I have a CITI Forward card and I have been mostly disappointed with CITI bank (as I should have known ahead of time) but 2.5 years ago when I got it I didn't have credit except for student loans I've been paying on.


Is Amazon a "select partner" with 2-10x points? If so, then it might actually be worth it to me as I spend quite a bit with Amazon. I'd probably wait until I had $1,000 to spend in 3 months. Unfortunately just missed my $2,000ish purchase... boo.
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#7
Points are sometimes worth a penny. Sometimes they are less and sometimes they are more....just depends on what you purchase with them.

I have a Starwood Amex card. I like taking vacations and enjoy the starwood hotels (Westins, sheratons, W Hotels, St. Regis). Typically i get about 3.5 to 5 cents return on my points depending on the hotel and time of year I go.

I'm going to Maui in 2 weeks for 6nights... my hotel and flight is completely covered by points. (I also have a Hawaiian Airlines Visa).

For $175 I can't recommend the Gold card for you. Making $50K a year means you will net roughly $37K...obviously you aren't going to spend every penny of that through a credit card.
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#8
I don't think the rewards points can justify the large annual fee. I was just offered to upgrade from my original 'green' Amex card to a Platinum card but the $450 annual fee is nuts and not worth it. I don't feel the need to impress anyone by flashing a silver card.

That being said I would be impressed if I met someone who holds a Black Amex card. Smilie
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#9
Quote from dzap View Post :
You only got 10,000 reward points? Screw that. I got 50,000. Not worth it for only 10,000 imo. Big Grin

I am a college student too and got offered it. Just spend $500 in 3 months of ownership of the card. I have already put almost 1.5k on it (paid off obviously) and my 50,000 points already show up in my account..woot

10,000 yes is around a $100..on travel. For merchandise I believe it's like 1.25 points to the dollar or something like that..depends on where you're looking. You can also redeem points in their points shop from retailers like buy.com, amazon etc.

For me..it's a good "first" Amex. There are better rewards cards out there but having been denied every single Student CC a couple months before..it's nice to have an Amex. I am going to have to cancel it or see if Amex will offer me a different card at the end of the year since I will rarely use the many benefits of the Gold card.

Oh..but people will annoy the SHIT out of you about it. "May I see your ID?" ALL THE TIME. Because they look at the card, and they look at me and say "WTF Gold?".

Annoyed me at Panera when there was two lines...girl asks me for ID, while I see the guy in the line next to me just swipe his VISA and let him go.

Look..anyone can get a stupid Gold card nowadays..it's not a status symbol like a Platinum or a Centurion. So it annoys me when people have to check for my ID because they don't believe that I can own one.

I also was at Costco with my Costco Amex and had a random employee pull me to the side as I was in self-checkout to ask me for my ID. Naturally I showed it to her. Honestly...I sometimes hate people. There ARE such things as responsible college students..sheesh.
I want to get one of those design your own credit cards and make my own 'Neodymium Card', with something like "#7/50" somewhere on it, have it either straight black or very pimped out. I have been ID'd once with my Visa, I will probably be consistently ID'd with that one, also being a college student.

Or I could get a 'Caesium-137 Card' and snicker whenever people touch it and then say something like ' your children will have 3 legs now' as I walk away.
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#10
I just got the same card with a 50,000 points offer. I just graduated college and make about 70k a year. I have a student credit card with citi, and a chase visa amazon card.

Can I just cancel the card at the end of the year or before the $175 fee hits? Or just downgrade to another AMEX and transfer the points? Or use up all the points on giftcards and cancel?

I pay all my balances in full so interest doesn't matter.

Should I go for this card? I don't like the Chase payment system for my credit card and even though I have citi, I've applied for a credit increase just to have a higher limit to increase my credit score/ratio and I was denied. (My limit is $4700 with citi and $3000 with chase) Them denying me pissed me off so I want to use my Thank You points and leave.
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