Amex Gold vs. Chase Sapphire Preferred
Amex Gold vs. Chase Sapphire Preferred: Eligibility
There’s a pretty big difference between Amex Gold and Chase Sapphire Preferred. Chase is far more forgiving of subpar credit, typically approving applicants with a score of 640 or higher. If you want the Amex Gold, however, you will need a much higher score. American Express usually accepts applicants with a credit score of 700 or higher.
There is another important distinction between Amex Gold and Chase Sapphire Preferred. In addition to needing a good credit score, Chase will also look to see how many applications you have opened in the last 24 months. If you have applied for more than two personal credit cards or more than one business card within 30 days, your application for the Chase Sapphire Preferred is not likely to be approved. That’s just another reason why it’s critical to be sure of your decision before applying for a new credit card.
Amex Gold vs. Chase Sapphire Preferred: Rewards and Benefits
The Chase Sapphire Preferred is the better choice for when you don’t plan to spend as much on your card, but if you’re a serious foodie that keeps Uber Eats and Grubhub on refresh, Amex Gold could be better for you. Amex rewards cardholders with a $120 dining credit valid at Grubhub, Seamless, and other retailers. There is also a $10 monthly credit that you can use for Uber or Uber Eats cash, up to $120 per year. Plus, cardholders get exclusive access to American Express Preferred Seating and Presale programs.
Chase gives half the rewards that Amex allows, with just 2x the points on flights, as well as dining and groceries. To work off all of those delectable treats, Chase contributes to your Peloton membership with a credit of up to $120 toward a Digital or All-Access plan. Chase also offers its Sapphire customers a 1:1 Point Transfer with the Chase Ultimate Rewards program. This gives you full value when transferring points to participating loyalty programs from leading airlines and hotels. You can roam safely with included travel accident insurance that features up to $1 million in accidental death or dismemberment coverage.
| American Express Gold Card | Chase Sapphire Preferred | |
|---|---|---|
| Annual fee | $250; up to 6 additional cardholders free | $95 |
| Signup bonus | 75,000 bonus points after $4,000 in purchases during first six months | 80,000 bonus points after $4,000 in purchases during first three months |
| Travel rewards | 3x | 2x |
| Dining rewards | 4x | 2x |
| Regular purchase rewards | 1x | 1x |
| Grocery rewards | 4x points on up to $25,000 in purchases per year | $50 first-year grocery store credit |
| Additional credits | $10 monthly credit (up to $120 annually) in Uber or Uber Eats cash $120 dining credit with Grubhub, Seamless, and other retailers; Access to American Express Preferred Seating and Presale | Up to $60 on Peloton Digital or All-Access membership through 12/31/2021 |
Amex Gold vs. Chase Sapphire Preferred: Intro Offer
With Amex, you get fewer points but more time to earn, with 75,000 points awarded after $4,000 in purchases within your first six months. This is double the time of the Chase Sapphire Preferred and yet nearly all of the same points. With the Chase Sapphire Preferred, you receive 80,000 bonus points but must spend a minimum of $4,000 in purchases within your first three months of having the card.
Chase also offers an additional perk when you trade in your points using the Chase Ultimate Rewards program. Instead of the typical 1:1 rate, you can earn $.0125 per point, or $1.25 in redemption value for 100 points. Using Chase Ultimate Rewards, you can convert your 80,000 introductory points into your choice of $1,000 in travel purchases or $800 in cash.
Amex Gold vs. Chase Sapphire Preferred: Fees
Both Amex Gold and Chase Sapphire Preferred start with a competitive APR of 15.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} to 22.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146}. They are similar in other ways, too, charging $10 or 5{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} of your total cash advance and no fees for foreign transactions, late payments, or returned payments.
However, that’s where the similarities end. Amex Gold costs significantly more in membership fees at $250 per year. In comparison, Chase Sapphire Preferred costs just $95 per year. The Amex Gold Card has a cheaper cash advance APR fee and a slightly lower cash advance APR, but it charges for returned checks where the Chase Sapphire Preferred card does not.
| Amex Gold | Chase Sapphire Preferred | |
|---|---|---|
| Annual fee | $250; up to 6 additional cardholders free | $95 |
| APR | 15.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} to 22.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} | 15.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} to 22.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} |
| Balance transfer APR | Not specified | 15.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} to 22.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} |
| Balance transfer fee | Not specified | $5 or 5{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} of the amount of each transfer, whichever is greater. |
| Cash advances | $10 or 5{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} of the amount of each transaction, whichever is greater | $10 or 5{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} of the amount of each transaction, whichever is greater |
| Foreign transaction | None | None |
| Cash advance APR | 25.24{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} | 24.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} |
| Penalty APR | 29.24{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} (Pay Over Time: Penalty APR) | Up to 29.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} |
| Late payment | Up to $40 | Up to $40 |
| Return payment | Up to $40 | Up to $40 |
| Return check | First check: $27; Subsequent checks within same billing period: $38 | None |
Amex Gold vs. Chase Sapphire Preferred: Security
Both Amex Gold and Chase Sapphire Preferred institute the latest security measures to keep both your identity and finances safe from the wrong hands. Though similar, each company specializes in its own security protocols.
American Express
Amex offers several enhanced security measures to preserve your safety.
- Contactless cards: Everyone is looking to minimize touch due to COVID-19, so Amex Gold’s contactless feature is a welcome benefit.
- Global Assist Hotline: When you travel more than 100 miles away from home, Amex is there to offer 24/7 emergency support, no matter where you are in the world.
- Shopping protection: Amex makes sure that every purchase is covered with a combined security suite of SafeKey technology, Purchase Protection, and Return Protection, so you don’t get stuck paying for items you didn’t buy.
- Identity and fraud protection: Cardholders enjoy 24/7 fraud monitoring with fraud alerts and emergency card replacement when you need it.
Chase
Chase sticks to the tried and true methods of security with these types of measures.
- Zero liability protection: Chase cardholders are not responsible for fraudulent charges thanks to zero liability protection from Chase.
- Fraud monitoring: Chase offers real-time security monitoring with instant fraud alerts via text, email, or phone.
- Chip-enhanced security: The Chase Sapphire Preferred credit card includes chip security to further protect your identity.
Frequently Asked Questions (FAQs)
Is It Worth Having Amex Gold vs. Chase Sapphire Preferred?
Amex Gold and Chase Sapphire Preferred each bring their own host of benefits, but there are some pointed differences that could make one card better suited for you than the other. Amex Gold comes with more benefits, but it also costs more, making it better suited for those who spend and travel frequently. Regardless, both of these cards are a great fit when you enjoy travel and dining.
Will Amex Gold or Chase Sapphire Preferred Waive the Annual Fee?
American Express does not waive the annual fee, but its rewards program helps to cover some of that cost. To help, there are no additional charges when you have extra authorized users. Chase does offer some military discounts for active-duty military and veterans, which can help offset the annual fee.
What Credit Score Do You Need for Chase Sapphire Preferred?
To become approved for Chase Sapphire Preferred, it is typically recommended that applicants have a minimum credit score of 640. However, credit card companies also consider other factors like your credit history, employment, and annual income before deciding whether to approve an application or not.
How Does the Amex Gold Credit Limit Work?
There is no preset spending limit on Amex Gold, which means that there is no specific maximum amount that you can spend on your card. Instead, American Express will assess your account on a regular basis, using your spending habits, credit, and payment history to determine a suitable amount for your card.
How We Evaluated Amex Gold vs. Chase Sapphire Preferred
In comparing Amex Gold and Chase Sapphire Preferred, we took a deep dive into the best and worst of what these cards have to offer. We looked at not only the introductory offers each card has, but we also considered what rewards you can enjoy once you are no longer a brand-new customer. We considered fees, including APRs and transaction fees. Finally, we checked security protocols to ensure that your finances are safely secured even when you are not using your card. When deciding between Amex Gold and Chase Sapphire Preferred, you can be sure that our expert research and analysis can help you make the right decision.
