Amex Gold Card vs. Bank of America Premium Rewards Card [Detailed Comparison]

We’re big fans of earning rewards not just on major purchases but also on regular purchases such as dining and groceries. Those everyday purchases add up, and so do the associated rewards.

To maximize earning rewards on frequent purchases, you’ll need a card that matches your spending mix and highest expenses. Today, we’ve chosen 2 popular cards that earn elevated rewards on common purchases such as dining, supermarkets, and travel.

The American Express^® Gold Card and the Bank of America^® Premium Rewards^® credit card, in addition to having strong earning potential, come with several useful travel and shopping protections and benefits.

Next, we’ll review all the key features and card benefits, making it easier to determine the better card for you.

Overview

Before we expand on the key features and benefits of the Amex Gold card and the Bank of America Premium Rewards card, a summary can be helpful for a quick comparison.

Briefly, here’s how our featured cards compare side-by-side:

Welcome Offer Comparison

Card welcome offers allow you to earn a bonus, typically worth hundreds of dollars, during the period immediately following card approval. These offers are unique opportunities to earn a large amount of rewards in a short period.

To qualify for the bonus, you must meet minimum spending requirements during the specified period.

Both the Amex Gold card and Bank of America Premium Rewards card have welcome offers. As these offers vary, you’ll want to review the most current offers below before applying.

BEST FOR DINING

Terms Apply / Rates & Fees

American Express^® Gold Card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

This is the best card for food lovers who dine out at restaurants (worldwide), order take-out and want big rewards at U.S. supermarkets!

Learn More(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

American Express^® Gold Card

This is the best card for food lovers who dine out at restaurants (worldwide), order take-out and want big rewards at U.S. supermarkets!

Welcome Offer

Earn 60,000 Membership Rewards^® points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

60,000 points

UP's Bonus Valuation*:

$1,200

Annual Fee

$325

APR

See Pay Over Time APR

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent (670-850)

Why We Like This Card

The American Express^® Gold Card is a game-changer.

With this card, you can earn 4x Membership Rewards points at restaurants, up to $50,000 per calendar year, and you’ll also earn 4x Membership Rewards points at U.S. supermarkets on up to $25,000 per calendar year, then 1x.

There isn’t another card on the market that offers a 1-2 punch like this. Of course, there are several other benefits of the Gold Card as well, including extra monthly dining rewards and more.

Pros & Cons

Pros

• 4x points per dollar at restaurants worldwide, up to $50,000 per calendar year; then 1x thereafter
• 4x points per dollar at U.S. supermarkets, up to $25,000 per calendar year; then 1x thereafter
• 3x points per dollar on flights purchased directly from airlines or at AmexTravel.com

Cons

• $325 annual fee (rates and fees)
• No lounge access

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Card Highlights

• Earn 60,000 Membership Rewards^® points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
• Earn 4X Membership Rewards^® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 4X Membership Rewards^® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
• Earn 3X Membership Rewards^® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
• Earn 2X Membership Rewards^® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
• Earn 1X Membership Rewards^® point per dollar spent on all other eligible purchases.
• $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
• $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express^® Gold Card at U.S. Dunkin' locations.
• $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express^® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
• $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express^® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
• Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges with every booking of two nights or more through AmexTravel.com. Eligible charges vary by property.
• No Foreign Transaction Fees.
• Annual Fee is $325.
• Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
• Terms Apply.

Financial Snapshot

• APR: See Pay Over Time APR
• Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

Bank of America^® Premium Rewards^® credit card

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Bank of America Premium Rewards card is a great travel rewards card for those looking for a simple approach to earning and redeeming rewards.

Bank of America^® Premium Rewards^® credit card

The Bank of America Premium Rewards card is a great travel rewards card for those looking for a simple approach to earning and redeeming rewards.

Welcome Offer

Earn 60,000 bonus points after you spend at least $4,000 in purchases in the first 90 days of account opening.

60,000 points

UP's Bonus Valuation*:

$600

Annual Fee

$95

APR

20.24% - 27.24% Variable

Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent (670-850)

Why We Like This Card

The Bank of America^® Premium Rewards^® credit card is a great option for anyone looking for a travel rewards card with a simple approach to how you earn and redeem your rewards.

From travel and purchase protections to airline incidental and Global Entry credits, there is plenty to love about the Bank of America Premium Rewards card.

Plus, those that hold status in the Bank of America Preferred Rewards program can get even more value from the card by boosting their rewards by 25% to 75%!

Pros & Cons

Pros

• 2x points per $1 on travel and dining purchases
• 1.5x points per $1 on all other purchases
• Up to $100 annual airline incidental statement credit

Cons

• $95 annual fee
• Points are worth a fixed 1 cent per point, so it isn’t possible to get outsized redemptions via airline and hotel transfer partners

Read Full Review

Card Highlights

• Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
• Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
• If you’re a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87-2.62 points on all other purchases, for every $1 you spend.
• No limit to the points you can earn and your points don’t expire.
• Redeem for cash back as a statement credit, deposit into eligible Bank of America^® accounts, credit to eligible Merrill^® accounts, or gift cards or purchases at the Bank of America Travel Center.
• Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck^® or Global Entry Statement Credits of up to $120, every four years.
• No foreign transaction fees.
• Low $95 annual fee.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Financial Snapshot

• APR: 20.24% - 27.24% Variable
• Foreign Transaction Fees: None

Bottom Line:

The Amex Gold card and Bank of America Premium Rewards card come with generous welcome offers you can earn by meeting minimum spending requirements in the period following card approval.

Earning Potential Comparison

The Amex Gold card earns flexible Membership Rewards points on every purchase, while the Bank of America Premium Rewards card earns fixed-value points.

We’ll expand next on how rewards earned on either card can be redeemed. First, we’ll look at the earning potential for both of our featured cards.

Here’s how you’ll earn rewards when spending on your card:

The Amex Gold card comes out ahead in the earnings category if you spend up to $25,000 at the supermarket, worldwide dining, and on flights via the airline or AmexTravel.com.

If you have large expenses that don’t fall into bonus categories, the Bank of America Premium Rewards card will earn 1.5x points on those purchases versus the Amex Gold card’s 1x points. The Bank of America Premium Rewards card also earns 2x points on all eligible travel purchases, while the Amex Gold card only offers bonus earnings on flights.

A unique difference between the Amex Gold card and the Bank of America Premium Rewards card is the elevated earnings potential for customers with a current relationship with Bank of America.

Let’s look at how that relationship can affect earnings on the Bank of America Premium Rewards card.

Bank of America Preferred Rewards Program for Higher Card Earnings

Based on their current investment and deposit balances, Bank of America customers could be eligible to receive higher earning levels on their Bank of America Premium Rewards card purchases. Bank of America Preferred Rewards program status members receive the following earnings:

As a Bank of America Preferred Rewards member with Tier status, you could earn up to 75% more rewards on your Bank of America Premium Rewards card.

Earning rewards is just 1 important aspect of selecting the right rewards card for your situation. The value you receive at redemption time is also an important consideration.

Next, let’s look at your options for redeeming your rewards with our featured cards.

Bottom Line:

The Amex Gold card earns well at U.S. supermarkets and on worldwide dining. Plus, the card earns rewards on flights purchased with the airline and via AmexTravel.com. The Bank of America Premium Rewards card’s earning strength is also in travel, supermarket, and dining purchases, but earning levels aren’t as strong as the Amex Gold card. Current Bank of America customers who qualify for tier-level Bank of America Preferred Rewards bonus earnings can earn up to 75% more on those same purchases.

Redemption Options

Once you’ve earned a stash of rewards on either the Amex Gold card or Bank of America Premium Rewards card, it’s time to redeem them for something special.

At redemption time, the possibilities are many. Imagine it’s time to start planning a family vacation, and you’re able to use the rewards points you’ve earned instead of paying cash!

Here’s an overview of your options for redeeming points earned on either of our featured cards:

The Amex Gold card shines at redemption time due to the potential value of flexible Membership Rewards points. Points earned on the Bank of America Premium Rewards card have a fixed-value redemption of 1 cent each, regardless of how they’re redeemed.

Transferring Membership Rewards points to travel partners can result in far more value than 1 cent each when redeemed for flights or free hotel nights. We value Membership Rewards points at approximately 2.2 each, and Bank of America points at just 1 cent each.

Bottom Line:

The Amex Gold card earns flexible Membership Rewards points that can be redeemed for travel via AmexTravel.com or transferred to airline and hotel partners for even greater potential value. The Bank of America Premium Rewards card earns points with a fixed-value redemption value of 1 cent each but can also be redeemed for travel.

Travel Protection and Benefits Comparison

Travel protections that come with the Amex Gold card and Bank of America Premium Rewards card may provide assistance or financial relief should something go wrong during your trip.

You may also be able to utilize travel benefits to save money on specific travel-related purchases.

Here are the travel protections and benefits you’ll find on both cards.

Car Rental Insurance

Reserve and pay for your entire car rental with your card and decline the rental agency’s CDW/LDW insurance to receive secondary coverage for damage and theft. Secondary coverage means you must file a claim with any other applicable insurance before card coverage applies.

Trip Delay Insurance

If your trip is delayed more than 12 hours due to a covered loss, you could receive up to $300 per covered trip on up to 2 claims per 12-month consecutive period with the Amex Gold card. The coverage limit for the Bank of America Premium Rewards card is up to $500.

Baggage Insurance

Lost, stolen, or damaged luggage may be reimbursed up to $1,250 with the Amex Gold card. The Bank of America Premium Rewards card does not state a coverage limit.

24/7 Travel Assistance

Receive 24/7 assistance when traveling with a dedicated phone line for help arranging emergency transportation, legal or medical referrals, assistance with emergency funds, and more. The Amex Gold card’s benefit is known as Global Assist Hotline, and the Bank of America Premium Rewards card’s benefit is known as Travel and Emergency Services Assistance.

Additional Travel Advantages for Each Card

Amex Gold Card

• Access to Premium Protection Car Rental Insurance — Receive primary car rental coverage for 1 low price of $12.25 to $24.95 that covers the entire rental period, up to 42 consecutive days. Coverage must be added to your card before the rental period.
• The Hotel Collection Benefits — Use your card to reserve your stay and receive an upgraded room on arrival (when available) and a $100 experience credit to use onsite during your stay.

For more details on the travel insurance coverage that comes with the Amex Gold card, you can access our article on that topic.

Bank of America Premium Rewards Card

• Trip Cancellation and Trip Interruption — You could receive up to $2,500 for eligible non-refundable airfare should your flight be canceled or interrupted for a covered reason.
• Baggage Delay — If your bags are delayed more than 6 hours, you could receive up to $100 per day for up to 5 days for eligible incidentals. Coverage is secondary to any other baggage delay insurance.
• Roadside Dispatch — No worries if you’re stranded on the roadside, as 1 call can send road service to your location. Cardholders are responsible for the cost of services, though.
• Global Entry or TSA PreCheck Fee Reimbursement — Pay for your application or renewal fee with your card and receive reimbursement as a statement credit of up to $120, as of October 1, 2024.
• Airline Incidental Fee Credit — Pay for eligible airline incidental fees with your card and receive up to $100 in reimbursement as a statement credit.

Bottom Line:

Both the Amex Gold card and Bank of America Premium Rewards card come with car rental insurance, trip delay, baggage insurance, travel and emergency assistance, and no foreign transaction fees. In addition, the Amex Gold card has access to car rental Premium Protection and The Hotel Collection benefits. The Bank of America Premium Rewards card comes with additional trip cancellation/interruption, baggage delay, roadside dispatch, Global Entry or TSA PreCheck fee reimbursement, and a $100 airline incidental fees credit.

Shopping Protection and Benefits Comparison

The Amex Gold card and Bank of America Premium Rewards card offer several protections that can come to the rescue if something goes wrong with an eligible item.

You’ll also find several shopping benefits that can save you money on select purchases.

Here are the shopping protections and benefits you’ll find on both cards.

Purchase Protection

If an eligible item purchased with your card is damaged or stolen within 90 days of purchase, you could receive up to $10,000 per item with the Amex Gold card or $10,000 per claim with the Bank of America Premium Rewards card. Items may also be repaired or replaced.

Extended Warranty

For eligible items purchased with your card that have manufacturer’s warranties of 3 years or less, you could receive a 1-year extension with the Amex Gold card. The Bank of America Premium Rewards card doubles the manufacturer’s 3-year or less warranty, up to 1 additional year.

Extra Shopping Protection and Benefits Unique to Each Card

In addition, each card comes with its unique set of shopping protections and benefits.

Amex Gold Card

• Uber Cash — Add your Amex Gold card to your Uber account and enjoy Uber Cash credits of $10 each month, up to $120 each year. Uber Cash can be used for Uber Eats and Uber rides in the U.S.
• Dining Credit — You could receive up to $10 in statement credits each month, up to $120 each year, for purchases with Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
• New $100 Resy Credit: $100 annual statement credit ($50 semi-annually), redeemable at any U.S. Resy restaurant and other eligible Resy purchases. Enrollment required through your Amex account.
• New Dunkin’ Credit: $84 annual statement credit ($7/month), redeemable at U.S. Dunkin’ locations. Enrollment required.
• Amex Offers — Log in to your online card account and browse up to 100 Amex Offers to find money-saving or additional rewards-earning offers with select retailers or service providers. Add the offers to your card before making the associated purchase.

Bank of America Premium Rewards Card

• Return Protection — Purchase an eligible item with your card, and if the merchant will not accept the return within 90 days of the purchase date, you could receive up to $250 per claim, up to $1,000 per year.

Bottom Line:

Both the Amex Gold card and Bank of America Premium Rewards card come with purchase protection and extended warranty coverages. The Amex Gold card comes with monthly Uber Cash and dining credits as well as Amex Offers. The Bank of America Premium Rewards card also offers return protection.

Fees and Authorized Users

No Foreign Transaction Fees

Both of our featured cards travel well as neither card charges foreign transaction fees on your purchases. Here are the rates & fees for the Amex Gold card.

Annual Fees

A consideration when selecting a rewards-earning card is the annual fee amount. The Amex Gold card has an annual fee of $325 and the Bank of America Premium Rewards card has an annual fee of $95.

Additional User Fees

Adding additional users to your card can help you earn rewards faster. It may also be an opportunity to help trusted family members build credit. The Amex Gold card allows up to 5 authorized users at no charge, then $35 for each additional user after that. The Bank of America Premium Rewards card does not charge for authorized users.

Final Thoughts

A method to help you decide which is the better card for you is to start by estimating your highest projected annual purchases by category. Then, determine which card best rewards those specific purchases.

Next, review the redemption options and select the card that best matches your preferences.

To determine additional, you’ll want to read through the list of benefits and make note of the specific benefits you’ll be able to utilize and the associated value those benefits may provide. Finally, you’ll need to decide if that value outweighs any annual fee you’ll need to pay.

Once you’ve determined which card could deliver the most bottom-line value, a decision can be much easier.

If you’re a current Bank of America customer and meet the criteria for the Preferred Rewards program, the Bank of America Premium Rewards card may deserve consideration. If you can make use of the airline incidental fees benefit alone, that value can offset the annual fee.

We like that the Amex Gold card strikes a balance between a travel rewards card and an everyday spending card. We also like that the card earns flexible Membership Rewards points, which are some of the best travel rewards available.

Either card has the potential to provide plenty of value for the right cardholder.

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For the baggage insurance plan benefit of the American Express^® Gold Card, baggage insurance plan coverage can be in effect for eligible persons for eligible lost, damaged, or stolen baggage during their travel on a common carrier (e.g. plane, train, ship, or bus) when the entire fare for a common carrier vehicle ticket for the trip (one-way or round-trip) is charged to an eligible account. Coverage can be provided for up to $1,250 for carry-on baggage and up to $500 for checked baggage, in excess of coverage provided by the common carrier (e.g. plane, train, ship, or bus). For New York State residents, there is a $10,000 aggregate maximum limit for all covered persons per covered trip. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the trip delay insurance benefit of the American Express^® Gold Card, up to $300 per covered trip that is delayed for more than 12 hours; and 2 claims per eligible card per 12 consecutive month period. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

For the car rental loss and damage insurance benefit of the American Express^® Gold Card, car rental loss and damage insurance can provide coverage up to $50,000 for theft of or damage to most rental vehicles when you use your eligible card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the commercial car rental company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. geographic restrictions apply. Eligibility and benefit level varies by card. Terms, conditions and limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

For the purchase protection benefit of the American Express^® Gold Card, purchase protection is an embedded benefit of your card membership and requires no enrollment. It can help protect covered purchases made on your eligible card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the covered purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per card member account per calendar year. Coverage limits apply. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the extended warranty benefit of the American Express^® Gold Card, when an American Express^® card member charges a covered purchase to an eligible card, extended warranty can provide up to one extra year added to the original manufacturer’s warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your card for the item up to a maximum of $10,000; not to exceed $50,000 per card member account per calendar year. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the global assist hotline benefit of the American Express^® Gold Card, you can rely on Global Assist Hotline 24 hours a day / 7 days a week for medical, legal, financial or other select emergency coordination and assistance services while traveling more than 100 miles away from your home. Third-party service costs may be your responsibility. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Card Members are responsible for the costs charged by third-party service providers.