American Express Just Created The Ultimate Restaurant Card

Last week’s rumor becomes today’s breaking news. Today, American Express officially announced a rebrand of their Premier Rewards Gold Card — now simply American Express Gold — with a host of exciting new benefits. Also, there’s a rose  gold colored card (offered expired no longer available).

Significantly, American Express is blowing away just about every other card on the market in rewards on two major spending categories: four points per dollar spent at restaurants worldwide and US supermarkets.

Offsetting the card’s $250 fee (See Rates & Fees) is a $120 worth of annual dining credits, dished out in $10 per month statement credits at Shake Shack locations, The Cheesecake Factory, Ruth’s Chris Steak House and Grubhub or Seamless. There’s a nice 35,000 point intro bonus after new cardholders spend $2,000 in three months.

This card now becomes the most lucrative for frequent restaurant-goers and grocery-shoppers, with an amazing return on spend. Not only are these purchases earning four points per dollar, redeemable for travel at 1.25¢ each, Membership Rewards points which can be transferred to 17 airline frequent flyer programs and three hotel partners.

This redesign is a clear attack on the Chase Sapphire Reserve. Not only are you getting one more point per dollar spent on dining worldwide (4x vs. 3x),  but also groceries at US locations receive a whopping three more points per dollar spent (4x vs. 1x).

And including Grubhub/Seamless in the dining credit is a huge win in attracting urbanites who are more likely to use delivery food services.

What’s the Annual Fee?

There is a $250 annual fee, up from $195, which is not waived for the first year. The increase is understandable considering the new benefits that this card offers. If you can make use of it, the $120 dining credit alone makes the slight increase worthwhile.

Who’s Eligible?

Although rebranded as the American Express Gold Card, this won’t be considered a new product, and anyone who has owned the Premier Rewards Gold card in the past won’t be eligible for the welcome bonus. However, with the added benefits, it may be a worthwhile addition even without a welcome bonus. On paper, $220 of the $250 is covered by both the dining and airline credits. Additionally, Amex is luring in the millennial crowd with a subtle-yet-gorgeous rose gold card available through 1/9/19 (offered expired, Rose Gold no longer available).

The Upshot

While the Gold card seems to be marketed towards a younger crowd that values domestic eats over international travel, it can be a valuable addition for anyone that wants a stellar return on dining out and groceries. American Express might have a real winner on its hands here.