American Express Gold Charge Card

Amex Gold Charge Card

Gold card from Amex is a must have card due to its unique features and benefits. I’m using this card for last 4 years without annual fee – yes you read it correct, I’ve explained below how will it come to you free of cost.

CF Score 5/5

Highlights

  • 4000 welcome rewards on joining.
  • 1 Rewards points per Rs. 50 on all spent except Fuel, Insurance, Utilities and Cash
  • 1000 Bonus rewards every month on using your card 6 times for Rs. 1000 and more.
  • 5000 rewards on renewal (only if renewal fee paid)
  • Redeem your Points from the fabulous 18 and 24 Karat Gold Collection which brings a redemption rate of 41 paise per reward.
    • 18K Gold collection – Redeem 18000 Rewards for;
      • Rs. 7,500 Statement Credit (41.6 paisa for one reward)
      • Amazon Voucher worth Rs. 8,000 (44.4 paisa for one reward)
      • Tanishq Voucher worth Rs. 7,500
    • 24K Gold Collection – Redeem 24000 rewards for;
      • Rs. 10,000 Statement Credit (41.6 paisa for one reward)
      • Travel vouchers worth Rs. 11,000 (45.8 paisa for one reward)
  • Excellent customer service. Very polite and expert agents deployed for customer service and hold time is also less than a minute.
  • No Pre-set spending limit – Here the meaning of “no limit” doesn’t mean that you can spend unlimited. They use to assign a virtual limit based on your spending patterns month by month. For example, you spent 1 Lakh for first month and paid on time – next month you can spend ~2 Lakh or more and so on. They keep on increasing the assigned limit.
  • It is a Charge Card and not a Credit Card. On the monthly statement – nowhere mentioned as Credit limit. Also EMI option is not available for charges taken on the card.

Joining/Annual Fee

  • Joining Fee 1,000 +GST which brings 4000 RP
  • Renewal Fee 4,500 +GST which brings 5000 RP

Application Process

Application process for new card at Amex is just awesome, below example will explain all;

  • Day 1 – An Amex card sales team met me outside HyperCity and explained me detailed benefits/tnc. I signed the form and submitted a copy of PAN and DL (we usually keep it in our pocket). Got an SMS from Amex within one hour as your application is conditionally approved.
  • Day 2 – I was requested to submit latest 2 month payslip and account statement, they arranged a pickup and I submitted.
  • Day 4 – Got a verification call from Amex explaining fee/charges and benefits and took my confirmation on recorded line
  • Day 7 – Aha! Card delivered at my doorstep on seventh working day of application.

The only condition is annual income should be 6 Lakh and above with no Cibil defaults.

Ultimate Rewards Program

Use your card 6 times a month for minimum 1000 each transaction and get additional 1000 bonus points apart from regular reward points. An example of a basic spending (only 1000*6 per month) in year.

  • Joining rewards points – 4000 RP
  • Month bonus rewards – 12000 RP
  • Take 2 supplementary card (free) – 2000 RP   (Offer comes time to time)

So here you end up paying 72000 (6,000 monthly) in year and earned a total of 18,000 RP which can be redeemed for 18K Gold collection. If you are redeeming it for 7,500 statement credit – it brings you more than 10% return.

Currently, bonus rewards offer on supplementary card is not available but one can still get 2000 RP by applying through a referral link. Apply from below link to get additional 2000 RP apart from 4000 joining rewards. So total joining perk will be 6000 rewards. 🙂

How to make it LTF (Life time free)

As I mentioned the customer service at Amex is excellent and they do their best to retain their good customers.

I used my card for a 11.5 month and during that period I earned 18K points (as per above calculation) and redeemed it for Rs 7,500 Credit against card outstanding. Later I decided to close this card as I was going to be charged for Rs. 4,500 for next year fee – I called Amex helpline and expressed my desire to close the card due to annual fee, but I was surprised to get offered for 100% waver on renewal fee (note- no renewal bonus points in this case). And since then It’s 4 years I’m using this card free of cost, just need to make a call after the renewal fee billed to the statement and request them to reverse the annual fee and taxes. 

Disadvantages
While American express cards are widely accepted for online merchants, you may be denied at some of offline store (small store/shops) for acceptance of this card. This is because high transaction charges levied to merchant by Amex. But all big malls/stores accept the Amex cards.

No EMI facility, being it a Charge card.

Amex do not report the Credit Limit (or High utilisation) to Cibil – It just reports current due amount, payment history and other info. Click here to know more about Cibil –

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