Amex Business Gold Review: Is the $375 Fee Worth It in 2026?

Key Points:

• The Amex Business Gold earns 4X Membership Rewards in your top two spending categories monthly, but the $375 annual fee requires strategic use of credits to justify keeping long-term.
• Up to $545 in annual credits ($240 flexible business credit, $150 Squarespace, $155 Walmart+) can offset the fee, but only if you actually use these benefits.
• This card excels as a signup bonus target with frequently available offers of 130K-200K points, making it valuable even if you don't keep it past year one.

The American Express Business Gold Card has transformed dramatically over the past 18 months. What started as a straightforward 4X earning card morphed into a credit-laden product with an annual fee that jumped from $295 to $375. The question isn't whether this card can work for someone (it can), but whether it works for you specifically.

Here's what you need to know to make that call.

Current Welcome Offer and Why It Matters

As of February 2026, the public offer on the Amex Business Gold sits at 100,000 Membership Rewards points after $15,000 spend in three months. However, targeted and referral offers frequently reach 130K-200K points, making this one of the most lucrative business card bonuses available.

Why this matters: At our valuation of 1.6 cents per Membership Rewards point, even the base 100K offer delivers $1,600 in value. That's a strong first-year return before you touch a single earning category or credit.

The card's real advantage? Amex has been generous with repeat bonuses on this product. Many cardholders report successfully getting approved multiple times using "no lifetime language" offers, bypassing Amex's typical once-per-lifetime bonus restriction.

What You're Actually Getting: The Good, The Bad, and The Coupon-y

The Good: Elite Earning Categories

The Business Gold delivers 4X Membership Rewards in your top two combined spending categories each billing cycle, up to $150,000 per year. After that, you drop to 1X.

Eligible 4X categories:

• U.S. restaurants (including takeout and delivery)
• U.S. gas stations (excluding warehouse clubs like Costco and Sam's Club)
• U.S. advertising purchases in select media
• Electronic goods retailers or U.S. software/cloud providers
• Wireless phone service (direct charges from U.S. providers)
• Transit (rideshares, trains, parking, tolls, taxis, ferries, subways, buses)

The card automatically selects your top two categories based on spend, then you earn 4X on all eligible purchases in those categories that month. If you spend $3,000 on restaurants and $2,000 on gas in January, both categories earn 4X for that entire month.

What this means in practice: Someone spending $5,000/month on restaurants and $3,000 on gas earns 384,000 points annually (4X on $96,000) before hitting the cap. At 1.6 cents per point, that's $6,144 in value, or roughly 6.1% back. That crushes most cash back business cards for concentrated spending.

The Bad: Credits That Feel Like Homework

The Business Gold includes up to $545 in annual credits, but they're spread across multiple monthly and annual benefits that require active management:

$240 Flexible Business Credit ($20/month)

• Works at: U.S. FedEx locations, Grubhub, office supply stores (Staples, Office Depot, OfficeMax)
• Enrollment required
• Resets monthly (unused credits don't roll over)

$150 Squarespace Annual Credit

• Covers website hosting, domain registration, email marketing
• Calendar year basis
• Enrollment required

Up to $155 Walmart+ Credit

• Covers monthly Walmart+ membership ($12.95/month + taxes)
• Must pay with the Business Gold
• Annual value: approximately $155

The reality check: These credits can legitimately offset the $375 annual fee if you use them. But they require effort. You need to remember to buy a $20 gift card at Staples monthly, actually want Walmart+, and have a use for Squarespace.

Many cardholders find the office supply credit easiest to maximize since you can purchase third-party gift cards (Amazon, restaurants, etc.) to hit the $20 threshold each month.

The Coupon-y: Why This Fee Structure Frustrates Some

Unlike cards with clear annual travel credits (like the $300 Chase Sapphire Reserve credit for any travel purchase), the Business Gold's benefits feel more like manufacturer's coupons. You can't just naturally spend your way into value; you need to actively hunt for it.

This works great if you're organized and enjoy optimization. It's exhausting if you want simplicity.

Who Should Get This Card (And Who Shouldn't)

You're an ideal candidate if you:

• Spend heavily in restaurants, gas, or advertising (the most common 4X categories)
• Can use the monthly $20 office supply credit without forcing it
• Want Walmart+ membership anyway
• Value Membership Rewards and transfer them to airline partners
• Run an actual business with software/cloud subscriptions
• Want to accumulate points for premium cabin travel

Skip this card if you:

• Prefer cash back over transferable points
• Don't spend meaningfully in any 4X category
• Find monthly credits tedious rather than valuable
• Already have better earning rates elsewhere (like the Amex Blue Business Plus for uncapped 2X)
• Want premium perks like lounge access (get the Business Platinum instead)

The Math: Does This Card Pay for Itself?

Let's run three realistic scenarios:

Scenario 1: Maximum credit user

• Uses all $240 office supply credits: $240
• Uses Walmart+ membership: $155
• Uses $150 Squarespace credit: $150
• Total credits: $545
• Net benefit after $375 fee: $170 profit

Scenario 2: Practical optimizer

• Uses $180 office supply credits (9 months): $180
• Uses Walmart+ membership: $155
• Doesn't use Squarespace: $0
• Total credits: $335
• Net cost after $375 fee: -$40

Scenario 3: Earning category focused

• Uses minimal credits: $100
• Spends $4,000/month in top categories: 192,000 points annually
• Compared to 1X baseline: 144,000 bonus points = $2,304 value
• Net benefit after fees: Massive

The card only "pays for itself" through credits if you're disciplined. It massively justifies itself through earning categories if you have concentrated business spending.

How This Card Stacks Up: Competitive Context

vs. Chase Ink Business Preferred

• Chase: 3X on travel, shipping, internet/cable/phone, advertising (up to $150K combined)
• Amex: 4X but categories vary monthly based on spend
• Winner: Depends on your business. Consulting/service businesses often prefer Chase's fixed categories; restaurants and gas-heavy businesses prefer Amex's higher rate.

vs. Amex Blue Business Plus

• BBPlus: 2X on everything up to $50K annually, no annual fee
• Biz Gold: 4X in top two categories up to $150K, $375 fee
• Winner: BBPlus for diversified spending under $50K; Biz Gold for concentrated spending in eligible categories.

vs. Capital One Spark Cash Plus

• Spark: 2% cash back on everything, $150 annual fee
• Biz Gold: 4X points in top categories, $375 fee
• Winner: Spark for simplicity and guaranteed value; Biz Gold for higher potential returns if you transfer points to airlines.

Membership Rewards: Why These Points Matter

The Business Gold earns American Express Membership Rewards, which we value at 1.6 cents each. That valuation comes from transfer options, not Amex's portal.

Top airline transfer partners:

• Air Canada Aeroplan (excellent for business class to Europe and Asia)
• Air France/KLM Flying Blue (monthly Promo Awards offer incredible value)
• ANA Mileage Club (around-the-world business class awards)
• Avianca LifeMiles (no fuel surcharges, mixed-cabin pricing saves points)
• British Airways Avios (outstanding for short-haul domestic flights on Alaska/American)
• Virgin Atlantic Flying Club (ANA first class to Japan sweet spots)

Transfer ratio: 1:1 to all airline partners

Best uses: Long-haul business and first class redemptions where you'd get 2-3+ cents per point in value

If you're not interested in redeeming for premium travel through transfer partners, this card offers less value. Stick with cash-back alternatives instead.

The Keeper Question: Should You Keep This Past Year One?

This is where it gets interesting. The Business Gold is one of the easier Amex business cards to get repeatedly with welcome bonuses, often appearing with "no lifetime language" that allows multiple bonuses.

The cancel-and-rechurn strategy:

• Get the card for the welcome bonus
• Use it for one year to maximize the signup value
• Cancel before the second annual fee
• Watch for another offer 90+ days later
• Repeat when a strong offer appears

The keeper strategy:

• You genuinely spend $3,000+ monthly in 4X categories
• You actually use all three credit categories
• You value having a high-earning Membership Rewards card for business spending
• You don't want to manage opening/closing cards frequently

For most Points Party readers, the cancel-and-rechurn approach maximizes value unless you have heavy restaurant or gas spending through your business.

Additional Benefits Worth Knowing

Beyond earning and credits, the Business Gold includes:

Travel protections:

• Secondary rental car coverage (domestically and internationally)
• Trip delay reimbursement ($300 per trip for delays 6+ hours)
• Baggage insurance (up to $1,250 carry-on, $500 checked)

Purchase protections:

• Extended warranty (adds one year to warranties 5 years or less)
• Purchase protection (90 days against damage/theft, up to $1,000/claim)
• Cell phone insurance ($800/claim, $50 deductible, 2 claims/year max)

Amex Hotel Collection:

• Book 2+ nights through Amex Travel's Hotel Collection
• Get $100 property credit at participating hotels
• Useful perk but limited hotel selection compared to Platinum cards

These benefits are solid but not premium-tier. You're not getting Centurion Lounge access, airline status, or hotel elite status like you would with the Business Platinum.

The Fine Print That Matters

Authorized users: $95 for the first five cards, $95 each additionalForeign transaction fees: NonePayment flexibility: Charge card structure (pay in full) with Pay Over Time option for eligible purchases4X spending cap: $150,000 per calendar year, then 1X

Important exclusions:

• Gas purchases at warehouse clubs (Costco, Sam's Club, BJ's) don't earn 4X even though they sell gas
• Restaurant spending must be at U.S. locations
• Wireless charges must come directly from a U.S. wireless provider (not third-party resellers)

Bottom Line: The Verdict for 2026

The Amex Business Gold is an excellent signup bonus target and a potentially valuable keeper card for businesses with concentrated spending in restaurants, gas, or advertising. The 4X earning rate in two categories beats most competitors, and Membership Rewards transfer options create genuine value for travelers.

However, the $375 annual fee only makes sense long-term if you either:

1. Maximize the annual credits (realistic with effort), or
2. Have significant monthly spending in eligible 4X categories

For most business owners, this card delivers outsized first-year value from the welcome bonus, then becomes a strategic decision about whether your spending patterns and credit usage justify keeping it versus churning it for another bonus later.

The card isn't perfect (those monthly credits feel tedious), but it's hard to beat if restaurants and gas represent major business expenses for you.

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