Millennials and Gen Z Will Love the Amex Gold Card as Much as Their Parents

American Express Checking Account Rewards, American Express rewards

American Express Launches a Checking Account with Big Rewards

The American Express Gold Card has new rewards benefits in travel and dining—both popular categories favored by Millennials and Gen Z. These changes follow a June study from the company, which found that 76% of Millennial and Gen Z respondents dined out at least two to three times per month, and 70% were interested in a credit card that offered hotel benefits.

Two Added Statement Credits and Travel Enhancement

New membership offers

With the added rewards and enhancements, the Gold Card fee will increase from $250 to $325 (a 30% rise) starting in October. For cardmembers worried about the value of the card with the new annual fee, the $75 increase will be offset by added statement credits, as long as they are used. The Gold Card is great for those that spend heavily on groceries or dining, and even better for those who take advantage of the statement credits.

As noted by the WSJ, the Gen Z and Millennial customer base typically has higher income and credit scores than average. Building a relationship with this customer base increases the likelihood of cross-selling other services like online checking and savings accounts and personal loans. The Gold Card can also be seen as a steppingstone product on the way to a Platinum Card—seen by many as the pinnacle consumer card from American Express.

The company also appears to be further leveraging its acquisition of Resy (acquired in 2019) to be used for card rewards. The first statement credits from Resy appeared on the Delta SkyMiles Platinum and Reserve Card, and are now included on the Gold Card. I expect we will see a Resy statement credit on the Platinum Card at some point in the future as it already includes Global Dining Access by Resy. 

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