Amex Gold Card vs. Chase Sapphire Preferred: Both Have Their Places, but Gold Shines a Bit Brighter

I keep both of these cards in my collection, as they serve different roles. But if you're not interested in paying for both, Amex Gold vs. Chase Sapphire Preferred is a tight battle.

Thanks to more flexible credits and higher rewards rates, I have to give the win to the American Express® Gold Card. It's not a landslide victory, however, and there's definitely a case for choosing the Chase Sapphire Preferred® Card. I'll look at both sides below.

You might fork over less cash for the Chase Sapphire Preferred® Card, but you may have to try a bit harder to get that fee back. The American Express® Gold Card (see rates and fees) makes it simple to cut your effective fee to about $10 -- and that's before we talk about the rewards.

The purchase rewards definitely give the American Express® Gold Card its edge in this battle. You get 4X points per $1 in two huge purchase categories: dining and groceries (terms apply). Its Chase competitor earns just 3X points on dining, and only earns bonus rewards for online groceries.

Besides my mortgage, groceries and dining are my two largest expenses. My Amex card has a permanent place in my wallet.

Although the Chase Sapphire Preferred has generally lower rewards rates, the broader travel rewards category, plus the inclusion of a streaming category, make this a more suitable card for a one-card wallet. (That said, I'd still pair it with something like the Chase Freedom Unlimited® or another flat-rate card.)

You may also simply have a preference for the Chase Ultimate Rewards ecosystem over the Amex Membership Rewards program. The Ultimate Rewards program has some travel partners that Amex lacks (and vice versa), so which brands you prefer could play a role in which rewards program you want to focus on.

With such a close fight, it can help to break things down on a categorical level. Let's see some details.

Amex Gold Card vs. Chase Sapphire Preferred annual fee 

Yes, the Chase Sapphire Preferred® Card's $95 annual fee is less than half the $250 you pay for the American Express® Gold Card (see rates and fees). But that's not the full story. The interesting part is how much of that fee you can make up with credits.

The American Express® Gold Card has two monthly statement credits that, when maximized, cut your effective annual fee down by $240. If you already use Uber (or UberEats, in my case) and GrubHub, these credits are easy to use organically, which makes them worth more or less full value (terms apply).

The Chase Sapphire Preferred offers a few credits, but the most valuable one -- the quarterly Instacart credit -- expires in July 2024. There is also the annual $50 hotel credit for Chase Travel bookings, which could cut your annual fee in half. Unfortunately, my personal (negative) Chase Travel experience soured my desire to go after that credit anymore.

Winner: Amex Gold Card

Amex Gold Card vs. Chase Sapphire Preferred welcome offer 

The outcome of this category varies a ton based on two factors:

• How good of an offer you can find, and;
• Whether you prefer Membership Rewards points or Ultimate Rewards points.

For the first point, both Amex and Chase welcome offers vary based on everything from the browser you use to the time of year to whether you have a referral link. I've seen both cards offer 100,000-point welcome offers at various times, so it's a matter of luck more than anything.

As to the second point, only you can decide which rewards program better fits your travel needs. I've transferred both types of rewards with no issues, and I happily collect both currencies to this day.

Winner: Tie

Amex Gold Card vs. Chase Sapphire Preferred intro APR 

Neither card has any kind of intro APR offer, so everyone loses this round.

Winner: Nobody

Amex Gold Card vs. Chase Sapphire Preferred rewards 

From a maximization standpoint, the American Express® Gold Card wins. You can earn:

• 4X points on dining, including takeout and delivery
• 4X points at U.S. grocery stores (on first $25,000 in grocery purchases per year)
• 3X points on flights purchased with the airline or through Amex Travel
• 1X points on other purchases
• Terms apply

Most folks probably spend a good chunk of their budget on food, and these are some of the best rates on dining and groceries I've seen. 

On the other hand, the Chase Sapphire Preferred® Card has more bonus rewards categories, giving you broader coverage. The rates are much lower for everything except Chase Travel, however:

• 5X points on travel purchased through Chase Travel℠
• 3X points on dining
• 3X points on select streaming services
• 3X points on online groceries
• 2X on travel purchases
• 1X on other purchases

I personally don't put much value on the rewards for Chase Travel, as I don't care for the portal. But if you like Chase Travel, this could give the Chase Sapphire Preferred® Card more of an edge here.

Winner: American Express® Gold Card

For ease of use and sheer rewards volume, the American Express® Gold Card scores the victory. If you're put off by the annual fee -- or the extra steps to get it back -- or want a simpler one-card wallet strategy, the Chase Sapphire Preferred® Card is still a great option.

Personally, I use these two credit cards together. Non-airline travel and streaming purchases go on my Chase card, and groceries and dining on my Amex. Judicious use of credits keeps my fees down, and I enjoy having access to both rewards ecosystems.