We know what you’re thinking: Why pay hefty annual fees on two cards that earn the same type of points? Well, for us (and many others), it’s entirely worthwhile.

Indeed, the combined $1,200-plus price tag on The Platinum Card® from American Express and American Express® Gold Card can be confronting. However, the earning rates and perks on these cards differ significantly.

If you want to accelerate your earnings, maximize card benefits and protect your purchases, it can make sense to hold both the Platinum and Gold cards. Here are four reasons why.

Earn two welcome bonuses

During the first year that you have a card, the welcome bonus is one of the most valuable benefits, if not the most valuable. Between these two cards, you can earn up to 275,000 bonus Membership Rewards points:

• Amex Platinum: Find out your offer and see if you are eligible for as high as 175,000 bonus points after spending $8,000 on purchases within the first six months of card membership. (Welcome offers vary and you may not be eligible for an offer.)
• Amex Gold: Find out your offer and see if you are eligible for as high as 100,000 bonus points after spending $6,000 on purchases within the first six months of card membership. (Welcome offers vary and you may not be eligible for an offer.)

TPG’s September 2025 valuations peg American Express Membership Rewards points at 2 cents apiece, meaning these combined welcome bonuses are worth up to $5,500.

There are a couple of application restrictions to be aware of:

• You can only earn a welcome offer on each card once per lifetime.
• It’s best to apply for the Gold first and then the Platinum; if you do it the other way around, you’ll likely be ineligible to earn the Gold’s welcome offer.

Related: A complete guide to Amex’s one-bonus-per-lifetime restrictions

Accelerate your earnings

You could earn thousands of extra points each year by using the right card for each purchase. A general guide is to use the:

• Platinum for flights and hotels
• Gold for dining and groceries at U.S. supermarkets

Let’s dive into the numbers.

Using the Platinum to book flights, you’ll earn 5 points per dollar spent directly with airlines or with American Express Travel®*, compared to 3 points per dollar spent on the Amex Gold.

For prepaid hotels booked through Amex Travel, Platinum is again the way to go, earning 5 points per dollar spent instead of just 2 points per dollar spent with the Amex Gold.

Then, you’ll want to use the Amex Gold for your U.S. supermarket and dining purchases. You’ll earn 4 points per dollar spent at restaurants worldwide** and at U.S. supermarkets***. With the Platinum, you’d only earn 1 point per dollar spent in these categories.

* On up to $500,000 of these purchases per calendar year, then 1 point per dollar
** On up to $50,000 in purchases per calendar year, then 1 point per dollar
*** On up to $25,000 on purchases per calendar year, then 1 point per dollar

Related: How to earn over 300,000 points in a year

Maximize statement credits

Both cards provide annual statement credits that can put hundreds or thousands of dollars back in your pocket.

The Amex Gold’s $325 annual fee (see rates and fees) is more than offset by up to $424 in statement credits, which are mainly focused on dining, including an:

• Up to $50 semi-annual U.S. Resy statement credit: Up to $100 per calendar year to use at Resy-affiliated U.S. restaurants; no reservation required
• Up to $10 monthly dining statement credit: Up to $120 per calendar year at select merchants like Five Guys and Grubhub
• Up to $10 monthly Uber Cash^: Up to $120 per calendar year for Uber rides or Uber Eats orders in the U.S.
• Up to $7 monthly Dunkin’ statement credit: Up to $84 per calendar year at U.S. Dunkin’ locations

Enrollment is required.

^Uber Cash will only be deposited into one Uber account when you add the eligible Amex card as a payment method and redeem with any Amex card.

Meanwhile, the Amex Platinum’s high $895 annual fee (see rates and fees) can be more than offset by its statement credits, as long as you maximize all of them. If you use all of the credits, the value is over $3,500. The majority are travel- and lifestyle-focused, with some of our favorites being an:

• Up to $300 semi-annual hotel statement credit each calendar year: Up to $600 per calendar year to offset prepaid bookings with Amex Fine Hotels + Resorts or The Hotel Collection (minimum two-night stay for THC)
• Up to $209 annual Clear Plus statement credit every calendar year: To cover your annual Clear Plus membership (subject to auto-renewal)
• Up to $200 annual airline fee statement credit per calendar year: With one eligible airline of your choice
• Up to $200 annual Oura statement credit each calendar year: This credit can only be applied to hardware purchases and not subscriptions
• Up to $155 annual Walmart+ statement credit every calendar year: Walmart+ includes Paramount+ or Peacock, so don’t use your digital entertainment credit on a subscription. Separate enrollment is required for the Paramount+ or Peacock subscription
• Up to $120 Uber One membership credit per calendar year: Up to a $120 statement credit that fully covers an auto-renewing $96 annual or $9.99 monthly membership to Uber One
• Up to $100 quarterly Resy statement credit: Up to $400 each calendar year to use at U.S. Resy restaurants
• Up to $75 quarterly Lululemon statement credit: Valid at U.S. stores (excluding outlets) and online; up to $300 each calendar year
• Up to $50 semi-annual Saks statement credit: Up to $100 per calendar year to use at Saks
• Up to $25 monthly digital entertainment statement credit: Up to $300 per calendar year for subscriptions to streaming platforms, including Disney+, Disney+ Bundle, Paramount+, Peacock, YouTube Premium and YouTube TV subscriptions
• Up to $15 monthly Uber Cash^: For Uber rides or Uber Eats orders in the U.S.; bonus up to $20 in December (for a total of up to $35 that month); up to $200 each calendar year

Enrollment required for several credits; terms apply.

Plus, if you travel frequently, eligible Amex Platinum cardmembers receive unrivaled lounge access to the Global Lounge Collection. Between the lounge access from the Amex Platinum and the statement credits offered on both cards, these two cards create an excellent combo.

Related: American Express Gold vs. American Express Platinum: Which one is right for you?

Protect your purchases and travel

Both the American Express Platinum and Gold cards offer extended warranty and purchase protection benefits.

However, the Amex Platinum card offers more comprehensive protection benefits, especially for frequent travelers, while the Amex Gold card provides more limited coverage.

The shopping and travel protections that the Amex Platinum offers (but the Amex Gold doesn’t) include:

• Cellphone protection*
• Emergency medical transportation (if coordinated by the benefit administrator)
• Trip cancellation and interruption insurance*
• Trip delay insurance*
• Higher coverage for car rental loss and damage insurance**

*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.
**Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

When it doesn’t make sense

Holding both the Amex Platinum and Amex Gold may not be cost-effective for everyone. Consider the following:

• Lounge access: If you rarely use airport lounges or won’t spend enough on the Platinum to unlock guest access, you may not get enough value from the card.
• Grocery purchases: If you primarily shop at big-box retailers like Walmart or Target, or through grocery delivery services that don’t code as “supermarkets”, you might not earn bonus points in these categories on the Gold.
• Statement credits: Assess whether you already spend on services like Grubhub and Uber that you’ll receive statement credits for. If not, you may end up spending unnecessarily to “save” money.

Bottom line

The Amex Gold card’s lower annual fee and bonus points on dining and groceries may suit many users, while the Platinum card’s higher fee is worth it for those who can maximize its travel perks.

Combining both cards can boost your Amex points balance, elevate your travels and offset your spending on lifestyle purchases.

To learn more, read our full reviews of the Amex Platinum and Amex Gold cards.

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Apply here: Amex Gold
Apply here: Amex Platinum

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For rates and fees of the Amex Platinum Card, please click here.
For rates and fees of the Amex Gold Card, please click here.