American Express is a company that has a history of making changes to its credit card portfolio, be it in increasing rewards, introducing benefits or changing annual fees. We have been registering large positive growths over the last few years, especially in the premium products such as the Platinum Card, the Business Platinum Card, which now has an astronomical price of $895 annually. Although some of these fee increases were accompanied by significant value in a package, not all cardholders were delighted.

It is now possibly becoming focused on the American Express Business Gold(r) Card and recent news has indicated that there could be an annual fee hike of the card with new benefits. This is what we have and what it might mean to those small business proprietors and regular travelers.

Possible Dynamic Fee and Novel Benefits

As per recent surveys which were distributed to some cardholders (first identified by Doctor of credit), American Express is considering a series of modifications in the Business Gold card.

The cost of the card per year has been raised to be $495 instead of 375, and the card now includes credits and benefits such as a 300-yearly ChatGPT credit, 250 in LegalZoom credits, 20-monthly Xero and Notion credits, and a 100-annual Resy credit (50 every six months).

On the cards, cardholders have the opportunity to receive 1 more point per dollar when paying bills via an Amex Business Checking account (to 50,000 points in one year) and 5 points on flights and hotels booked at Amex Travel, compared to 3 points previously.

These changes would render the Business Gold one of the most expensive mid-tier business cards on the market, however, with a strong set of tools and benefits focused on its business owners.

Why This Matters

Surveys and soft launches are common features practiced by American Express to test new features and fee plans, so the suggested changes do not have a high likelihood of actual implementation. Nevertheless, these indicators are usually made before the official announcements.

What is surprising is the rate at which Amex is revisiting the Business Gold card. The most recent significant change was made in late 2023, when the annual fee increased to $375 (previously it was 295), and new benefits were introduced. Assuming that the charge is 

increased to 495 the card would have escalated in price by almost 70 percent within a span of less than three years which is too steep of a price trend that represents a product that is at the middle and high-end range.

The Most Compelling Perks

Of all the suggested advantages, some outshine among others:

1. ChatGPT and Resy Credits

The small business owner, who might use AI to generate content and customer service or be productive, may be interested in the $300 credit of ChatGPT. The Pro plan of ChatGPT is priced at 20 USD every month, meaning that the credit would meet one year of usage.

The $100 Resy credit compliments the existing perks in the consumer Gold card, which offer a subtly but useful additional benefit to any entertainer or person hosting a team event.

Although it is useful, it is worth mentioning that these credits will not be immediately useful to all businesses. Others might be already dealing with free substitutes, and others might not use such services as LegalZoom or Notion monthly.

2. Bonus Points through Amex Business Checking

The possibility to gain more points by paying your card bill via Amex Business Checking account is one of the characteristics that may transform the value proposition of the card.

The proposed bonus would entail an addition of 1 additional point per dollar on all purchases limited to 50,000 points annually. This, should it be put into effect, would boost the 4x categories on the card to 5x on qualified expenditure, transforming normal business expenses into more lucrative possibilities.

Such a synergy in terms of Amex credit and the banking products may occur, and make the card much more attractive to frequent spenders and loyalty-oriented business owners.

Less Exciting Features

The rest of the suggested perks are less radical than radical outside of the points boost and software credits.

It is a nice addition that the Amex Travel multipliers are higher, 5x on hotels and flights, but that is not a significant value addition unless you typically book via Amex Travel. Likewise, LegalZoom, Xero, and Notion credits are primarily helpful to companies that are current on these applications; otherwise, these are potential value rather than saved money.

Together with the potential cost of the annual fee of up to 495, these benefits may not be convincing to all cardholders especially those who are more concerned with collecting points than the software subscriptions.

The Fashion: Increased Complements, Focused Perks

American Express has been working in the direction of premiumization of its business lines. The recent increases in fees on the Platinum and Business Platinum cards ( $695 to $895 / year ) have been a demonstration that it is ready to charge higher prices with tailored benefits to particular groups of users.

The Business Gold can also have the same path: increased yearly fee with niche benefits that will target tech aware and large subscription based businesses.

To cardholders, this prompts a very essential question; whether you should be willing to pay much more to enjoy targeted benefits or should you consider other business cards with less fees and simpler rewards?

Alternatives to Consider

To those who could not stomach the prospective Business Gold increase:

Chase Ink Business Preferred: $95 yearly cost, 3 points per category on selections, good travel benefits.

• Capital one Spark Miles Business: 2 miles per purchase, $95 annual fee, and easy redemption.

• American Express Blue Business: No annual fee, 2 points on every purchase under the limit of 50,000 a year.

The alternatives can offer more reliable value without an almost 500 dollar annual obligation.

Bottom Line

American Express seems to contemplate some important amendments of the Business Gold^ Card, such as the possible addition of a new annual fee of 495, new software credits, and increased points-making possibilities. Though certain aspects, including ChatGPT credits and additional points through Amex Business Checking, might be highly attractive to the target customer, the high price hike might not be logical to all.

Just like the previous Amex surveys, not all changes offered are implemented to the market. But this is a good indication that Amex is also contemplating the direction of making mid-tier business cards more profit-oriented.

Such changes, should they be implemented, would make the Business Gold one of the more expensive propositions to those in the small business who are expected to focus on niche benefits and not a blanket incentive.

The card can also be worth the money to businesses that are able to take advantage of these benefits in their entirety. On the side of others, the better plan may be to go out and seek an alternative or wait before the final announcement is made.