If you spend heavily on dining and groceries, this comparison comes down to one question: is the extra earning rate on the Amex Gold worth roughly $40 more per year after credits? For most people who actually use both cards’ credits, the answer is yes. For people who skip credits, the Chase Sapphire Preferred wins on simplicity and cost.
Here is what each card actually earns, what each credit requires, and which one fits your wallet.
The Amex Gold Card
Annual fee: $325
Earning rates (verified 2026-03-22):
- 4x at U.S. restaurants (including delivery, no cap)
- 4x at U.S. supermarkets (capped at $25,000 per year, then 1x)
- 3x on flights booked directly or through Amex Travel
- 1x on everything else
Credits that reduce the annual fee:
- $120 Uber Cash credit ($10 per month, usable for Uber Eats or Uber rides)
- $120 dining credit ($10 per month at select restaurants: Grubhub, Cheesecake Factory, Goldbelly, Wine.com, Milk Bar, select Shake Shack locations)
Net annual fee after credits: $85 per year (when both $120 credits are fully used)
The Gold earns Membership Rewards points, which transfer to a long list of airline and hotel partners including Air Canada Aeroplan, Air France/KLM Flying Blue, British Airways, Singapore Airlines, and Marriott Bonvoy. Point value varies significantly by redemption. Transfers to Aeroplan or Flying Blue for premium cabins can reach 2.0 cents per point or more.
Who the Gold Card is NOT for: Readers who won’t consistently activate the $10/month dining credit (it requires enrollment and spending at specific restaurants) or who skip the Uber Cash credit. Without using both credits, the effective annual fee rises back toward $200+, and the CSP becomes the clearly better choice.
The Chase Sapphire Preferred
Annual fee: $95
Earning rates (verified 2026-03-22):
- 5x on Chase Travel portal bookings
- 3x at restaurants
- 3x on online grocery purchases (excluding Target, Walmart, wholesale clubs)
- 3x on select streaming services
- 2x on all other travel purchases
- 1x on everything else
Credits that reduce the annual fee:
- $50 annual hotel credit via Chase Travel (must book through Chase Travel portal)
Net annual fee after credit: $45 per year (when the hotel credit is used)
The CSP earns Ultimate Rewards points, which transfer 1:1 to World of Hyatt, United Airlines, Southwest, British Airways, and others. Hyatt is the standout: 1:1 transfers to Hyatt can yield 2.0 cents per point or more at mid-range properties, making it one of the best point redemptions available at any annual fee level.
The CSP also provides primary rental car collision coverage (you pay nothing extra at the counter to activate full primary CDW), trip cancellation coverage, and no foreign transaction fees.
Who the CSP is NOT for: Readers who spend very heavily on dining and groceries ($500+ per month combined) and who will reliably activate the Gold’s credits. In that scenario, the Gold earns more in the categories that matter most and the credit-adjusted fee gap narrows to about $40.
Side-by-Side Comparison
| Category | Amex Gold | Chase Sapphire Preferred |
|---|---|---|
| Annual fee | $325 | $95 |
| Net fee (after credits) | $85 | $45 |
| Dining | 4x | 3x |
| Groceries | 4x at U.S. supermarkets (cap $25K/yr) | 3x online groceries |
| Travel | 3x flights (direct/Amex) | 2x all travel, 5x via portal |
| Streaming | 1x | 3x |
| Best transfer partner | Aeroplan, Flying Blue | World of Hyatt |
| Rental car coverage | Secondary | Primary CDW |
| Network | Amex | Visa |
The Real Fee Comparison
The Gold Card’s $325 annual fee sounds much higher, but the comparison changes once credits are factored in. Both cards offer credits that are genuinely usable for most cardholders.
The Gold’s $120 Uber Cash is delivered at $10 per month and works for both Uber rides and Uber Eats orders. If you order delivery or take rideshares occasionally, this credit uses itself. The $120 dining credit also delivers $10 per month, but the eligible restaurants are more specific (Grubhub, Cheesecake Factory, and a small list of others). This credit requires active management.
The CSP’s $50 hotel credit requires booking through Chase Travel, which limits flexibility. But $50 is easy to redeem for anyone who books even one hotel stay per year.
Net annual fee after credits: Gold at $85, CSP at $45. A $40 gap.
At $300/month in combined dining and grocery spend, the Gold earns roughly 1,200 extra points per month (1x more on $300) worth approximately $12-18 per month. That alone covers the $40 annual fee gap in 2-3 months of normal spend.
Which Card Wins by Spend Profile
Choose the Amex Gold if:
- You spend $300+ per month combined at restaurants and supermarkets
- You will consistently activate the $10/month Uber Cash and dining credits
- You want Membership Rewards access for airline transfers (Aeroplan, Flying Blue)
- You do most of your food shopping at traditional U.S. supermarkets (not Walmart, Target, or Costco)
Choose the Chase Sapphire Preferred if:
- You want one card that covers dining, travel, groceries, and streaming with no complex credit activation
- You value Hyatt transfer access (the best hotel redemption at any mid-tier card fee)
- You rent cars and want primary CDW coverage without buying extra insurance
- Your dining and grocery spend is under $200/month combined (the earning rate gap is less meaningful at lower spend)
- You are not confident you’ll use both Gold credits consistently
Bottom Line
The Amex Gold Card is the right choice for anyone who spends heavily on dining and groceries and will actually use its monthly credits. At $85 net after credits, the 4x earning rate closes the fee gap in months. The Chase Sapphire Preferred is the right choice for travelers who want Hyatt access, primary rental car coverage, and a simpler credit structure at $45 net. Either card is a strong first or second rewards card for most readers. Neither is wrong: they solve different problems.
Frequently Asked Questions
Q: Can I have both the Amex Gold and the Chase Sapphire Preferred at the same time?
A: Yes. These are cards from different issuers. Holding both is a common strategy for readers who want Gold’s 4x dining and grocery earnings paired with CSP’s 2x travel and Hyatt transfer access. You pool Membership Rewards from Gold and Ultimate Rewards from CSP separately, since they are different point currencies.
Q: What happens to the Amex Gold grocery bonus at Whole Foods?
A: Whole Foods typically codes as a U.S. supermarket and earns the Gold’s 4x grocery rate. However, if you pay via the Amazon app or Amazon One, the transaction may code as Amazon and earn 1x. To reliably earn 4x, pay with your Amex Gold as a physical card rather than through the Amazon payment method.
Q: Does the Chase Sapphire Preferred earn 3x on all grocery purchases?
A: No. The CSP earns 3x on online grocery purchases only (grocery orders placed online for delivery or pickup). In-store grocery purchases typically earn 1x unless they happen to be processed as a qualifying travel or dining charge. This is a meaningful distinction vs. the Gold’s broad 4x at any U.S. supermarket regardless of purchase method.
Q: Which card is better for international travel?
A: Both have no foreign transaction fees. The Amex Gold’s 3x on flights booked directly beats the CSP’s 2x on travel when you book flights off-portal. However, the CSP’s Visa network has broader acceptance internationally than Amex. At small merchants, guesthouses, or restaurants outside major cities, Visa acceptance is higher. For most international travelers, the CSP’s Visa network is a meaningful practical advantage.
Q: Which card has the better welcome bonus?
A: Welcome bonus offers change frequently and vary by applicant. Check current offers at the card issuer’s site before applying. Historically, both cards have offered welcome bonuses in the 60,000-100,000 point range for new cardholders. Verify current offers at the time of application.