Should I have both Amex Gold and Platinum?

When It Makes Sense

• Good fit: You are a frequent traveler who spends heavily on dining, groceries, and airline‑affiliated purchases. The Gold card’s 4x points on dining and supermarkets pairs well with the Platinum’s 5x points on flights booked directly with airlines or through Amex Travel, letting you capture high‑value points across multiple categories.
• Good fit: You can comfortably cover both annual fees and have a strategy to redeem points for premium travel experiences (e.g., flights, hotel upgrades, or the $200 airline fee credit). If you already leverage the Platinum’s lounge access and the Gold’s dining credits, the combined suite of benefits may outweigh the cost.

When You Should Avoid It

• Warning sign: Your annual spend is modest (under $20,000) and you mainly use a single card for everyday purchases. The combined $250 (Gold) plus $695 (Platinum) annual fees could erode any points earned, making the dual‑card approach financially inefficient.
• Warning sign: You struggle to keep track of multiple credit‑card reward structures, expiration dates, and credit‑limit management. Adding a second premium card can increase the risk of missed payments, higher credit utilization, and potential impacts on your credit score.

Pros and Cons

Pros

• Maximized points earning: Each card excels in different spend categories, allowing you to capture the highest possible point rates across dining, groceries, travel, and airline purchases.
• Complementary travel perks: The Platinum’s lounge network, $200 airline fee credit, and hotel elite status combine with the Gold’s $120 dining credit and $100 airline fee credit, delivering a broad suite of value for frequent travelers.

Cons

• High combined annual fees: $945 per year (2024 rates) can quickly offset benefits if you don’t fully utilize the credits and perks.
• Potential benefit overlap: Some airline fee credits and points redemption options duplicate, leading to diminishing marginal returns when both cards are held.

Decision Checklist

• Do you spend enough on dining, groceries, and airline tickets to earn more than $945 in net rewards and credits each year?
• Can you reliably use each card’s annual credits (e.g., dining, airline fee) without letting them expire?
• Will holding both cards impact your credit utilization or credit score in a way that matters for upcoming loans or mortgages?

Alternatives to Consider

If the combined cost feels steep, you might keep only the Gold card and supplement travel perks with a separate lounge‑access membership (e.g., Priority Pass) or a lower‑fee travel card that offers airline fee credits without the premium annual fee. Another option is to start with one card, monitor how well you capture the credits, and add the second only after confirming you can fully leverage its benefits.

Final Recommendation

For high‑spending travelers who can consistently use the dining, airline, and lounge credits, holding both the Amex Gold and Platinum is often worthwhile. For moderate spenders or those who prefer a simpler credit‑card strategy, the costs and complexity usually outweigh the incremental rewards. Evaluate your spending patterns, credit health, and ability to manage multiple benefits before committing, and consult a financial adviser if you’re unsure about the impact on your broader financial plan.