The Short Answer
If you eat out frequently and want maximum earning on everyday spending, the Amex Gold wins. If you want the most flexible transfer partner network and the ability to redirect points to hotels and airlines freely, the Chase Sapphire Preferred wins. Both cards cost under $300/year and both are among the best values in the credit card market. The right choice depends on where your money goes.
The Numbers at a Glance
| Amex Gold | Chase Sapphire Preferred | |
|---|---|---|
| Annual fee | $250 | $95 |
| Dining earn rate | 4x | 3x |
| Grocery earn rate | 4x (up to $25K/yr) | 1x |
| Travel earn rate | 3x on flights | 2x on travel |
| Everything else | 1x | 1x |
| Transfer partners | 21+ airline & hotel | 14+ airline & hotel |
| Dining credits | $120/yr (Grubhub, Cheesecake Factory, etc.) | None |
| Other credits | $120/yr Uber Cash | $50/yr hotel credit (via Chase portal) |
| Welcome bonus | Typically 60,000–75,000 MR | Typically 60,000–75,000 UR |
Earning Rates — Where Amex Gold Pulls Ahead
The Amex Gold earns 4x Membership Rewards points at restaurants worldwide and 4x at U.S. supermarkets (up to $25,000/year, then 1x). These are the two categories where most people spend the most discretionary money, and 4x is an aggressive earn rate.
For a household spending $500/month at restaurants and $600/month on groceries, the Amex Gold generates:
- Restaurants: $500 × 4 = 2,000 MR/month = 24,000 MR/year
- Groceries: $600 × 4 = 2,400 MR/month = 28,800 MR/year
- Total from those two categories alone: 52,800 MR/year
The Chase Sapphire Preferred earns 3x on dining (no grocery bonus):
- Restaurants: $500 × 3 = 1,500 UR/month = 18,000 UR/year
- Groceries: $600 × 1 = 600 UR/month = 7,200 UR/year
- Total: 25,200 UR/year
That's a difference of 27,600 points per year from the same spending. At a conservative 1.5 cents per point, that's roughly $414 in extra value from the Amex Gold — more than enough to justify the $155 higher annual fee.
Transfer Partners — Where Chase Wins on Flexibility
Points are only as valuable as where you can send them. Both programs offer 1:1 transfers to airline and hotel partners, but the partner lists differ in important ways.
Chase Ultimate Rewards transfers to:
- Hyatt (1:1) — the single most valuable hotel transfer in any program
- United (1:1)
- Southwest (1:1)
- British Airways (1:1)
- Air Canada Aeroplan (1:1)
- Singapore Airlines (1:1)
- Virgin Atlantic (1:1)
- Air France/KLM Flying Blue (1:1)
- IHG (1:1)
- Marriott (1:1)
Amex Membership Rewards transfers to:
- Delta (1:1) — Amex exclusive
- British Airways (1:1)
- ANA (1:1) — exceptional for Japan redemptions
- Singapore Airlines (1:1)
- Air France/KLM Flying Blue (1:1)
- Air Canada Aeroplan (1:1)
- Virgin Atlantic (1:1)
- Hilton (1:2) — double points, useful for Hilton's point-heavy redemptions
- Marriott (1:1)
- Choice (1:1)
The Key Differences
Chase has Hyatt. This is the single biggest advantage in the comparison. Hyatt points are worth 1.7–2.1 cents each, making a 1:1 transfer from Chase UR to Hyatt the most efficient hotel redemption available. Amex has no Hyatt transfer.
Amex has Delta. Delta doesn't partner with Chase. If you fly Delta frequently or want access to Delta award flights, Amex is your only transfer option among the Big Two.
Amex has ANA. All Nippon Airways' mileage program offers some of the cheapest business class award redemptions to Japan — 75,000–88,000 miles round-trip. Amex transfers 1:1 to ANA; Chase does not.
Both have the essentials. British Airways, Singapore Airlines, Virgin Atlantic, Air France/KLM, and Air Canada are available from both programs. For European and Asian award flights, both programs are equally capable.
For most travelers, Chase's Hyatt partnership alone tilts the flexibility advantage. A single Hyatt transfer can deliver $500+ in hotel value from 25,000 points. Nothing on the Amex side matches that efficiency.
Annual Fee Math — Not What It Seems
The Amex Gold's $250 annual fee looks significantly higher than the Sapphire Preferred's $95. But Amex offsets it with statement credits:
- $120/year in dining credits — $10/month at select restaurants (Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar, and select Resy restaurants). If you use Grubhub or eat at any participating restaurants, this credits easily.
- $120/year in Uber Cash — $10/month in Uber or Uber Eats credit. Use it or lose it each month, but most urban travelers will burn through this naturally.
If you fully use both credits, the effective annual fee drops to $10/year. That's cheaper than the Sapphire Preferred.
The catch: "if you fully use both credits" is doing heavy lifting. The dining credits rotate and require you to remember to use specific merchants monthly. The Uber credit expires monthly. Many cardholders don't fully redeem them. Be honest with yourself about whether you'll actually use these credits before counting them as pure savings.
The Sapphire Preferred's $95 fee is clean — no credits to chase, no merchants to remember. You pay $95 and you're done. There's a $50 annual hotel credit when booking through the Chase portal, which is easy to use but requires booking through Chase rather than directly with the hotel (which means you won't earn hotel loyalty points on that stay).
Which Card If You Already Have One?
If you have the Amex Gold and are considering Sapphire Preferred: Add it. The two cards complement each other perfectly. Use the Amex Gold for dining and groceries (4x), the Sapphire Preferred for travel (2x), and maintain access to both transfer partner networks. The Sapphire Preferred's Hyatt partnership alone justifies the $95 fee.
If you have the Sapphire Preferred and are considering Amex Gold: Worth adding if your dining and grocery spend is high enough. If you spend less than $400/month combined on restaurants and groceries, the incremental earning over the Sapphire Preferred's rates won't justify the higher net fee.
If you're choosing your first travel card: The Sapphire Preferred is the safer starting point. Lower fee, cleaner value proposition, and the Hyatt transfer provides outsized value for hotel stays. Once you understand the points ecosystem and want to accelerate earning, add the Amex Gold.
The Upgrade Path
Both cards sit in the middle of their respective ecosystems, with premium upgrades available:
Amex Gold → Amex Platinum ($695/year) adds airport lounge access (Centurion Lounges + Priority Pass), hotel elite status, airline fee credits, and more. It's a significant jump in annual fee.
Sapphire Preferred → Sapphire Reserve ($550/year) adds Priority Pass lounge access, 3x on dining and travel (up from 2x), and better trip insurance. The upgrade is smoother and the math works for travelers spending $300+/month on dining and travel combined.
Both upgrade paths make sense — the question is timing and spending levels. For a detailed look at the premium tier, see our 7 credit cards guide.
Wanderly Tip: Once you're earning points on either card, use seats.aero Pro to search for award flight availability across all airline partners. It's the fastest way to find where your points will take you.
Who Should Get Which Card
Get the Amex Gold if:
- You spend $400+/month on restaurants and groceries combined
- You fly Delta frequently or want Delta award access
- You'll actually use the Grubhub/Uber monthly credits
- You want to maximize raw point earning on everyday spending
Get the Chase Sapphire Preferred if:
- You want the most flexible transfer partner network
- You value Hyatt's outsized hotel redemptions
- You prefer a clean, low annual fee without credit-chasing
- This is your first travel rewards card
- You want to pair with a Hyatt or United co-branded card later
Get both if:
- Your combined dining and grocery spend exceeds $800/month
- You want access to both Chase and Amex transfer networks
- You're serious about maximizing award travel across airlines and hotels
Bottom Line
The Amex Gold is the better earning machine. The Chase Sapphire Preferred is the better points platform. In a perfect world, you carry both — the Amex Gold handles your restaurants and groceries at 4x, the Sapphire Preferred handles travel and gives you access to Hyatt. Combined annual fees of $345 ($250 + $95), offset by $240 in Amex credits, brings the real cost to roughly $105/year for access to 30+ transfer partners and 80,000+ points per year from normal spending.
That's the setup that turns everyday expenses into business class flights and free hotel nights. Start with whichever matches your biggest spending category, then add the other when you're ready.