I've had an Amex card since I graduated from Uni in the early 80s and started my first full-time job. Back then my "everyday" credit card (a National Bank Bankcard) was only accepted by merchants in Australia and New Zealand, so the Amex card was a useful adjunct to travellers cheques when I went on a holiday abroad (it was also a bit of a yuppie status symbol, at least in my mind). However, these days my Visa card is accepted by more merchants than the Amex card when travelling overseas, and I only use my Amex Gold card to charge my $150 monthly health insurance premium. I plan to pay off the balance in full each month, but a couple of times I've mislaid the bill and been slugged with a $20 late payment fee. This month I not only hit with a $20 fee for forgetting last month's bill, but the annual fee has increased to $185! So, it's about time I made the effort to arrange for my insurance to be charged to my Visa card and finally got around to closing the Amex account. Anyhow, these days the "gold" card is pretty down-market and definitely not worth the cost.
Copyright Enough Wealth 2008