Mastercard® Gold Card™ review: An overpriced status symbol

Mastercard® Gold Card™

Bankrate Score

Rating: 2.9 stars out of 5

2.9

Apply now

on Luxury Card's secure site

Annual fee

$995 ($295 for each Authorized User added to the account)

Intro offer

N/A

Rewards rate

1X - 2%

2% value for airfare redemption with no airline or seat restrictions and no blackout dates. Flat-rate redemption value of 2% for cash back. Earn one point for every one dollar spent.

Recommended Credit Score

Excellent (740 – 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Chase Sapphire Reserve®

Bankrate Score

Rating: 5 stars out of 5

5.0

Apply now

on Chase's secure site

Annual fee

$550

Intro offer

60,000 bonus points

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Rewards rate

1x - 10x

Earn 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠. Earn 5x total points on flights through Chase Travel℠. Earn 3x points on other travel and dining. Earn 1 point per $1 spent on all other purchases.

Recommended Credit Score

Excellent (740 – 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

The Platinum Card® from American Express

Bankrate Score

Rating: 4.8 stars out of 5

4.8

See Rates & Fees , Terms Apply

Apply now

on American Express's secure site

Annual fee

$695

Intro offer

Earn 80,000 points

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

Rewards rate

5X - 5X

Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year. Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

Recommended Credit Score

Good to Excellent (670 – 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

• Mastercard Gold Card vs. Chase Sapphire Reserve®

  Compared to the Gold Card’s high annual fee, the Sapphire Reserve’s $550 annual fee for the primary user and $75 annual fee for additional users are a bargain. You’ll also get a solid sign-up bonus and a $300 annual travel credit — $100 more than the Gold Card. You also get better travel protections with the Chase Sapphire Reserve, including higher travel accident and trip delay/interruption insurance coverage.

  Chase’s top-of-the-line rewards program offers more bonus points for travel purchases if you book through the Chase Travel℠ portal. While Sapphire Reserve points redeemed through Chase Travel℠ are worth just 1.5 cents each (less than the 2-cent-per-point value of the Gold Card when redeeming for airfare or cash back), it earns rewards at higher rates and offers bonus categories. That means you can quickly make up the difference and come out ahead when it’s time to redeem your rewards. Plus, you have the flexibility to transfer your points, making it easier to find the best deal possible.

  The Mastercard Gold Card does have a few standout perks that you won’t find with the Sapphire Reserve, but most of these perks won’t justify the high annual fee for many cardholders.

• Mastercard Gold Card vs. The Platinum Card® from American Express

  The Mastercard Gold Card’s redemption value for cash back is better than that of the Amex Platinum Card, which offers redemption values under 1 cent per point if you redeem for options other than travel. Beyond that, the Mastercard Gold Card fails to outrank the Amex Platinum Card and its laundry list of benefits despite charging a higher annual fee for primary and authorized users.

  While the Mastercard Gold Card’s credits can help reduce the card’s annual fee, the Amex Platinum card’s credits are far more expansive and have the potential to help you completely offset the annual fee (which is $300 less) and come out ahead.

  These credits range from hotel and airline fee credits to lifestyle and shopping credits. Some of these credits might only appeal to select people (like Walmart shoppers and fitness enthusiasts), making it hard to get maximum value from the Platinum Card. But since all of the Platinum Card’s credits are estimated to be worth over $1,500, you won’t need to take advantage of every credit to make the Platinum card worth the cost.

• Luxury travelers

  The primary feature of the Mastercard Gold card is that it provides luxury perks and benefits for traveling. The card can help you travel in style in various ways through credits and concierge services while providing assistance and protection when you need it most.

• Those who enjoy a high level of status

  Dropping a gold-plated credit card on the table to pick up a check is a great way to signal status. If this appeals to you despite less than stellar rewards and perks, the Mastercard Gold card might be the right fit for you.

• Rewards value

  The primary criteria for a rewards or cash back card’s rating is its rewards value. This includes the card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

  To estimate a card’s average annual rewards earnings, we first calculate its average rewards rate based on how much it earns in different bonus categories and how closely its categories align with the average person’s spending habits, according to the Bureau of Labor Statistics (BLS).

  The most recent BLS data estimates average total spending in 2022 was $72,967 per consumer. We then narrow our focus to which purchases are likely to be put on a credit card and earn rewards, subtracting expenditures like housing, vehicle purchases and education. This gives us a total “chargeable” annual spend of around $22,500.  

  Some of the major spending categories that contribute towards the annual spend include:

  • Groceries: $5,700
  • Dining out: $3,600
  • Entertainment: $2,400
  • Gas: $3,100
  • Apparel and services: $1,900

  Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 22 percent weighting based on how much of the average person’s budget is spent on groceries. We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

  This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases, as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value.

  With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other rewards cards.

• Rates and fees

  We also rate cards based on how much it costs to keep them in your wallet or carry a balance. 

  To start, each rewards or cash back card is scored based on whether it offers an intro APR and how its ongoing APR compares to the rates available on other rewards or cash back cards. 

  We also score each card based on how its annual fee influences its overall value. 

  We consider a card’s annual fee in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall rewards value. Cards with an annual fee will always be at a slight disadvantage in our scoring system since annual fees inherently cut into your rewards value, but if a card offers terrific value via its ongoing rewards and perks, it can earn a high score even if it carries a high annual fee. 

  With this in mind, we rate a card based primarily on how its ongoing rewards value and ongoing perk value (such as annual credits or bonuses) stack up against other cards in the category when you subtract its annual fee.

• Flexibility

  We rate each card’s flexibility based on the restrictions it imposes on earning and redeeming rewards and factor this rating into a card’s overall score. 

  Flexibility factors include whether a card only allows you to earn a high rewards rate on a small amount of spending or requires you to meet a certain earning threshold before you can redeem rewards. We also examine whether your points are worth less when you redeem for some options versus others and whether a card gives you the flexibility to transfer rewards to airline and hotel partners. 

• Perks

  We also score each card’s set of features – its perks and benefits — against five tiers of features to provide a rating. 

  We break down these tiers as follows:

  • Tier 1 has less than standard card features (an ultra-streamlined card that offers basic utility and next to nothing in the way of ancillary benefits. 
  • Tier 2 includes the benefits you’d expect on standard Visa or Mastercard credit cards, such as free access to your credit score, car rental insurance and $0 liability for fraudulent charges. 
  • Tier 3 includes “prime card” or better-than-average card features like cellphone insurance, lost luggage insurance, concierge services and purchase protection. 
  • Tier 4 includes luxury features such as airport lounge access, elite status with an airline or hotel and credits for expedited security screening membership programs. 
  • Tier 5 includes the sort of exemplary benefits you’ll find on top-tier luxury cards, such as high-value travel credits, cardholder memberships and other unique and valuable perks.

• How does the Mastercard Gold card compare to Barclays’ other luxury cards?

  The Mastercard Gold card is the top tier of Barclay’s luxury card offerings. All three carry World Elite benefits, a 2 percent value for airfare redemptions and access to the Luxury Card Concierge and Travel programs. However, the fee structures and benefit amounts differ from there, with the Black card being the mid-tier card and the Titanium card being the lower-tier card.

• What credit score do I need for the Mastercard Gold card?

  Having excellent credit to apply for the Mastercard Gold card is recommended, meaning you’ll need a FICO score between 800 and 850 or a VantageScore of 781 to 850. You can check your credit score before applying to see if you’ll qualify.

• Does the Mastercard Gold card have a spending limit?

  No, the Mastercard Gold card has no pre-set spending limit, meaning you’ll have the financial flexibility to make the purchases you desire. Just be sure to make your payments to avoid costly interest charges.

What cardholders think

Mastercard® Gold Card™

4.2

41 ratings

In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are unedited and have not been reviewed or approved by credit card issuers.

78% of customers recommend this card

Score breakdown

5 stars

46%

4 stars

32%

3 stars

20%

2 stars

2%

1 star

0%

Score by category

Overall 4.2 / 5

Extra perks 3.8 / 5

Meets financial needs 4.1 / 5

Privacy and security 4.2 / 5

Customer service 4.0 / 5

Online portal or mobile app 3.8 / 5

In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.