Update 7/26/24: It seems this $15/$10 monthly/quarterly credit is ending on July 31st. Be sure to use up your monthly Sapphire Reserve credit, as usual. Also be sure to use up your quarterly Freedom and Sapphire credits which reset on July 1st, if you have not yet used them.
The Offer
Direct Link to offer
Chase teams up with Instacart to offer a statement credit to offset Instacart purchases on all of the various Sapphire and Freedom card varieties. This is on top of the free Instacart+ membership which was released in June. Once activating the Instacart+ membership, you’ll be eligible for the credits.
Sapphire Reserve and JP Morgan Reserve gets a $15 statement credit each calendar month; plus free Instacart+ membership for 12 months
Sapphire and Sapphire Preferred gets a $15 statement credit each quarter; plus free Instacart+ membership for 6 months
Freedom, Freedom Unlimited, Freedom Flex, Freedom Student, and Slate cards get a $10 statement credit each quarter, plus free Instacart+ membership for 3 months
Our Verdict
This is an interesting new addition for the Sapphire Reserve card, especially. Someone who uses Instacart on a regular basis can see a full $180 benefit here. Even if not, maybe you can get some value out of this. Let us know if there’s any easy way to use this credit up.
Remember, again, to cancel your Instacart+ before the end of the free membership since you’ll get auto-charged the renewal fee. I’m not positive, but the monthly/quarterly credits will probably stop after cancelling the membership.
The $60 annual credits on the Sapphire cards and $40 on Freedom cards can hopefully be somewhat useful as well. Again, you’ll only get one or two quarters of credits when utilizing the free Instacart+ trial on these cards. After that the quarterly credits probably won’t continue.
The cost of carrying gold in your wallet is about to get more expensive.
As of July 25, 2024, the annual fee on the American Express® Gold Card is increasing to $325, up from $250. Terms apply; see rates and fees. Existing cardholders will see the annual fee increase starting Oct. 1, 2024.
Accompanying the higher annual fee are new dining-based perks; an annual cap on qualifying bonus spending at restaurants; the ability to select a limited-edition card design; and a shake-up of the merchants where the card’s monthly dining credit can be used.
Through Nov. 6, 2024, new cardholders can also grab an enhanced welcome offer.
Here’s what you should know.
What’s new with the American Express® Gold Card?
The American Express® Gold Card hasn’t had an overhaul this significant since 2018, when it increased its annual fee to $250 (from $195) and added more rewards and goodies. Here’s what’s changing this time:
Annual fee: Increase to $325 (up from $250).
Increased welcome bonus: From July 25 to Nov. 6, 2024, new cardholders can earn 60,000 Membership Rewards points, plus 20% back on restaurant spending worldwide (up to $100) after spending $6,000 on eligible purchases on your new card in your first 6 months of card membership
New cap on bonus rewards at restaurants: Cardholders will receive 4x points on dining purchases worldwide (including takeout and delivery) on up to $50,000 in annual spending. Purchases above the cap will earn 1x point. Previously, there was no spending cap in this category.
New $50 semiannual Resy credit: Get $100 in annual statement credits, issued as two $50 semiannual credits, after enrolling and using your card on eligible purchases at U.S. restaurants on the Resy app or on Resy.com.
New $7-per-month Dunkin’ credit: Receive $7 per month in statement credits after enrolling and using your card at Dunkin’ Donuts locations in the U.S.
Updated $10-per-month dining credit: Five Guys is now an eligible restaurant for the $10-per-month ($120 annual) dining credit, adding to the existing list of Grubhub, The Cheesecake Factory, Wine.com and Goldbelly. Milk Bar and Shake Shack have been removed as eligible restaurants for the dining credit.
New card design: New cardholders can select a limited-edition white-gold card design (while supplies last), in addition to the existing gold and rose gold design options.
Terms apply.
What’s staying the same?
New and current cardholders will continue to enjoy the card’s existing credits and benefits, including:
$10 per month in Uber Cash credits (up to $120 annually) toward Uber Eats or Uber rideshares.
4x points at restaurants worldwide (now with the $50,000 annual cap).
4x points at U.S. supermarkets on up to $25,000 in purchases per year.
3x points on flights booked directly with airlines or AmEx Travel.
Terms apply.
What it means for cardholders
The new $325 annual fee represents a 30% increase over the previous fee of $250. (The fee increase in 2018 represented a 28% hike.) Whether these new changes are worth that much will depend on your spending habits and how well you actively manage your card to take advantage of the recurring credits. The new perks follow the coupon-book model American Express is using to offer more perceived value at a higher cost for their premium cards, like the American Express® Gold Card and the The Platinum Card® from American Express. However, adding more benefits for specific merchants makes the card more complex to optimize for some.
That said, the new welcome offer should suit many people well. Maximizing the 20% cash back on restaurant spending (up to $100) would require only $500 eligible dining expenses, and 60,000 points could take you far. NerdWallet values American Express Membership Rewards points at between 1 cent and 2.8 cents each (depending on how you redeem them). Between the points and the dining incentive, you could easily cover the annual fee for the first year before accounting for any additional monthly or semiannual credits.
Check AmEx referral links to see if you can get this offer to show:
American Express is offering 200,000 points after $15,000 in spend on the American Express Business Gold card.
The card also has a 0% intro APR for 6 months.
Card Details
$375 annual fee, not waived first year.
$240 flexible business credit. Up to $20 in statement credits each month after you use the Business Gold Card for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores
$12.95 monthly Walmart+ credit.
Card earns 4x points on the two categories your business spends the most each billing cycle, from the following list (up to $150,000 in combined purchases each calendar year):
Transit purchases including trains, taxicabs, rideshare services, ferries, tolls, parking, buses, and subways
Monthly wireless telephone service charges made directly from a wireless telephone service provider in the U.S
U.S. purchases at restaurants
U.S. purchases for advertising in select media
U.S. purchases at gas stations
U.S. computer hardware, software, and cloud computing purchases made directly from select providers
3x points on AmEx Travel
Our Verdict
This is an amazing offer if you can get it to show. People are talking about certain referral links being 200k, but in reality I think it might depend more on the user who use opens the link (depending on location, etc).
No referral links or sharing in the comments below.
As predicted the refreshed American Express gold card is now live. Benefits are as follows:
$325 annual fee ($75 increase)
Option of white gold card (alongside gold or rose gold)
Card earns at the following rates:
4x on restaurants (limited to $50,000 per year, previously no limit)
4x on grocery (limited to $25,000 per year)
3x points on flights Booked directly with airlines or on amextravel.com
2x points on On Prepaid Hotels and other eligible travel purchases, booked through AmexTravel.com
1x points on all other purchases
$7 monthly Dunkin donuts credit (new)
$50 semi annual resy credit (new)
$10 monthly Uber cash credit (same as before)
$10 monthly GrubHub/5 Guys (previously not available on 5 guys, but available on mile bar and shake shack purchases)
How good/bad the refresh is really depends on how easily you can use the additional credits. Personally don’t find these types of cards worth keeping long term as I know I’ll forget to use the monthly credits/end up buying stuff I wouldn’t normally purchase. That being said let’s hope we get some links with no lifetime language. For existing cardholders you will get to take advantage of the new benefits without having to pay the increased annual fee until your next annual fee bills (sometimes there is an additional grace period where they keep billing the old annual fee as well).
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
PayPal is an online payment system that’s been a major part of online transactions since 1998, and you may have seen that they offer a credit card. Before applying for a PayPal credit card, it’s helpful to ask, “How much does a PayPal credit card affect my credit score?” Every credit card has pros and cons, and they can also have an impact on your credit score.
A good credit score helps you get lower interest rates on credit cards and can improve your financial well-being.
Read on to learn more about what a PayPal credit card is, how it affects your credit score and what score you need to improve your chances of getting approved.
How a PayPal credit card affects your credit score
Having a PayPal credit card can positively and negatively affect your credit score, depending on how you use it. Your credit score indicates how financially responsible you are to lenders and other businesses that check your score. Before learning how a PayPal credit card can affect your score, knowing how your credit score is weighted is beneficial.
One of the most popular scoring models is the FICO® scoring model, and it’s based on five factors:
Payment history (35 percent)
Credit utilization (30 percent)
Length of credit history (15 percent)
Credit mix (10 percent)
New credit applications (10 percent)
As you can see, your payment history is the most important aspect, so paying your credit card on time is crucial to having a good score. PayPal reports to the credit bureaus, so your activity will show up on your credit reports, which determines your score.
Should you miss payments on your PayPal credit card, it can negatively affect your score. Next is credit utilization, which is the percentage you owe based on your max credit limit. Making your payments on time and keeping your utilization percentage low are the best ways to have this credit card work in your favor.
How does PayPal Credit work?
A PayPal credit card works similarly to a regular credit card, but you don’t need the physical card when making online payments that have a PayPal option.
If the website accepts PayPal, the checkout option will show you the various accounts you have attached, like your bank accounts and your PayPal balance. If you have a PayPal credit card, it will show you the credit option as well.
You’ll also receive a physical version of the credit card, which you can use in person.
Similar to a regular credit card, you will receive a statement each month with all of your transactions and the minimum payment due. You can also pay the statement balance or current balance if you’d like to pay more than the minimum. To pay, you’ll use your PayPal balance or a linked bank account.
Does PayPal do a hard pull for a credit application?
Applying for a PayPal credit card triggers a hard inquiry on your credit report. New credit is worth 10 percent of your credit score and reflects how often you apply for new lines of credit. Multiple credit card applications in a short period indicate to lenders that you may have money problems and could struggle to make payments.
Although a PayPal credit card application will trigger a hard inquiry and reduce your score, it’s only temporary. Regular, on-time payments and low utilization will eventually balance out the negative impact of the hard inquiry. The inquiry will show as SYNCB/PPC on your report as well as on your credit card statements when you make purchases.
What credit score is needed for a PayPal credit card?
PayPal doesn’t list a specific credit score you need to get approved for their credit card, but in an article, they do say a score of 670 can help your approval odds for good credit cards. Now that you know that hard inquiries can lower your credit score, it’s helpful to get a free credit assessment. This includes your credit score and other helpful information about your credit health.
PayPal may approve you for a credit card with a score lower than 670, but a lower score often means that you pay higher interest fees when you make your purchases. Whether you’re applying for a PayPal credit card or other credit cards, it’s often helpful to use tools like a secured credit card to boost your score so you can get better interest rates.
Improving your credit score can help your PayPal credit card approval odds
PayPal has multiple credit cards to choose from, and one of them may be right for you. Before applying for a PayPal credit card, check your credit score. A hard inquiry into your credit report lowers your score, which you should avoid if you may be denied.
Fortunately, Lexington Law Firm offers a free credit assessment so you can check your credit score and other aspects of your credit health. We also offer credit repair services for those who may have errors on their credit report. Sign up to get your free credit assessment today.
Check your emails for the following offer on U.S. Bank or Elan cards:
Earn $15 cash back when you pay two or more electric, gas, water or sanitation bills with your card by October 23, 2024.
The Fine Print
This offer runs July 23 – October 23, 2024 (promotion period), and you need to enroll by August 30, 2024.
To be eligible for the offer, you must pay two electric, gas, water or sanitation bills either with the same provider twice or two different providers by October 23, 2024.
If you qualify, the $15 cash back award will be applied to your account 2-3 billing cycles after the end of the promotion period.
The maximum number of cash back awards is one. This offer is not transferable. Your account must remain open and be in good standing (not past due or overlimit) to qualify. This offer may not apply if your credit card has changed to a different type of card within the last 12 weeks or changes before the cash back award is applied. U.S. Bank cannot control how merchants choose to identify their business and/or classify purchases and reserves the right to determine which purchases qualify.
BMO Business Platinum Rewards Credit Card is offering up to 100,000 points. Bonus is broken down as follows:
Earn 50,000 bonus rewards points when you spend $5,000 within 3 months of account opening,
Plus an additional 50,000 bonus rewards points when you spend at least $50,000 within 12 months of account opening
Card Details
No annual fee
Card earns at the following rates:
Earn 5 points For every $1 you spend on internet and phone services
Earn 4 points For every $1 you spend on office supplies and printing
Earn 3 points For every $1 you spend on gas
Earn 2 points For every $1 you spend on eligible dining purchases
All other purchases earn 1x on all other purchases
Our Verdict
Second part of the bonus is basically an extra 1x per $1 spent if you spend exactly $50,000. Not worth it in my opinion based on the earning rates of the card. The first 50,000 bonus is worth considering if the points are worth the same as the personal cards (1.25 towards travel or 1 towards statement credit).
Earlier this year American Express announced plans to refresh up to 40 cards globally this year. In May there was a rumor that American Express would be increasing the annual fee on the Gold card to $325 ($75 increase). During the Q2 earnings called CEO Stephen Squeri stated that “…we look forward to announcing our refreshed U.S. Consumer Gold Card in the coming weeks”. I suspect a few things out of this refresh:
Limited time white gold card (this was leaked already on the American Express production server)
Annual fee increase (almost all refreshes have included a fee increase)
Introduction of resy credits (Squeri mentioned the growth of resy alongside his comments regarding this card)
Some additional rumors can be found here, they include:
$50 semi annual Resy credit
$7 monthly Dunkin donuts credit
Restaurants 4x limited to $50,000 per year
Removing milk bar and shake shack from the food credit but adding 5 guys
We just posted that American Express CEO Stephen Squeri stated that a refresh to the Gold card is coming in the following weeks and it looks like the full details have been leaked on the www2 American Express test server. No guarantees these changes will be coming, but it’s highly likely.
$325 annual fee ($75 increase)
Launch sign up bonus of 60,000 points + 20% back on restaurants up to $100
Option of white gold card
$7 monthly Dunkin donuts credit
$50 semi annual resy credit
Restaurants 4x limited to $50,000 per year
Removing milk bar and shake shack from the food credit but adding 5 guys