Is the Mastercard® Gold Card Worth It?
The Mastercard® Gold Card isn’t worth it for the majority of borrowers. It’s astronomically expensive for what it offers in return, especially when stacked up against other travel rewards cards. The only audience for this card is someone who’s looking for an ornamental credit card and has money to burn. Here’s what you need to know:
- Outrageous fees: A single card will cost you $995 each year just to keep the account open. If you want to add an authorized user, you’ll need to fork over another $295, bringing the minimum annual cost of the card to $1,290.
- Meager rewards: The card earns 1 point per dollar on all purchases. When exchanged for airfare or cash, points are worth 2 cents, meaning you earn 2% cash back on all purchases. This is a rate equal to many basic rewards cards (that don’t charge annual fees), and pales in comparison to other luxury travel cards, which can offer up to 10% back on purchases.
- No welcome bonus: Adding to the stingy rewards scheme is the lack of welcome bonus. Comparable cards offer big-bucks bonuses when you open a new account—usually enough to offset a couple years of annual fees. The Mastercard® Gold Card, however, has no welcome bonus at all.
- It’s gold: While this card does have something to offer, like the $200 annual airline credit and the travel benefits, the real draw (and only possible justification for the steep price) is that it’s 22 grams of stainless steel and carbon plated in 24 karat gold.
Pros & Cons
Who’s the Mastercard® Gold Card Best For?
The Mastercard® Gold Card is definitely not a card for everyone. In fact, it’s really only suitable for the following types of borrowers:
- Wealthy, casual card users: If you’re not obsessed with maximizing your credit card rewards and are wealthy enough that you simply don’t care about the very steep annual fee, you might find yourself considering the Mastercard® Gold. What you’ll get out of it is a very nice-looking credit card, but that’s about it.
- Credit card collectors: This isn’t the best card, but it’s inarguably a unique card. If you’re looking for a shiny showpiece to join your credit card collection (and can afford the luxury), this may be a worthwhile addition to your collection.
What the Crowd Says
Professional reviews and actual cardholders all agree—the Mastercard® Gold Card’s defining feature is its cost. However, whether its luxurious appearance and benefits package justifies the price tag is hotly debated. Here’s how the card stacks up online:
| Publication | Rating |
|---|---|
| Bankrate | 2.9/5 |
| ValuePenguin | 4/5 |
| Forbes Advisor | Negative |
| CreditCards.com | 2.9/5 |
| Credit Karma (user ratings) | 4.1/5 |
| WalletHub | 1/5 |
| WalletHub (user ratings) | 4.3/5 |
| Finance Buzz | 5/5 |
| Investopedia | 3.1/5 |
| MoneyGeek | Neutral |
| Finder | 3.3/5 |
| Best Cards | Positive |
| Card Ratings | 5/5 |
| The Points Guy | Negative |
| Supermoney | Positive |
| Money Crashers | 3.7/5 |
| Aggregate Rating: 3.57 |
What Major Publications Say
Review sites are conflicted, with ratings for this card ranging from 1 to 5 stars. While no one discounts the steep annual fee, some say it’s worth paying for the luxury card seeker who wants to take full advantage of the concierge service, low APR, and 2x redemption rate.
Others point to the 2x redemption rate still only amounting to 2% cash back—a low rewards rate on a luxury card. Some reviews even outright bash the card, labeling it tacky and ostentatious.
What Cardholders Say
There’s not a ton of feedback from actual cardholders about the Mastercard® Gold Card, presumably due to its niche audience and limited ownership.
From what commentary is available, customer sentiment seems to have shifted recently from generally positive to negative. Older reviews of the card praise it as a lucrative deal for military service members, who enjoyed an annual fee waiver and a special 0% APR period. However, that no longer appears to be the case, which has turned cardholders and commenters against the card and its unjustifiable costs.
Here’s what else actual cardholders noted about the Mastercard® Gold Card:
Rates & Fees
Fees
- Annual fee: $995
- Authorized user fee: $295 annually
- Foreign transaction fee: None
- Cash advance fee: $10 or 5% (whichever is greater)
- Balance transfer fee: $5 or 3% (whichever is greater)
- Late/returned payment fee: Up to $39
Interest Rates
- Purchase APR: 19.24% (variable)
- Balance transfer APR: 19.24% (variable)
- Introductory balance transfer APR: 0% for 15 months
- Cash advance APR: 29.49% (variable)
Rewards
Here’s how the Mastercard® Gold Card’s rewards program works:
- Earn 1x points on every dollar spent on the card
- Points double in value when redeemed for airfare or as cash back (bank account deposit or statement credit)
Assuming you’re cashing out points for airfare, statement credit, or direct deposit, you would need to spend a staggering $49,750 on the card to break even on your annual fee.
Benefits
As the rewards system is minimal, the card’s primary value offer (aside from its literal gold exterior) is its benefits package.
Luxury Card Concierge
One of the Mastercard® Gold Card’s main points of advertisement is its concierge service. The concierge is a 24/7 “lifestyle management tool.” Examples of what it offers include:
- Doing research (e.g., on the best school districts in a county)
- Booking experiences (e.g., making reservations at a spa or restaurant)
- Making arrangements (e.g., arranging for an emergency late-night medicine delivery)
This is perhaps the most worthwhile benefit, as there are no limits or fees associated with the service. If you’re paying for this card, you might as well take full advantage of the concierge.
$200 Travel Credit
Up to $200 will automatically be reimbursed to your account each year when you spend on air travel. Eligible purchases include:
- Airfare
- Baggage fees
- Seat upgrades
- In-flight purchases
Travel Benefits
Along with the annual travel credit, cardholders enjoy the following travel benefits:
| Benefit | What it Means |
|---|---|
| Airport Meet & Assist | Meet a trained agent at the airport, who will guide you through airport processes, lines, and formalities. |
| Airport lounge access | Enjoy access (including guests) to 1,300+ airport lounges worldwide. |
| No foreign transaction fees | Use your card worldwide without being charged foreign transaction fees. |
| Global Entry and TSA PreCheck application credit | Receive credit for the $100 Global Entry application fee or the $85 TSA PreCheck application fee once every 5 years. |
| Luxury Card Experiences | Book exclusive experiences through the Luxury Card website or app. |
| Travel accident and baggage delay protection | You can qualify for $100/day reimbursement for up to 3 days if your baggage is lost or delayed. Additionally, you’ll get up to $250,000 in coverage for accidental death or dismemberment due to a travel accident. |
| Trip cancelation and interruption insurance | Get reimbursed for certain purchases when unforeseen events interrupt your travel plans. |
| Travel assistance services | Assistance services are available 24/7 for those traveling 50 miles or more from home. |
Other Benefits
Along with the travel-specific perks, the card offers a fairly standard range of benefits and protections, including:
| Benefit | What it Means |
|---|---|
| Cell phone protection | Get theft and damage coverage when you pay your cell phone bill with your card. |
| Mastercard Special Offers | Enjoy an exclusive suite of travel, product, and experience offers and discounts. |
| Mastercard ID theft protection | Have your personal ID monitored 24/7 to stop theft in its tracks. |
| $0 fraud liability protection | You won’t be charged for unauthorized purchases if your card is lost or stolen. |
| Rental car coverage | Get rental protection when you pay with your card and decline the coverage offered by the rental company. |
| Mastercard Global Service | Get 24/7 customer support with your card. |
FAQs
Does the Mastercard® Gold Card have a grace period?
Yes, the Mastercard® Gold Card has a 23-day grace period. Purchases made during the grace period won’t be subject to interest if your previous month’s balance is paid in full.
Can I use the Mastercard® Gold Card for a balance transfer?
Yes, you can make a balance transfer onto the Mastercard® Gold Card if you need to consolidate credit card debt. The transfer fee will cost $5 or 3% of the amount you transfer (whichever is greater), which is on the lower end when it comes to balance transfer fees.
The transfer will also be subject to an APR of 19.24% (variable) after the 15 months of 0% balance transfer APR expire. If you’re consolidating debts, aim to pay them off in the 15-month interest-free timeframe.
Are cash advances available on the Mastercard® Gold Card?
Yes, you can use the Mastercard® Gold Card to borrow cash or cash equivalent through a credit card cash advance. However, this service costs $10 or 5% of the transaction amount (whichever is greater). You’ll also be charged interest on the advance at a rate of 29.49% (variable), and it will begin accumulating immediately—it won’t feature a grace period.
