American Express Gold vs. American Express Platinum: Which is right for you?

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

If you're a foodie, frequent traveler or simply seeking luxury benefits, you may consider picking up the American Express® Gold Card or American Express Platinum Card®.

Both these premium cards offer valuable rewards and benefits, but how much value you get depends on your lifestyle and spending habits. The Amex Gold earns some of the highest returns available on grocery and dining purchases, while the Amex Platinum unlocks premium perks like airport lounge access and numerous travel and shopping statement credits.

CNBC Select dives into the key features of these American Express cards so you can decide which is best for you or whether it makes sense to get both.

The American Express Gold Card has a $325 annual fee (see rates and fees), while the American Express Platinum Card charges a hefty $895 annual fee (see rates and fees). Neither card charges foreign transaction fees.

A big part of deciding which card is right for you is determining whether each card's benefits outweigh the cost. The Amex Platinum offers more value with its myriad of annual statement credits and other perks, but it's a bigger upfront expense. Plus, you'll have to be diligent with enrolling or activating perks to ensure you recoup that cost.

That said, the Amex Platinum gives you far more options for covering your annual fee. It has benefits that can be worth more than twice what you pay each year to keep it.

Both cards earn welcome bonuses as high as 100,000 Membership Rewards® Points or more, but with spending requirements that differ by $4,000.

With American Express Platinum, you may be eligible to earn as high as 175,000 Membership Rewards® Points after you spend $12,000 on eligible purchases on your new card in your first six months of Card Membership.

If you opt for the American Express Gold Card, you may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new card in your first six months of Card Membership.

Since both cards earn the same rewards currency, it's fairly easy to see that the Amex Platinum's welcome offer is more valuable. It can be used for airfare booked through American Express Travel and may be worth even more when you transfer points to one of Amex's travel partners, like Delta SkyMiles, Avianca LifeMiles or Flying Blue.

The downside to the Amex Platinum's bigger intro bonus is that it's tougher to earn; you have to spend $4,000 more to qualify for it. With the Amex Gold, you have to spend an average of around $1,333 per month for six months to earn the bonus, while the Amex Platinum requires an average spend of $2,000 a month for six months to get the bonus points.

The Amex Gold and Amex Platinum are both rewarding for different types of purchases. The Amex Gold is one of the top options for dining and grocery purchases, while the Amex Platinum shines for certain flight and hotel purchases.

With the Amex Gold, you get a top-tier return for restaurant and U.S. supermarket spending. Although these categories have a yearly cap, it's high enough that it likely won't limit what you can earn.

While the Amex Platinum is lucrative for airfare and hotels, the bookings that qualify for the increased return are restricted. You have to book directly with the airlines or through American Express Travel®, so third-party sites won't qualify for the 5X points, and only prepaid hotels booked through Amextravel.com earn 5X points.

The Amex Gold and Amex Platinum both earn flexible Amex Membership Rewards® Points. There are several options for redeeming Amex Membership Rewards® Points, including gift cards, statement credits, purchases at select merchants and travel booked through Amextravel.com and the Amex Travel App. These options typically get you 0.5 to 1 cent per point in value, which isn't ideal.

The best redemption option for both cards is to book the top deals with Amex's airline or hotel partners. You'll typically receive more value from your Amex points if you transfer them to the right airline partner and book expensive international flights. The Amex transfer partners are as follows (1:1 transfer ratio unless noted):

Regardless of which card you have, you'll have access to the same partners and transfer ratios.

What makes the Amex Gold and Amex Platinum shine is the perks they offer. Both cards come with a long list of benefits that help justify their annual fees.

Amex Platinum benefits

• Up to $600 in hotel credits: Get up to $300 in statement credits biannually for eligible prepaid Amex Fine Hotels & Resorts or The Hotel Collection bookings. (The Hotel Collection requires a minimum two-night stay; certain room categories are not eligible for upgrade.)
• Up to $400 in Resy Credits: Get up to $100 in statement credits per quarter when using your card on eligible Resy purchases.*
• Up to $200 in airline fee statement credits: Receive up to $200 back per calendar year for incidental fees charged by your selected qualifying airline. (Qualifying airlines are subject to change. See terms and conditions for more details.)
• Up to $300 per calendar year in Equinox credits: Pay for an eligible Equinox membership or subscription with your Amex Platinum Card and receive up to $300 back per year in statement credit (subject to auto-renewal).*
• Up to $209 in CLEAR+® credits: Receive up to $209 per year in statement credits for a CLEAR+ membership (excluding any applicable taxes and fees; subject to auto-renewal).*
• Up to $300 in Digital Entertainment Credits: Receive up to $25 in statement credits per month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Disney+, ESPN, Hulu, The New York Times, Paramount+, YouTube, Peacock and The Wall Street Journal.*
• Up to $300 in lululemon credits: Get $75 per quarter in statement credits for spending at lululemon stores (excluding outlet stores).*
• $200 Oura ring credit: Receive $200 in statement credits when you purchase an Oura Ring at Ouraring.com.*
• Up to $155 in Walmart+ credits: Receive up to $12.95 per month in statement credits after paying for a monthly Walmart+ membership with your Platinum Card. You'll get perks like discounts on gas, free shipping and more. (Plus Ups not eligible; subject to auto-renewal.)*
• Airport lounge access: You'll have access to Priority Pass lounges*, Delta Sky Clubs (10 visits per year), Lufthansa lounges, Escape Lounges, Plaza Premium lounges and Amex Centurion Lounges.
• Up to $200 in Uber Cash: Receive $15 per month ($35 in December) deposited into your Uber Wallet after adding your card to your Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction (terms apply).*
• $120 Uber One Credit: Receive up to $120 in statement credits each calendar year for an auto-renewing Uber One membership (terms apply). 
• $120 TSA PreCheck or Global Entry credit: Receive either a statement credit every 4 years after you apply for Global Entry ($120) or a statement credit after you apply for a five-year membership for TSA PreCheck^® (up to $85 through a TSA PreCheck official enrollment provider) and pay the application fee with your Platinum Card. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.

*Enrollment required

On top of these offers, you'll also get Gold status with both Marriott Bonvoy and Hilton Honors (enrollment required; terms apply), Leaders Club Sterling Status with The Leading Hotels of the World® and car rental privileges with Avis, Hertz and National (enrollment required; terms apply). The Amex Platinum also comes with extensive shopping and travel protections.

Amex Gold benefits

• Up to $120 in Uber Cash annually: Receive $10 per month for rides and orders in the U.S. when you select an Amex card for the transaction. (You must have downloaded the latest version of the Uber App, and your eligible American Express Gold Card must be a method of payment in your Uber account. The Amex Benefit may only be used in the United States.)
• Up to $120 in annual dining credits: Receive up to $10 in statement credits per month for purchases at Grubhub(including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. (enrollment required).
• Up to $84 in annual Dunkin' credits: Receive up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations.
• Up to $100 in annual Resy credits: Receive up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at at over 10,000 qualifying U.S. Resy restaurantsfter you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually (enrollment required).

** Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

Since the Amex Gold and Amex Platinum both earn Membership Rewards® Points, they can actually complement each other. If you eventually own both cards, you could earn high rewards across dining, groceries, airfare (booked directly with airlines or through Amextravel.com) and prepaid hotels (booked through Amextravel.com).

It wouldn't be hard to quickly accumulate a massive Membership Rewards® balance, but all those rewards come at a cost. You'd be paying over $1,000 in annual fees each year to keep both cards in your wallet. In this situation, you'd have access to over $3,000 in statement credits each year, but the logistics of maximizing those opportunities could be overwhelming. You would need to manage at least a dozen offers, many of which are valid only at specific brands, require enrollment or must be redeemed monthly or semi-annually.

If you're a heavy spender who can get lots of value from maximizing your rewards and are willing to jump through all the hoops necessary, it could be worth it to have both. But for most people, one of these cards is more than enough.

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*For rates and fees of the American Express^® Gold Card, click here.

**For rates and fees of the American Express Platinum Card®, click here.