Mastercard® Gold Card™ Credit Card Review

In the realm of luxury credit cards, the Mastercard® Gold Card™ stands out for its prestigious benefits and premium services. This card, issued by Barclays Bank Delaware, is designed for those who demand the finest in travel, security, and customer service. In this comprehensive review, we will dive deep into every aspect of this luxurious credit card, from its annual fees to its array of benefits, to help you decide if it’s the right fit for your financial lifestyle.

Mastercard® Gold Card™ Key Takeaways

– Annual Fee: $995 annually ($295 for each Authorized User added to the account)
– Rewards Rate: 1% Point for every one dollar ($1) you spend
– Introductory Offers: None
– Purchase APR: 21.24% – 28.24% Variable
– Balance Transfers APR: 21.24% – 28.24% Variable
– Cash Advances APR: 29.99% Variable
– Credit Score Requirement: Excellent (740-799)
– Noteworthy Benefits: VIP Airport Lounge Access, No Foreign Transaction Fees, $200 Annual Airline Credit, $100 Global Entry/TSA Pre✓® Credit, $250,000 Travel Accident Insurance, Porsche Experience Centers

Mastercard® Gold Card™ Pros and Cons

Pros

– 0% Intro APR for 15 Months on Balance Transfers: This can be an excellent feature for those looking to consolidate debt or make large purchases and pay them off over time.
– No Foreign Transaction Fees: Ideal for frequent travelers, allowing you to make purchases abroad without incurring additional costs.
– High-Quality Card Material: The card is patented with a 24K-gold-plated stainless steel front and carbon back, which not only makes it durable but also a status symbol.
– Generous Travel Benefits: Including VIP airport lounge access, travel credits, and comprehensive travel insurance.
– Global Acceptance: The card is accepted at 8 million domestic retailers and in over 210 countries and territories.

Cons

– High Annual Fee: The $995 annual fee can be a significant drawback for those who do not utilize the card’s premium benefits.
– Premium Fees for Additional Users: Adding authorized users costs $295 each, which can add up quickly.
– No Sign-Up Bonus: Unlike many credit cards that offer lucrative sign-up bonuses, this card does not have any introductory offers.
– Low Rewards Rate: Earning 1 point per dollar spent is relatively low compared to other high-end credit cards.

Mastercard® Gold Card™ Benefits

Despite the high annual fee, the Mastercard® Gold Card™ offers a plethora of benefits that may justify its cost for frequent travelers and those who value luxury services.

Travel and Hotel Benefits

The Mastercard® Gold Card™ excels in providing top-tier travel benefits. The Luxury Card Travel program offers a comprehensive suite of travel services, featuring over 3,000 properties and trusted hotel brands around the globe. Cardholders can enjoy:
– VIP Airport Lounge Access with Priority Pass™ Select: Complimentary access to over 1,300 airport lounges worldwide.
– No Foreign Transaction Fees: Make purchases abroad without incurring additional costs.
– Airport Meet & Assist: Professional representatives expedite your airport procedures, saving time and reducing stress.

Security and Protection

The card offers robust security features, ensuring peace of mind for its users:
– $0 Fraud Liability Protection: You are not responsible for unauthorized purchases made with your card.
– Cellular Telephone Protection: Supplemental coverage for eligible damage or theft of your cellular phone.
– Baggage Delay Insurance: Reimbursement of up to $100 a day for up to 3 days for qualifying baggage delays.
– Travel Accident Insurance: Up to $250,000 coverage for eligible accidental death & dismemberment when travel fare is charged to the card.
– Auto Rental Collision Waiver: Secondary coverage for rental vehicle damages when you pay with your card.

Additional Perks

Beyond travel and security, the Mastercard® Gold Card™ offers unique perks and credits:
– Annual Airline Credits: Up to $200 in credits for flight-related purchases.
– Global Entry/TSA Pre✓® Credit: A $100 annual statement credit for Global Entry or TSA Pre✓® application fees.
– Porsche Experience Centers: Exclusive 90-minute driving experiences with personalized coaching at Porsche Experience Centers in Atlanta and Los Angeles.
– Trip Cancellation and Interruption Insurance: Reimbursement for non-refundable trip expenses up to $5,000 per insured person if certain accidental covered events cause you to cancel or interrupt your trip.

Rates and Fees

Understanding the rates and fees associated with the Mastercard® Gold Card™ is crucial to managing it effectively.

Purchase APR

The purchase APR ranges from 21.24% to 28.24% variable, depending on your creditworthiness. This rate is relatively high, making it essential to pay off your balance in full each month to avoid interest charges.

Balance Transfers APR

The card offers a 0% introductory APR for the first fifteen billing cycles on balance transfers made within 45 days of account opening. After the introductory period, the APR ranges from 21.24% to 28.24% variable.

Cash Advances APR

The APR for cash advances is steep at 29.99% variable. Additionally, cash advances come with a fee of either $10 or 5% of the amount, whichever is greater.

Annual Fee

The annual fee for the Mastercard® Gold Card™ is $995, with an additional $295 for each authorized user added to the account.

Penalty Fees

– Late Payment Fee: Up to $39
– Return Payment Fee: Up to $39

How to Avoid Paying Interest

Your due date is at least 23 days after the close of each billing cycle. You can avoid interest charges on purchases by paying your entire balance by the due date each month. However, interest on cash advances starts accruing immediately from the transaction date.

Conclusion

The Mastercard® Gold Card™ is undoubtedly a luxury credit card aimed at high-net-worth individuals who travel frequently and value premium services. With its high annual fee, it may not be the best choice for everyone. However, for those who can take full advantage of its extensive travel benefits, security features, and exclusive perks, it can offer significant value.
This card is best suited for individuals with excellent credit who can justify the $995 annual fee through the use of its travel credits, VIP airport lounge access, and other luxury benefits. If you fit this profile, the Mastercard® Gold Card™ can be a powerful tool in your financial portfolio, offering unparalleled convenience, security, and status.
Before applying, consider your spending habits, travel frequency, and how much value you can derive from the card’s benefits. If the perks align with your lifestyle and you can maximize the rewards, the Mastercard® Gold Card™ may be worth the investment.