The Amex Gold charges a $325 annual fee (see rates and fees). The Blue Cash Preferred offers a $0 annual fee for the first year, then $95 each year after (see rates and fees).

While the Gold Card carries a higher annual fee, it also comes with over $500 in annual value to offset it. If you don’t want to worry about a high annual fee, regardless, though, the Blue Cash Preferred’s $95 (see rates and fees) is easier to swallow — plus, you’re off the hook the first year.

With the Amex Gold, you could receive up to 100,000 Membership Rewards® points after spending $6,000 in eligible purchases on your card in the first six months. You’ll find out just how many points you’re eligible for after being approved for (and before accepting) the Amex Gold.

The Blue Cash Preferred offers new cardholders a $250 statement credit after spending $3,000 on eligible purchases within the first six months.

While you won’t know exactly how many points you can earn as a welcome bonus until after you apply and get approved for the Amex Gold, a maximum amount of 100,000 points can certainly go a long way. With Membership Rewards points valued at approximately 2 cents each, the welcome bonus is worth around $2,000 in value. The Blue Cash Preferred’s spending threshold ($3,000) is half the Amex Gold’s ($6,000) in the same amount of time (first six months), but $250 is much lower than what you could likely earn with the Gold. If you’d naturally spend $6,000 within six months anyways, without spending above your means, then the Gold’s welcome offer is excellent value.

One of the biggest differences between the Amex Gold and Blue Cash Preferred is the type of rewards they earn. The Amex Gold earns points in the form of Membership Rewards, while the Blue Cash Preferred earns cash back in the form of Reward Dollars. Membership Rewards points can be more lucrative as you have the option to transfer them to one of Amex’s 20 travel partners; Reward Dollars can only be redeemed for statement credits (that go toward paying off your credit card bill) or on Amazon purchases.

The one rewards category the cards share is at U.S. supermarkets, with the Blue Cash Preferred earning 6% back, but only to a max of $6,000 per year, compared to the Amex Gold earning 4X on the first $25,000 each year. The Amex Gold is going to be a better option for those who like going to restaurants, as it earns 4X points at restaurants worldwide on the first $50,000 annually.

The Blue Cash Preferred rewards cardholders in everyday categories they likely spend in often, such as supermarkets, gas, transit and streaming subscriptions. But for those who travel or dine out frequently, there’s no doubt the Amex Gold is a better fit, as it lets you earn points on flights, hotels and restaurants. It’s also hard to beat being able to redeem rewards multiple ways versus just simply as a statement credit or on Amazon — more on that below.

The Amex Gold’s Membership Rewards points are very flexible in their redemption options. While they can be redeemed for gift cards, statement credits or even while shopping with participating brands, you’re almost always going to get the most value transferring them to one of Amex’s travel partners.

The Blue Cash Preferred’s Reward Dollars are more restrictive and can only be used for statement credits and when shopping at Amazon.com. For those who prefer a simpler credit card rewards program, this card is a great option.

The Amex Gold comes with a long list of benefits focused on restaurants and travel. The Blue Cash Preferred offers only a handful of perks, which is to be expected with a significantly lower annual fee.

Choosing the Amex Gold means having access to over $500 in value each year from the following perks:

• Up to $120 in Uber Cash annually ($10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex card for your transaction)
• Up to $120 in annual dining credits (up to $10 in statement credits per month; enrollment required) for purchases at eligible partners, including Grubhub, The Cheesecake Factory, Five Guys and more
• Up to $84 in annual Dunkin’ credit (up to $7 in monthly statement credits after you enroll and pay with the Amex Gold Card at U.S. Dunkin’ locations)
• Up to $100 in eligible hotel credits each calendar year when you book a stay of two nights or more through Amex’s The Hotel Collection; credit use varies by property
• Up to $100 in annual Resy credit (get up to $100 in statement credits each calendar year; enrollment required)
• Baggage insurance*
• Rental car loss and damage insurance**
• Trip delay insurance***
• Purchase protection*
• Extended warranty*

Since the Blue Cash Preferred has a much lower annual fee, it’s typical that it’d come with fewer credits:

• Earn a $84 Disney Bundle credit when you spend $9.99 or more each month on an auto-renewing Disney Bundle subscription, to receive a monthly statement credit of $7; valid only at DisneyPlus.com, Hulu.com or Plus.espn.com in the U.S. 
• Rental car loss and damage insurance**
• Purchase protection*
• Return protection
• Extended warranty*

*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.

**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.

***Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

If you travel and dine out often, the Amex Gold lets you maximize that spending and the card’s benefits that you’ll likely take advantage of will offset the $325 annual fee. Plus, you’ll earn at supermarkets.

If you prefer less of a premium credit card and more of an everyday one that gives you cash back on things like gas, groceries and streaming, the Blue Cash Preferred with its low $95 annual fee ($0 the first year) is a winner. You don’t have to worry about figuring out how to best redeem your cash back and can simply just apply it to paying off your monthly bill.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card comparison is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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

For rates and fees of the Blue Cash Preferred® Card from American Express, click here.