Amex Gold vs Chase Sapphire Preferred: Food Rewards

On $16,800 a year of food spending, the Amex Gold earns about $1,125 after fees at transfer value, against about $648 for the Chase Sapphire Preferred (at 1.8 cents per point, using the credits counted below). If you cash points out instead, the answer flips: the Preferred comes out ahead overall, because its points are worth 1 cent each against about 0.6 cents for Amex. The Gold still wins on in-store groceries either way.

The household is a labeled sample. Welcome offers are not counted, because they change often and vary by applicant. Every card should be paid in full each month.

The two cards on food

	Amex Gold	Chase Sapphire Preferred
Annual fee	$325	$95
Restaurants	4x (up to $50,000 a year, then 1x)	3x
Groceries in the store	4x at U.S. supermarkets (up to $25,000 a year, then 1x)	1x
Groceries online	4x only if the order posts as a U.S. supermarket	3x (excludes Target, Walmart, and wholesale clubs)
Walmart, Target, Costco	1x	1x
Food-related credits	$120 dining, $120 Uber Cash, $100 Resy, $84 Dunkin' (enrollment; monthly or semiannual)	None on food; $100 Chase Travel hotel credit
Cash-out value per point	About 0.6 cents (statement credit)	1 cent

The math at transfer value

Food rewards per year	Amex Gold	Sapphire Preferred
Dining ($9,600)	38,400 points	28,800 points
Groceries in store ($7,200)	28,800 points	7,200 points
Total points	67,200	36,000
Value at 1.8 cents	$1,210	$648
Value at The Points Guy, September 2026 (2.0 cents and 2.05 cents)	$1,344	$738
Net fee if you use the credits you would count	$85 ($325 less Uber Cash and the dining credit)	$0 (the hotel credit covers the fee)
Net fee if you use no credits	$325	$95
Food value after fees at 1.8 cents (credits used, or not)	$1,125 or $885	$648 or $553

When the answer flips

If you will not transfer points and expect to cash them out:

Cash-out view	Amex Gold (0.6 cents)	Sapphire Preferred (1 cent)
Dining, cents back per $1	2.4	3.0
Groceries in store, cents back per $1	2.4	1.0
Household food value before fees	$403	$360
After fees, credits used	$318	$360
After fees, no credits	$78	$265

At cash-out value the Preferred wins dining and wins overall after fees. The Gold still wins in-store groceries.

Where your household lands

How much spending covers the Gold's extra fee over the Preferred, at 1.8 cents:

To cover the fee gap	Extra points needed	In-store groceries needed (3 extra points per $1)	Dining needed (1 extra point per $1)
You would use Uber Cash and the dining credit ($85 gap)	about 4,700	about $1,575 a year (about $130 a month)	about $4,700 a year (about $395 a month)
You would use no Gold credits ($230 gap)	about 12,800	about $4,260 a year (about $355 a month)	about $12,800 a year (about $1,065 a month)

In plain terms, about $130 a month of in-store groceries covers the Gold's fee gap if you will use the Uber and dining credits, and about $355 a month if you will not. Neither card earns a bonus at Walmart, Target, or Costco.

Why the best answer is often both

The Preferred does not have to carry food. In this site's stack, the Gold takes restaurants and groceries and the Preferred takes travel and gas, where it pays 2x and 3x. Each card does the job it pays most for.

If you only want one, the Gold fits food-heavy spending, especially in-store groceries, with a plan to transfer points. The Preferred fits a single card for food, gas, and travel with a simple 1-cent cash floor.

If you get both, order matters. Chase has the 5/24 rule and Amex does not count your other cards, so the Preferred usually goes first. See the Chase 5/24 rule and the full 3-card stack. To run your own household, use the free rewards calculator.

Cards mentioned

American Express Gold (issuer terms)
Chase Sapphire Preferred (issuer terms)

Amex Gold vs Chase Sapphire Preferred: which earns more on food?