The American Express Gold Card is currently carrying the strongest publicly available welcome offer it has ever had: up to 100,000 Membership Rewards points after spending $8,000 in the first six months. That's a big jump from the previous cap of around 60,000 points, and at a rough valuation of 1.7 cents per point, the full bonus works out to about $1,700 in travel value.

There's an unusual twist in how the offer works. You apply first, then Amex reveals the bonus amount you've been matched with — and you only decide whether to proceed from there. Thanks to Amex's "apply with confidence" feature, no hard credit pull happens unless you actually accept the offer, so it's low-risk to check what you'd get. Offers vary by applicant, and some people will see far less than 100,000 points (or a pop-up saying they're not eligible at all).

So what would 100,000 points actually buy? Membership Rewards points transfer to roughly 20 airline and hotel programmes, including Air Canada Aeroplan, Air France-KLM Flying Blue, ANA and Virgin Atlantic. Two real examples: 60,000 points transferred to Flying Blue covers a one-way Air France business class seat from Miami to Paris (plus about $337 in taxes), while the same number of points via Aeroplan gets you SWISS business class from Boston to Zurich with only around $57 in fees. Either would cost thousands if paid in cash.

Even setting the bonus aside, the Gold Card earns its $325 annual fee for anyone who spends heavily on food. It pays 4x points at restaurants worldwide (capped at $50,000 per year) and 4x at US supermarkets (capped at $25,000), plus 5x on prepaid hotels and 3x on flights booked through Amex Travel. There are also up to $424 in annual statement credits — monthly Uber Cash and dining credits, a semi-annual Resy credit, and a Dunkin' credit — plus complimentary Hertz Five Star status.

Eligibility is where it gets tricky. Amex's "once in a lifetime" rule means you can't get the bonus if you currently hold the Gold Card or have held it (or earlier versions) before. And if you have or have had the Amex Platinum, you may be blocked from this offer too. That's why frequent-flyer experts suggest applying for the Gold before the Platinum: holding Gold doesn't usually block a future Platinum bonus, but the reverse isn't guaranteed. The Gold also doesn't count toward Amex's five-credit-card limit, since it's technically a charge card.

For travellers, the math is straightforward. If you're offered the full 100,000 points, that's enough for a long-haul business class seat on its own — the kind of redemption that can anchor an entire holiday. Even at 60,000, you'd be getting a solid transatlantic premium cabin flight. The card makes the most sense for people in the US who spend regularly on groceries and dining and who will actually use the monthly credits. If you've held Gold or Platinum before, check your offer before assuming anything — Amex's targeting is famously unpredictable. This offer won't last forever, so it's worth checking what you're eligible for sooner rather than later.