In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. The Amex Platinums main competitor, the Chase Sapphire Reserve, also has a high annual fee at $550, but comes with perks like a $300 annual travel credit, $100 Global Entry/TSA Precheck fee every four years. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. That said, theres no denying that $695 is a lot of money. Please visit americanexpress.com/benefitsguide for more details. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. New cardmembers will see the annual fee on their first billing statement. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. The fee is typically charged in full when you open your account and then once a year in your anniversary month, though a few cards will divide the fee into installments and collect it monthly. Same Service, No Annual Fee. In the right hands, the classic status card's staggering annual fee is well justified. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. Complimentary Marriott Bonvoy Gold Elite status. Please visit americanexpress.com/benefitsguide for more details. Many of the benefits, like the entertainment and Equinox credits, are essentially forcing some customers to spend more money than they normally would defeating the purpose of the card saving you money. Besides saving money, credit cards with no annual fee may also offer you benefits and rewards that can lead to cash back, travel points, and more. Plus, your own feed of TPG content. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. While you may or may not subscribe to the eligible services, it can certainly help offset the cost if you are already using one of the services listed above. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military, for example. Platinum card from american express exclusively for mercedes. Terms apply to the offers listed on this page. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Compare the cost in points or miles to cash, and see which option is best. Plus, the various other benefits of the card can be worth even more for most frequent travelers. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Plus, earns 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards immediately after the first $300 is spent on travel purchases annually. Terms apply to American Express benefits and offers. The value of the credits we tallied up doesn't take into account other American Express features such as *purchase protection, travel insurance and concierge service, among others. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. It's not the only fee you need to worry about with The Platinum Card from American Express, either. Please visit americanexpress.com/benefitsguide for more details. Terms apply to all benefits listed below1 and all offers listed are subject to change. Comparing Annual vs. No Annual Fee Credit Cards. Equinox is a pricey fitness club with limited locations, and the entertainment credit is limited to just a handful of subscription services, these benefits deliver questionable value when justifying the annual fee. | Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. The Benefits of No Annual Fee Credit Cards. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. Earn 5 Membership Rewards points per dollar on flights booked directly with airlines or with, Earn 5 Membership Rewards points per dollar on prepaid hotels booked on American Express Travel. Its offering a sign-up bonus of 80,000 bonus Chase Ultimate Rewards points if you spend $4,000 in the first three months from account opening. Please see our. Terms, Conditions and Limitations Apply. $695 annual fee . When does the annual fee kick in for the platinum? Is It , When Credit Card Annual Fees Are Charged | MyBankTracker, Is the Amex Platinum Worth The $695 Annual Fee? The card has a $95 annual fee. But since the welcome offer is a one-time perk, we wont consider it when deciding whether the Platinum Cards annual fee is worth paying. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. Please review. Eligibility and Benefit level varies by Card. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. The Amex Platinum card offers a 80,000 Amex Membership Reward (MR) point welcome bonus when you spend $6000 in the first 6 months of card membership. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. This is another great benefit targeted toward frequent travelers. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. A Housing Market Prediction From Counting Crows? The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. In many cases, cards with an annual fee may be a better value. Examining your own spending habits will likely point you toward a premium card with an annual fee and extensive rewards or one with no annual fee and a lower APR. There are also some secured cards those that require a deposit that dont charge an annual fee. For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. Information is accurate as of the publish date. You can mix and match how youd like to take advantage of this, but youll earn up to $240 in annual statement credits (broken down into $20 monthly increments). Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. The welcome offer is also something to consider in your calculations, but only for the first year. The Forbes Advisor editorial team is independent and objective. Learn all about finances in next to no time. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. Amex Platinum benefits With over $3,500 in potential value, it's easy to justify having the American Express Platinum Card for one year even with a nearly $700 annual fee. The venerable Platinum Card has a $695 annual fee. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. Assuming you take one or two rides or place an Uber Eats order in the U.S. each month, its easy to max out this perk. But for those uninterested or unable to access the benefits, you might want to consider another credit card. Earn 80,000 Membership Rewards points after spending $6,000 on purchases on the card in the first 6 months of card membership, The Amex Platinum Card earns 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases. How do I find and add Amex Offers to my Card? Descended from the first-ever travel and dining credit card, the American Express Platinum Cardhas long been at the forefront of luxury travel, with high points multipliers and strong benefits. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. The new benefits go into effect on July 1, 2021 for both existing and new card members. So, if you stay fewer nights, youll likely get less value from the status. The Chase Sapphire Reserve is another premium travel card loaded with benefits, including a $300 travel credit, Priority Pass airport lounge membership, plus it earns 3X points on all travel and dining purchases. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Bread Cashback American Express Credit Card Review: Good for Flat 2% Cash Back, Light on Benefits, How to Decide Between the Amex and Chase Trifectas, or Create Your Own Card Combination to Maximize Rewards, The Amex Trifecta: Maximize This Card Trio for Travel Upgrades and Savings, American Express Blue Cash Preferred vs. Wells Fargo Active Cash: Two Great Cash Back Cards for Everyday Purchases, Chase Freedom Unlimited vs. American Express Blue Cash Preferred: Two Top Cash Back Cards, Marriott Bonvoy Brilliant American Express Credit Card Review: Premium Benefits for Frequent Marriott Travelers, Amazon Business Prime American Express Card Review: 5% Amazon Savings or 90-Day Interest Free Period on Purchases, Delta SkyMiles Blue American Express Card: No Fee Option for Delta Travelers with Few Benefits, Delta SkyMiles Reserve American Express Card: Lounge Access and Premium Perks for Frequent Delta Flyers, Amex EveryDay Preferred Credit Card: Great Rewards Boost for Frequent Spending, Samantha Rosen is a former editor at NextAdvisor. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. The material made available for you on this website, Credit Intel, is for informational purposes only and is not intended to provide legal, tax or financial advice. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. A year ago, the Amex Platinum added an array of new perks for cardmembers and raised its annual fee to $695 (see rates and fees) in the process. Your email address will not be published. Each year you can get one $50 statement credit for Saks purchases between Jan. 1 and June 30 and another $50 statement credit for purchases between July 1 and Dec. 31. You will be charged the annual fee on your first statement after your account anniversary date. See rates & fees) has long been one of the most popular travel rewards cards available thanks to the usefulness of the Membership Rewards points it earns as well as an array of valuable perks. 1 Credit Card Annual Fee Explained,The Balance, 2 Is Paying an Annual Fee for a Credit Card Worth It?, Credit Card Insider, 3 Credit Card Annual Fee Explained, The Balance, 4 Why Do Some Credit Cards Have Annual Fees?, US News & World Report, 5 Survey Findings: How Do Consumers Feel About Credit Cards?, Experian, 6 Is It Worth Paying an Annual Fee for a Credit Card?, NerdWallet. With those credits and benefits, though, comes a price. The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. 2. Breeze through security with CLEAR lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. You could also argue the Global Entry or TSA PreCheck application fee credit is a moot point since many other (less expensive) travel credit cards already offer this benefit. Things To Do Before Canceling A Credit Card, Best Credit Cards: Reviews, Rewards & Offers, Chase Sapphire Preferred Credit Card Review, High reward potential on flights and hotels booked through American Express Travel, Multiple credits can help justify the fee, Luxury travel benefits and elite status with Hilton and Marriott with enrollment, Maximizing the statement credits takes some work and could be unworkable for many, Reward rate outside of travel is sub-par for a premium card. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. At 80,000 points, the welcome offer alone is worth around $1,600 by our latest estimates thanks to how versatile American Express Membership Rewards points are. Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. 1 For more on Rates and Fees for The Platinum Card, click here. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. The cards Priority Pass Select membership gets the cardholder and two guests into more than 1,300 Priority Pass lounges worldwide for free, although youll need to request your membership card. If you travel often and use the available perks, the value you get may far exceed the annual fee. Please view our advertising policy page for more information. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. If you have questions, please consult your own professional legal, tax and financial advisors. If you took a critical look at your spending habits and decided this card just isnt worth it for you, there are plenty of other travel credit cards on the market at lower annual fees. That's $900 toward travel when you redeem through Chase Ultimate Rewards. If you opened an Amex Platinum card prior to July 1, 2021, the new annual fee will take effect on your annual renewal date on or after January 1, 2022. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. Improve earnings, maximize rewards and track progress toward dream trips. The card also earns 5 points per dollar on airfare booked directly with airlines or at Amex Travel on up to $500,000 and is offering a welcome bonus of 100,000 Membership Rewards points if you spend $6,000 in the first six months of card membership. Here are some ideas for using your Amex Platinum airline incidental credits throughout 2023: Pay for seat assignments, checked bag fees, and food and beverages on future flights. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Heres what you need to know to decide whether this card is worth it to you. For rates and fees of the Business Platinum Card from American Express, click here. Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to Global Dining Access by Resy, your personal digital dining concierge. NextAdvisor may receive compensation for some links to products and services on this website. Read more in TPGs full guide to the Cruise Privileges Program. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. You will receive up to $189 per year in statement credit to apply for CLEAR, a biometric security program located at airports and stadiums across the U.S. We only value this at $100 because members of select airline loyalty programs can apply for CLEAR at a discounted rate. Monthly membership costs $12.95 plus local sales tax, so the statement credits should cover most, if not all, of that. Many middle-class households can make this work. This guide considers all the advantages, earning potential and money-saving features of the card so you can decide for yourself whether it is worth the annual fee. Save my name, email, and website in this browser for the next time I comment. The venerable Platinum Card has a $695 annual fee. Looking beyond the welcome offer, which is pretty lucrative, you will have to map out which of the perks of The Platinum Card from American Express you will eventually utilize and to what extent. You can book up to three rooms and receive these benefits on each room. For example, suppose you have poor credit. However, many of the above values are estimates. The fee is charged most often in these two cases: The fee is typically charged in full when you open your account and then once a year in your anniversary month, though a few cards will divide the fee into installments and collect it monthly.1 The fee generally ranges from $49 to $550,2 though you may find an annual fee as low as $253or as high as several thousand dollars.4 But there are also many no annual fee credit cards. Underwritten by AMEX Assurance Company. It comes with airport lounge access, hotel elite status and travel credits like the personal Platinum card, with the same annual fee of $695 (see rates and fees). Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. | BestCreditCard. Heres a closer look to help you decide if its worth it to you to apply for the card and how it compares to some other travel cards with lower annual fees. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. Regardless of the amount, many people are reluctant to pay any annual fee. Cardmembers receive up to $200 in statement credits each calendar year when booking a prepaid stay via Amex Fine Hotels + Resorts or The Hotel Collection on Amex Travel. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. Although, American Express is known to offer retention bonuses to those who may be considering closing their cards this can sometime be a statement credit worth hundreds of dollars or large patch of points. If you have questions, please consult your own professional legal, tax and financial advisors. Terms, Conditions and Limitations Apply. Select independently determines what we cover and recommend. This site does not include all credit card companies or all available credit card offers. The Platinum Card from American Express (Terms apply. Terms, Conditions and Limitations Apply. Sort of like Amazon Prime, Walmart + includes free next-day and two-day shipping on items from Walmart.com, with no minimum required (excluding overweight, freight and Marketplace items), free delivery from your local Walmart store on orders of $35 or more, select prescriptions for as little as $0, savings of up to 85% at thousands of Walmart pharmacies, and discounts of 5 cents per gallon at Walmart and Murphy gas stations along with member pricing at Sams Club fuel centers. Uber VIP status and up to $200 Uber credit, split into monthly $15 credits for U.S. rides plus a bonus of $20 in December. You travel often, and want the perks offered by certain cards. Its not a cash equivalent if you dont use a credit and in many cases youll need to make a special effort to earn them. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. Not only can you earn Membership Rewards points for Additional Card Member purchases in the same way you do on your own, Additional Gold Card for Platinum Card Members get benefits like Global Entry or TSA Pre fee credits and access to The Hotel Collection.8 Adding an Additional Card Member can also be an effective way to help that person learn financial responsibility and establish credit if theyre 18 or older. Add up to three authorized users for a fee of $175 per year (see. Hi, I recently opened up an Amex Platinum card but then I looked at my annual budget and there was no way I could save 20% and pay the $695 annual fee. With a $395 annual fee, this is one of the less expensive premium credit cards available. Related: Best credit cards for streaming services. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Read more in TPGs full guide on the Fine Hotels + Resorts Program. The card also offers up to hundreds of dollars in statement credits each year, but the value you can reap from these benefits will vary for each cardmember. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. The Benefits of No Annual Fee Credit Cards. Whether youre an avid cruiser or only take one cruise every year or two, this benefit is worth mentioning. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. Insider values Amex points as worth 1.8 cents each, on . The Platinum card also has trip cancellation, interruption and delay insurance. A Complete Guide, How to Make the Most of Travel Credit Cards, Better Mortgage Lender Review 2023: Easy Online Preapproval Experience, Limited Menu, $200 hotel credit as an annual statement credit for prepaid Fine Hotels + Resorts or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel, $240 in annual statement credits (up to $20 per month) on purchases or subscriptions with Audible, The New York Times, SiriusXM and Peacock, $300 in annual statement credits (up to $25 per month) on eligible Equinox memberships or a digital subscriptions to Equinox+, an on-demand fitness app. Compare the wide range of credit cards and choose the one that suits you best. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. Related: At home or at the gym: The best credit cards to maximize your next workout. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. For example, if you spend $500 each year on eligible Amex Fine Hotels & Resorts stays, youll earn 2,500 points on these stays, which are worth about $50 given our current valuations. Enrollment required. Terms, Conditions and Limitations Apply. You must check at least one of the boxes to proceed. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Cardholders will also get more lifestyle and experience-based perks, including 40% off a membership for the Premium Private Jet Program with Wheels Up, as well as up to $2,000 in initial year flight credits to book private charter flights; and access to the Global Dining Access program by Resy, where cardholders can get exclusive tables at some of the worlds top restaurants. But that cards perks are rich. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. Please visit americanexpress.com/ benefitsguide for more details. If you're considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. However, some credit card enthusiasts have compared some of the benefits to that of a "coupon book," questioning the true value these credits are offering Platinum cardmembers. originally joined TPG as the site's first managing editor back in 2011. (you may be eligible for an. Bank of America Cash Rewards - 8,000. Annual fees are typically charged after the first year of membership. One of the card's other, newer benefits that can help you save time and stress at the airport is the annual statement credit for Clear membership of up to $189, which should cover the whole cost to join this program. That's only $1000 of spending per month required. You have to ask yourself: Are these credits really worth their face value? Your email address will not be published. Depending on how airlines code certain purchases, however, it is also sometimes possible to purchase airline gift cards to use toward tickets and be reimbursed via the credit (note that this can change unexpectedly). 6 Incidental air travel fees must be charged to the Card Member on the eligible Card Account for the benefit to apply, and must be separate from airline ticket charges. The $200 . A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. It also earns 3 points per dollar on dining, 5 points per dollar on travel purchased through Chase Ultimate Rewards and 2 points on all other travel. Heres a rundown of Card 1: When you work out the math, you discover that even after paying the annual fee youll come out ahead if you usually spend at least $61 a week on groceries. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. Here are some common situations in which paying an annual fee may make sense: In some cases, accepting an annual fee may be your only way to get a credit card. Although many of these premium cards charge high annual fees, the benefits, statement credits and earning potential they provide can make paying for them worthwhile. Because TSA PreCheck is included with Global Entry, it is advantageous to apply for Global Entry to use the entire $100 credit every 4 years. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Please visit americanexpress.com/benefitsguide for more details. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. Official application link: The Platinum Card from American Express with 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. Becky Pokora is an avid traveler with a particular love for the outdoors. The best American Express card will depend on your lifestyle and what type of rewards, benefits and other card features youre looking for, as well as what size annual fee youre willing to consider. Get $200 each year in incidental credits (i.e. Ready for a trip? Amex platinum when is annual fee charged? 3. In an attempt to make the Platinum Card more lifestyle-focused, Amex added a digital entertainment credit that offers reimbursement for the following services: Audible, Peacock, SiriusXM and The New York Times. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Learn more. In addition, there are valid arguments that the Amex Platinum card is only worth holding onto for one year, and then cardholders should consider canceling when the second annual fee posts on the billing statement because the value of benefits significantly decreases after the first year, most notably because you won't receive a second the welcome offer. All rights reserved. This post contains references to products from one or more of our advertisers. Barclay Arrival Mastercard - 7,000. You will receive up to $100 every 4 years after you apply for Global Entry. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. Depending on your spending preferences, this may be a small price to pay for access to Platinumselevated suite of benefits, services, wellness, entertainment, and travel credits on top of the traditional benefits that have kept Platinum at the forefront of luxury travel credit cards. There's no guarantee that you'll receive one, but a statement credit or some bonus points may make the difference between keeping the card vs. canceling it. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. Platinum cardholders and up to two guests are also granted entry into Amexs Centurion Lounges, including lounges in multiple U.S. cities as well as ones at airports in Hong Kong (HKG) and London (LHR). See. Is Paying an Annual Fee for a Credit Card Worth It? But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. Amex Platinum Quick Facts. I would like to subscribe to the NextAdvisor newsletter. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. We earn a commission from affiliate partners on many offers and links. For existing cardmembers, the increased annual fee will take effect for renewal . For more on the Offer & Benefit Terms listed above, All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards, Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the, Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to. You will receive complimentary Gold status benefits when you book directly at Hilton properties. To enjoy the features and perks of some credit cards, you pay an annual fee. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Underwritten by New Hampshire Insurance Company, an AIG Company. Clear lets you use biometric kiosks for identification purposes so you can skip the TSA agent shuffling through other travelers' identification and head straight to the baggage security line. What Is a Credit Card Annual Fee? Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. . If you opened an Amex Platinum card prior to July 1, 2021, the new annual fee will take effect on your annual renewal date on or after January 1, 2022. The American Express Business Platinum card offers up to $200 annual airline fee credit. To view rates and fees for The Platinum Card from American Express please visit this page. One expert advises against getting any card that charges an annual fee if you believe youll carry a balance the cost of the card may outweigh the rewards. Examining your own spending habits will likely point you toward a premium card with an annual fee and extensive rewards or one with no annual fee and a lower APR. To get an Amex annual fee refund after closing an account, call customer service at (800) 528-4800 within 30 days to request a refund check. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. Underwritten by AMEX Assurance Company. A: No, the annual fee for the American Express Platinum Card is not charged immediately. Find the right card for you. The American Express Platinum Cards $695 annual fee works out to about $58 a month. By doing so, youll get elite-like benefits including noon check-in (based on availability), room upgrades (when available), daily breakfast for two people, complimentary Wi-Fi, guaranteed 4 p.m. late checkout and a unique property amenity valued at $100 or more. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. The representative can sometimes find a supervisor willing to approve the request. Please visit americanexpress.com/benefitsguide for more details. $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Earn 5X Membership Rewards Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards Points on prepaid hotels booked with American Express Travel. Platinum cardholders can book stays through the Amex Fine Hotels + Resorts program. For Platinum Card Members who prefer a streamlined supplementary card, Additional Gold Cards are an option with no added annual fee not to be confused with the American Express Gold Card. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. . That's $900 toward travel when you redeem through Chase Ultimate Rewards. Starting in 2023, statement credits for the $300 Equinox Credit benefit will be provided on an annual basis of up to $300 per year and will no longer be provided on a monthly basis of up to $25 back per month. Related: Key things to know before getting Global Entry. Editorial Note: We earn a commission from partner links on Forbes Advisor. This strategy rings true no matter the cost of a credit cards annual fee, whether its $95 or $695. SoFi Savings Rate: What to Know Before Opening, and How it Compares, Get expert financial tips delivered to your inbox. For new card members (as of July 1), the new fee will go into effect immediately. For example, if you dont use Equinox, Uber and Clear, thats over $600 worth of perks that you would not use, which could make the card not worth it to you. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Survey Findings: How Do Consumers Feel About Credit Cards? The statement credits described in the previous section can easily help bring your effective annual fee down from the published $695 per year to $0 per year. Welcome bonus: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. How do I Earn Membership Rewards Points? Do I pay upfront if I get approved or torward the end of the fiscal year. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. By providing your email, you agree to the, One Thing Couples Should 'Never, Ever' Do With Their Money, According to Suze Orman, What Is Term Life Insurance? Cost includes $12.95 plus applicable local sales tax. To take advantage of this benefit, you must link your Platinum Card to your Uber account. In addition to hotel elite status, cardholders can enroll for status with several car rental programs, including Avis Preferred, Hertz Gold Plus Rewards and National Car Rental Emerald Club Executive. Underwritten by AMEX Assurance Company. You charge enough that the rewards you earn offset the fee. Make sure to activate this credit first under the Benefits section of your Amex Platinum account, which will then send you to the Clear website to sign up for the membership. How do I find and add Amex Offers to my Card? Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. The Platinum Card also gets cardholders into Delta Sky Clubs on same-day flights operated by Delta and its partner airlines. Are you sure you want to rest your choices? This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. 10X miles on hotels and rental cars, 5X miles on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases, Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Plus Ups are excluded. Terms apply to American Express benefits and offers. Macys American Express - 6400, 19,000. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. There are strong arguments in favor of the card, such as an impressive roster of 17 airline and three hotel transfer partners including British Airways and Delta, extensive airport lounge access perks, a Global Entry or TSA PreCheck application fee waiver every four years (up to $100), an annual airline fee credit, Uber credits, medical evacuation travel protection, travel insurance and more. For rates and fees of The Platinum Card from American Express, click here. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? Both the The Platinum Card from American Express for Charles Schwab* and The Platinum Card from American Express exclusively for Morgan Stanley* offer credits toward the annual feebut only if you hold substantial assets at the corresponding brokerage. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. If you have travel purchases like flights and hotels coming up, you can take advantage of the 5X points for every dollar spent on travel booked through American Express. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. Here is a list of the benefits you will receive in your first year of card membership: With over $3,500 in potential value, it's easy to justify having the American Express Platinum Card for one year even with a nearly $700 annual fee. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. With those credits and benefits, though, comes a price. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. This is just one scoring method and a credit card issuer may use another method when considering your application. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. Next, consider the Platinum Cards benefits, such as earning 5 Membership Rewards per dollar on select airfare and hotel purchases, extensive lounge access, excellent travel protections, elite status with Hilton and Marriott, access to the Hotel Collection and Amex Fine Hotels + Resorts booking perks and more and decide how much value these benefits can provide to you. Thanks & Welcome to the Forbes Advisor Community! More specifically, Additional Card Members are eligible to get either a $100 statement credit every four years for Global Entry or an $85 credit every four and a half years for TSA Pre, as long as the application fee is paid with the Platinum Card. Eligibility and Benefit level varies by Card. However, this depends on you leveraging each credit to its maximum. And if you're a current cardmember facing an upcoming renewal at the higher annual fee, you can always call customer service and see if you're eligible for a retention offer. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. Editors note: This is a recurring post, regularly updated with new information. 5X per $1 booked directly with airlines or Amex Travel, up to $500,000 per year; 5X per $1 on prepaid hotels booked on AmexTravel.com; 1x per $1 on other purchases. American Express Platinum Edge Credit Card. This can help negate the cost of the $250 annual fee (See Rates & Fees). Someone who wont use the majority of these statement credits should probably skip this card. Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Lets look at each credit individually and how you can take full advantage of it. While this won't directly offset my out-of-pocket cost for keeping the card, 55,000 Amex points can be worth far more than the annual fee. Whether you're a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. The card's Saks Fifth Avenue credit is available in the form of two $50 statement credits per year. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. $1,600 (Points are valued at 2 cents per point. Cardmembers receive a $100 shipboard credit for inside and outside staterooms; a $200 shipboard credit for balcony, veranda and mini-suite staterooms; and a $300 shipboard credit for suites and other select staterooms on select cruise lines. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. When you book a two-night or longer stay through The Hotel Collection with American Express Travel, youll get a $100 hotel credit for use on qualifying dining, spa and resort activities and a room upgrade upon arrival (when available). Additional Card Members must be 13 years of age or older.8. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. Though rental car perks are hard to quantify, the conveniences, discounts and time-saving benefits like guaranteed availability and return grace periods can be invaluable especially with recent shortages. Instead, we'll look at the card's ongoing benefits. Uber Cash and Uber VIP status is available to Basic Card Member only. Enrollment may be required for some American Express benefits and offers. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. Terms, Conditions and Limitations Apply. Annual fees are typically charged after the first year of membership. It doesnt come with many travel perks, though, other than up to a $100 application fee credit towards Global Entry or TSA PreCheck every four years. That means you may have the $695 annual charge for the American Express Platinum Card removed. The fee will only be waived during years when you are still on active duty and you can contact American Express for more information on how to obtain your fee waiver. For instance, if you opened a card on April 5, 2020, you can expect to . Learn more. Although the card underwent a major revamp last year and added several new features, some consumers are wondering whether a travel card like the Amex Platinum is right for them, especially during a time of inflation. With the cards many statement credits, you could potentially reap double the annual fee in value before even factoring in benefits like airline lounge access and automatic elite status with travel partners. You can cancel your card before the annual fee is charged. Bank of America - 9,100. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. For 12 months, you can get a 2.99% introductory APR on all borrowing. You can even use Pay With Points to purchase your tickets. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Before we get into the details of the benefits on the Platinum Card from American Express, here is a look at the cards current welcome offer and ongoing perks. Below, Select breaks down the Amex Platinum's rewards, benefits and fees to help you decide if it's the right card for you, despite the high annual fee. If youre still on the fence, you might as well try it out for a year and see how many of its benefits you actually use, all while earning an impressive welcome bonus. Ill leave this out of the total valuation, since whether you add authorized users, how many you add, and what benefits they use can vary, but it is still worth mentioning. How do I Redeem Membership Rewards Points? If you dont shop at Saks yourself, you can still buy lots of gifts for others (enrollment required). Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. These offers are subject to change at any time. Those users are eligible for some of the same benefits as the main account holder, including lounge access, Global Entry/TSA PreCheck reimbursement, hotel elite status and Amex Fine Hotels + Resorts benefits (not to mention Amex sometimes offers cardholders bonus points for adding authorized users). Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. To decide whether its worthwhile opening the card and keeping it, you will need to look at its ongoing qualities and how much value youre likely to reap from them. The Platinum Card has a $695 annual fee.1 Though the fee is paid once a year, the math works out to about $58 a month. Cost includes $12.95 plus applicable local sales tax. . He is also the author of four books on management. Remember: While Additional Card Members are not account owners, they are authorized to use the primary Card Members account. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. This can add up to big savings. Although many people avoid cards that charge an annual fee, cards with fees may be a savvy choice if you can make use of their benefits. Here are the best travel credit card welcome bonuses so you can save up to $750, The best luxury and premium credit cards if you want the best perks, Why the Fed raising rates could make your savings account more valuable and debt more expensive, How to get Super Bowl LVII tickets and VIP packages with points from multiple rewards programs, Last chance to get presale tickets to Taylor Swift's 'Eras Tour' through Capital One. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). This card shines for this use, but overall the star ratings may differ when compared to other cards. A final point on the math: Dont forget to consider interest charges. These are provided as guidelines only and approval is not guaranteed. AMEX Platinum Charge members are entitled to two complimentary supplementary cards (a S$160.50 fee applies for the third card onwards), a benefit you should absolutely max out. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Others may not be able to easily access these benefits based on location or travel habits. You will get $20 back each month for one or more of the following services: Peacock, The New York Times, Audible, Sirius XM, Hulu, ESPN, The Disney Bundle, Disney+ (enrollment required). $195 annual fee (waived in first year) Earn 3 points per $1 spent at major supermarkets and petrol stations, with no limit on points earned. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). However,. All Rights Reserved. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Air Space lounges, Centurion Lounges and International American Express Lounges. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. Hot Tip: You receive the airline incidental once per calendar year. Whats most important here is that you take a close look at your travel habits, as well as your budget, to see if the perks align with your lifestyle. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. An even lower fee option includes the Chase Sapphire Preferred Card. For an explanation of our Advertising Policy, visit. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. A: No, American Express does not charge an annual fee immediately. We'd love to hear from you, please enter your comments. At home or at the gym: The best credit cards to maximize your next workout, seemingly comes with every premium credit card, prepaid Amex Fine Hotels & Resorts bookings made online, eligible Amex Fine Hotels & Resorts stays, The American Express Global Lounge Collection, youll need to request your membership card, these guests will also need to be flying Delta, 5 points per dollar on prepaid stays booked online through FHR, full guide on the Fine Hotels + Resorts Program, The Hotel Collection with American Express Travel, full guide to the Cruise Privileges Program, National Car Rental Emerald Club Executive, Do Not Sell or Share My Personal Information, Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. Plus Ups are excluded. Uber Cash and Uber VIP status is available to Basic Card Member only. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. Amex Platinum annual fee increase from $550 to $695. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. The only downside is that youll need to pay a $39 service fee per ticket, even if you book using the new online chat service. 2023 American Express. Other related questions: Q: Does Amex charge annual fee immediately? Past performance is not indicative of future results. Performance information may have changed since the time of publication. Because Global Entry also qualifies you for TSA PreCheck, lets rate the full value of this benefit at $100 but amortize it over the four years. For new applicants, you'll be required to pay this new fee immediately, but existing cardholders won't have to fork over the extra cash until renewals begin in January 2022. The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits. The monthly credit can be used on multiple rides, but any portion of it that remains unused doesnt roll over at the end of the month. 3 weeks ago Seth. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. The Platinum Card from American Express has a $550 annual fee, but for many travelers the card's benefits will more than offset the annual fee. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. How do I Redeem Membership Rewards Points. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. For example, lets consider two cash back rewards cards offered by the same company. You can qualify for 75,000 bonus miles when you spend $4,000 within the first three months of account opening. You might be using an unsupported or outdated browser. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. How do I Earn Membership Rewards Points? Terms, Conditions and Limitations Apply. If you do use these services, as well as other perks that the card offers, you can easily offset the cost of the annual fee. If you cannot maximize all of the cards credits each year perhaps because you live overseas and cant use the monthly Uber credits, or struggle to use the new lifestyle benefits for streaming services and Equinox then tally up the value of the credits you can use. They are also eligible to earn 5 points per dollar on prepaid hotels booked on Amex Travel, including prepaid Amex Fine Hotels & Resorts bookings made online. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. Related: How to make sure youre getting your Amex Platinum Uber credits. (Enrollment required.). 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. Photo by Isabelle Raphael/The Points Guy. (Enrollment is required for Priority Pass.). Some offers are no longer available. It is offering a welcome offer of 60,000 points when you spend $4,000 on eligible purchases within six months of card membership, and earns 4 points per dollar on dining and at U.S. supermarkets (up to $25,000 per calendar year, then 1 point per dollar), as well as 3 points per dollar on airfare booked directly with airlines or through Amex Travel and 1 point on everything else. Underwritten by New Hampshire Insurance Company, an AIG Company. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . When the annual fee comes due again, youll be able to make a more educated decision on whether you want to keep it and enjoy the benefits for another year. A: No, American Express does not charge an annual fee immediately. In addition, take the time to figure out if you'll be able to use the credits. These are federal laws that provide certain protections to active duty military. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. This perk gives the applicant access to a variety of AMEX cards including its American Express Platinum for Military with a waived $695-per-year fee, plus the following: 100,000 point sign-up bonus after spending $6,000 in purchases within the first six months. You have poor or limited credit history and cant qualify for a no annual fee credit card. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. Can You Get a Credit Card Without a Social Security Number?

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