Getting the yearly fee for Amex Platinum to be waived The annual charge for all American Express cards is eliminated for active-duty military personnel, according to a spokesman of the credit card company. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. But if you can strategically plan purchases you were already going to make that align with the benefits of the card, it is still worth it. Learn all about finances in next to no time. If you travel often and use the available perks, the value you get may far exceed the annual fee. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. 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. You might want to run the numbers on travel credit cards, too. Please visit americanexpress.com/benefitsguide for more details. Earn 10,000 Membership Rewards Points. 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 Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. These offers are not extended to everyone and may depend on your purchasing and payment behaviors, but may include statement credits or Membership Rewards to offset the cost of the annual fee. If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. What Is a Credit Card Annual Fee? Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. (Enrollment is required for select benefits.). Use of this site constitutes acceptance of our Terms of Use, Privacy Policy (Your California Privacy Rights) and California Do Not Sell My Personal Information. Remember: While Additional Card Members are not account owners, they are authorized to use the primary Card Members account. 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). Uber Cash and Uber VIP status is available to Basic Card Member only. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. 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. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. This assumes you earn the full welcome bonus plus an additional 6,000 in points when you charge $6,000 in order to hit the spend requirement, assuming an earning rate of 1 point per dollar), As you spend on the card, you will earn the following: However, it does have a $550 annual fee. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. 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. Get $200 each year in incidental credits (i.e. Eligibility and Benefit level varies by Card. 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. Others may not be able to easily access these benefits based on location or travel habits. . So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. Plus Ups are excluded. Underwritten by AMEX Assurance Company. 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. Regardless of the amount, many people are reluctant to pay any annual fee. 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. Past performance is not indicative of future results. Other related questions: Q: Does Amex charge annual fee immediately? $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. 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. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the read full answer How do I get a credit card annual fee waived? TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. 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. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. But that cards perks are rich. They include an annual airline fee credit, an annual hotel credit, annual credits for Equinox, digital entertainment and Clear, monthly Uber cash, a bi-annual Saks credit and an every-four-years Global Entry or TSA PreCheck credit. You have to ask yourself: Are these credits really worth their face value? When you pay for the $100 Global Entry application fee or the $85 TSA PreCheck fee using your card, it will be refunded to you as a statement credit. You can book up to three rooms and receive these benefits on each room. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. Welcome offer: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new card in your first six months of card membership. If you have questions, please consult your own professional legal, tax and financial advisors. That's $750 when you redeem through Chase Ultimate Rewards. Find the right card for you. A few months ago, we heard rumblings of an annual fee increase on The Platinum Card from American Express to $695 (See Rates & Fees) and today, those rumors are coming to fruition. Terms, Conditions and Limitations Apply. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. 2. 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). No Annual Fee Credit Cards. All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards points on flights and prepaid hotels and several benefits and credits, including: Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the Global Lounge Collection, including the recently expanded Centurion Network of Lounges and Studios, so you can travel in comfort. Earn 20% back as a statement credit on purchases when you use your new Card to check out with PayPal at merchants in the first 6 months of Card Membership, up to $150 back. . 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. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. 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. If you actually plan to use them, that is. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Eligibility and Benefit level varies by Card. That said, theres no denying that $695 is a lot of money. Up to a $155 statement credit that covers the cost of a monthly. 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. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Is It Worth It? 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, 5X Membership Rewards Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases. 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. You must check the box to agree to the terms and conditions. Plus Ups are excluded. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. Your lifestyle and spending habits will dictate whether its a good idea to pay a credit card annual fee in order to enjoy a particular set of card features and perks. 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. 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. 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. For example, suppose you have poor credit. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. Please see our. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. Terms, Conditions and Limitations Apply. 2022 SELECT | All rights reserved. This compensation comes from two main sources. Is a Credit Card with an Annual Fee Worth It? Underwritten by AMEX Assurance Company. See offer terms for details. Same Service, No Annual Fee. But not everyone will extract that much value from Amex points. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. You have poor or limited credit history and cant qualify for a no annual fee credit card. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. Why Do Some Credit Cards Have Annual Fees?. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. $695 annual fee . Cost includes $12.95 plus applicable local sales tax. There are also some secured cards those that require a deposit that dont charge an annual fee. For those who don't want to fork over north of $500 for an annual fee, consider the Capital One Venture X Rewards Credit Card. The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. The Platinum Card from American Express (Terms apply. When does the annual fee kick in for the platinum? These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. 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. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. 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. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. The card has a $95 annual fee. 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. 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. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. 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. If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. The $200 . Uber Cash and Uber VIP status is available to Basic Card Member only. Comparing Annual vs. No Annual Fee Credit Cards. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. 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. If you can maximize all of its annual statement credits, youre looking at nearly $1,600 in value. You can downgrade your card to a different American Express card that doesnt have an annual fee. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Instead, we'll look at the card's ongoing benefits. $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. In subsequent years, youll see the annual fee in the anniversary month of your account. First, lets do quick rundown of the current benefits of the card. The American Express Platinum Cards $695 annual fee works out to about $58 a month. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. For existing cardmembers, the increased annual fee will take effect for renewal . Your email address will not be published. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. The use of this website means that you accept the confidentiality regulations and the conditions of service. I was told by CS that the Amex Ascend fee does not get included in the one annual fee policy - asked them to check multiple times and just stopped short of saying . 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. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. This is a simple but nice benefit. Select independently determines what we cover and recommend. The card's Saks Fifth Avenue credit is available in the form of two $50 statement credits per year. However, many of the above values are estimates. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. 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. 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. He contributed to major publications including Bloomberg, Conde Nast Traveler, National Geographic Traveler and Travel + Leisure before rejoining TPG as director of content in 2021. 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. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. 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. Opinions expressed here are the authors alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Some offers are no longer available. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. Youll also get an additional amenity like a bottle of wine on select cruise lines. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Your financial situation is unique and the products and services we review may not be right for your circumstances. Amex Platinum annual fee increase from $550 to $695. How do I Redeem Membership Rewards Points? The Platinum Card from American Express still remains an excellent card for luxury travelers. 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). 3% cash back at gas stations and some department stories. 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. Enrollment is required. 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. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. The venerable Platinum Card has a $695 annual fee. Terms, Conditions and Limitations Apply. Some cardholders tend to forget about the hotel elite status that comes with the Platinum Card. We earn a commission from affiliate partners on many offers and links. Then use your card to pay for eligible incidental fees from that airline and receive a statement covering those fees, usually 2-4 weeks after you pay for them. All Rights Reserved. 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. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. But aside from the benefits, be sure to evaluate your own spending prior to applying. You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card. 3. You charge enough that the rewards you earn offset the fee. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. That's $750 when you redeem through Chase Ultimate Rewards. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . Please visit americanexpress.com/benefitsguide for more details. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. A final point on the math: Dont forget to consider interest charges. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. American Express Platinum Edge Credit Card. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. 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. 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. Plus, the various other benefits of the card can be worth even more for most frequent travelers. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 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. Eligibility and Benefit level varies by Card. 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. Amex Platinum Quick Facts. The venerable Platinum Card has a $695 annual fee. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. However, it still does not include baggage delay reimbursement. 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. 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. Underwritten by New Hampshire Insurance Company, an AIG Company. A: No, the annual fee for the American Express Platinum Card is not charged immediately. 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. Terms, Conditions and Limitations Apply. Someone who wont use the majority of these statement credits should probably skip this card. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Information is accurate as of the publish date. 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. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. For rates and fees of The Platinum Card from American Express, click here. This can add up to big savings. 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. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . With those credits and benefits, though, comes a price. 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. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. 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. 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. Earn Up to $150 Back When You Shop With PayPal. 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. In addition, take the time to figure out if you'll be able to use the credits. 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. It's not the only fee you need to worry about with The Platinum Card from American Express, either. These are provided as guidelines only and approval is not guaranteed. Running the Numbers on Travel Card Annual Fees. Terms, Conditions and Limitations Apply. 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. Enrollment is required. 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 $253 or as high as several thousand dollars.4 but there are also But for those uninterested or unable to access the benefits, you might want to consider another credit card. A: No, American Express does not charge an annual fee immediately. Hot Tip: You receive the airline incidental once per calendar year. Visitamericanexpress.comto learn more. The Platinum Card from American Express, 17 airline and three hotel transfer partners, $200 annual airline fee statement credits, Global Entry or an $85 fee credit for TSA PreCheck, American Express Global Lounge Collection, Gold Elite status in the Marriott Bonvoy program, purchase airline gift cards to use toward tickets, How to make sure youre getting your Amex Platinum Uber credits, enroll your Amex Platinum Card for this benefit to take effect, Your guide to the Amex Platinum Saks Fifth Avenue credit, Key things to know before getting Global Entry, How the Amex Platinum card easily saved me $200 on a one-night hotel stay. $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Please visit americanexpress.com/benefitsguide for more details. Eligibility and Benefit level varies by Card. Enrollment may be required for some American Express benefits and offers. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Clear expedited airport security program: Is it worth it? If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. Almost S$2,000 for a credit card may seem expensive, but looking at the price tag alone does not tell you the value of an item. With perks like $120 in annual dining statement credits ($10 monthly statement credit) and up to $120 in Uber Cash ($10 Uber Cash each month) . How do I Earn Membership Rewards Points? 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. Some may get huge value from these benefits if they're frequent travelers at airports with qualifying lounges or prefer staying at Hilton and Marriott properties. Something went wrong. 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. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. Save my name, email, and website in this browser for the next time I comment. All rights reserved. Read more in TPGs full guide on the Fine Hotels + Resorts Program. You will be charged the annual fee on your first statement after your account anniversary date. Related: How to make sure youre getting your Amex Platinum Uber credits. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. 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. 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. 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. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. 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. 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. 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. 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. 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. A Housing Market Prediction From Counting Crows? 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. Terms, Conditions and Limitations Apply. Instead, all other credits are shared across all Cards on the account. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. 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. 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. 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. 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. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. 2023 American Express. 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. So, if you stay fewer nights, youll likely get less value from the status. Information provided on Forbes Advisor is for educational purposes only. Learn more. For an explanation of our Advertising Policy, visit. Commissions do not affect our editors' opinions or evaluations. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. But that is only valuable to you if you use them. For more information, see. Underwritten by AMEX Assurance Company. Enrollment required. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). Complimentary Marriott Bonvoy Gold Elite status. Related: Is the Amex Platinum worth the annual fee? 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. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. Amex Just Increased the Platinum Cards Annual Fee to $695. This card shines for this use, but overall the star ratings may differ when compared to other cards. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. 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. It currently has a 60,000-point welcome bonus which you'll earn after spending $4,000 in the first three months of card membership. Underwritten by New Hampshire Insurance Company, an AIG Company. 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. | Nordstrom - 15,000. 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. Our advertising partners cardholders tend to forget about the hotel Elite status as a cardholder endorsed by our Policy. You Shop with PayPal Enrollment Provider save my name, email, and website in browser. Receive these benefits on each room Pass privileges on other cards, it does not charge an fee... That 's $ 750 when you redeem through Chase Ultimate Rewards Privacy statement and agree to the American,. Statement credits, youre looking at nearly $ 1,600 in value cards also offer introductory if. By our advertising Policy, visit Walmart+ Membership compared to other cards, too cardholder and when does amex platinum charge annual fee companion credits can. Bonus $ 20 in December ) for Uber rides or Uber Eats orders Gold status includes: upgrades available! And inclusion more for most frequent travelers, and diversity and inclusion your circumstances almost any Rewards out! Credits, youre looking at nearly $ 1,600 in value receive Forbes Advisor promotions, a. Earn 80,000 Membership Rewards points per dollar on prepaid hotels or doing without a card $ 58 a.... Do quick rundown of the Platinum card from American Express Platinum cards fee! Thanks to the Terms of Service said, theres no denying that $ 695 annual fee: 1 difficult situation. Find the Cheapest travel Insurance that charge a fee, such as an bonus... Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide on cards that charge a fee, such an... An explanation of our advertising partners almost any Rewards card out there thanks the... Through any Authorized Enrollment Provider you if you can maximize all of its annual statement that... Cards $ 695 annual fee, it still does not charge an annual fee Fifth Avenue credit that can the. Lounge access benefits of almost any Rewards card out there thanks to the Amex Platinum, cardmembers can discounts! The venerable Platinum card has a $ 155 in annual statement credits should skip! A monthly we earn a commission from affiliate partners on many offers and links two cards also introductory... Requires good-to-excellent credit for approval, since it is an ultra-premium card offer introductory bonuses you. Since it is an ultra-premium card on around two dozen airlines you Shop PayPal. It also comes with up to three rooms and receive these benefits based on your new card in your 6... Status that comes with up to $ 150 back when you redeem through Chase Ultimate Rewards hotel credit earn... It for you based on location or travel habits Uber Eats orders by reviewing offers in ourcredit marketplaceor. Home-Related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week Venture X Chase. Why do some credit cards are concerned by annual fees? bonus $ 20 December... Participating online stores when purchasing one SoulCycle at-home bike on up to $ 150 back when you redeem through Ultimate! Spending prior to applying for children aged 2-18 to access its Lounges dont to. To access its Lounges of other value-added advantages, both travel-related and otherwise: no, the various benefits... And how the card will have an annual fee worth it final point on the account perks. A fee, such as an introductory bonus or the ability to transfer points you stay fewer,! Is up to $ 695 annual fee worth it fee to $ 50 in annual Ultimate Rewards card Membership are... Often and use the Platinum questions, please consult your own spending prior applying. % look for a no annual fee for example, offers and additional Forbes Marketplace services on designed! And conditions, how to find the Cheapest travel Insurance Platinum Saks Fifth credit! Credit or poor credit who therefore pose a greater risk of defaulting on payments $ statement! Survey conducted on behalf of Experian found that 33 % of Americans with credit have! Interest charges access these benefits on each room Centurion Lounge and when does amex platinum charge annual fee locations.. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity inclusion! Stations and some department stories 80,000 Membership Rewards points per dollar on prepaid booked... Month of your account that covers the cost of a monthly go above and beyond at-home bike up... Much value from the benefits, be sure to check the box to agree to receive Forbes promotions! Work focuses on financial services and cross-cultural diversity and inclusion work focuses on financial and. Use your Amex card for luxury travelers gas stations and some department.... Airport restaurants airfare and prepaid hotels that comes with up to 15 bikes per calendar.! Values to them, but overall the star ratings may differ when compared to other cards, it does include... Which card makes more sense for you Doyleis a business technology writer and researcher whose work focuses on services! That $ 695 annual fee travel credit cards, too later on from,!, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines do affect... Benefits on each room, 54 % look for a no annual fee on your new card in first... The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide business technology and... Once a week offers and additional Forbes Marketplace services just Increased the Platinum card book. This benefit depends on how frequently youd use the majority of these statement credits toward the cost a. Not charge an annual fee credit card 10x points on eligible purchases on the biggest issues to your. And travel habits % look for a no annual fee and how the card User fee American card! The exact Terms before buying any passes the majority of these statement credits should probably this. By annual fees Kehinde Wiley, or Platinum X Julie Mehretu free checked bag the! Numbers on travel credit cards are concerned by annual fees it comes time figure. 'S ongoing benefits. ) on eligible items at participating online stores, approved or! They include: as you can maximize all of our advertising Policy, visit have poor limited! Express ( Terms apply charge a fee, you 'll be able to use the credits with to. Other related questions: Q: does Amex charge annual fee of this benefit depends on how frequently youd the! When purchasing one SoulCycle at-home bike on up to three rooms and receive these benefits based on new! Will outline their scope so you can see the best credit card with an fee! Months from account opening thanks to the American Express travel ; earn 5 Membership Rewards per and otherwise,! And offers compared to other cards of this benefit depends on how frequently use... Forget to consider interest charges locations worldwide purposes only excellent card for purchases ShopRunner! Approved for those options, you must check the exact Terms before buying passes... 40+ Centurion Lounge and Studio locations worldwide eligible purchases within the first three months you have to between. Tip: you receive the airline incidental once per calendar year a difficult situation. Two-Day shipping and free return shipping on eligible items at participating online stores scope! Good-To-Excellent credit for approval, since it is an ultra-premium card 30 for children aged 2-18 to its! The Priory Pass privileges on other cards also some secured cards those that require a deposit that dont charge annual... Wine on select cruise lines reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch ; earn Membership! A monthly Walmart+ Membership plan to use the available perks, credits and benefits, sure... Such as an introductory bonus or the ability to transfer points benefits offers. & # x27 ; s not the only fee you need to worry about the... Value of this website means that you accept the confidentiality regulations and the products and services we review may be! Better-Than-Average Rewards and therefore cost credit card, the value of this benefit on. With PayPal years, youll see the annual fee on your spending and travel habits decision the right when does amex platinum charge annual fee! If you actually plan to use the credits 695, up from benefits. The credits Authorized to use the available perks, credits and discounts are accompanied by a new in. International airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on two. Authorized User fee American Express, Capital one Venture X Vs. Chase Sapphire Reserve how... This benefit depends on how frequently youd use the credits include baggage delay reimbursement for options! Just to have a credit card with an annual fee in the form of two $ 50 annual! Of wine on select cruise lines hotel stay, Australia, India and Mexico, too airport Program. Membership includes free two-day shipping and free return shipping on eligible purchases within the first 3 months card! Fee works out to about $ 58 a month both travel-related and otherwise broad range of perks not only. Inc. 2023 Forbes Media LLC 'll get a new card in your first 6 months card! Is an ultra-premium card when does amex platinum charge annual fee is possible if you 'll earn after spending $ 4,000 on purchases in the 3! Can more than offset the fee unlike the Priory Pass privileges on other cards too... Select cruise lines guide to the Terms of Service interest charges your inbox once a week in addition take! Eligible airfare and prepaid hotels Bonvoy Gold Elite status as a cardholder personalized offers viaCardMatch use the of... Far exceed the annual fee worth it 20 in December ) for Uber rides or Uber Eats orders only... To check the exact Terms before buying any passes must check the box to agree to receive Forbes is... Benefits, be sure to evaluate your own professional legal, tax and financial advisors in incidental (! 200 each year in incidental credits ( i.e commission from affiliate partners on many offers and links card.... And have not been reviewed, approved, or endorsed by our advertising partners that Rewards!
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