Underwritten by AMEX Assurance Company. If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. Other related questions: Q: Does Amex charge annual fee immediately? Also, earn 1.5X points (that's an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year. 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. Blue Cash Everyday Card Cash Back Starts Here. That's $900 toward travel when you redeem through Chase Ultimate Rewards. This card shines for this use, but overall the star ratings may differ when compared to other cards. Instead, we'll look at the card's ongoing benefits. The American Express Platinum Cards $695 annual fee works out to about $58 a month. Please see our. If you can maximize all of its annual statement credits, youre looking at nearly $1,600 in value. 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. Once you've selected your airline, you can simply charge these expenses to your Amex Platinum card and you'll automatically be reimbursed in the form of a statement credit within 4 weeks of the charge posting to your account. 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. When does the annual fee kick in for the platinum? Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. . 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. The Forbes Advisor editorial team is independent and objective. The Business Platinum Card from American Express, Capital One Venture X Rewards 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. Enrollment is required. | 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. 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 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. Complimentary Marriott Bonvoy Gold Elite status. 7 Card Members must link their Platinum Card to their Uber app. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. 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. Eligibility and Benefit level varies by Card. These are federal laws that provide certain protections to active duty military. Your email address will not be published. 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. No Annual Fee Credit Cards. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. 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. Enrollment required. 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. However,. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 We earn a commission from affiliate partners on many offers and links. For more information, see. 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. Bottom line. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. With those credits and benefits, though, comes a price. I would like to subscribe to the NextAdvisor newsletter. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. The dollar amount you save can vary, but we found it to be about 12% in many test cases. 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. The Benefits of No Annual Fee Credit Cards. Check here before booking an award fare. . Amex Platinum annual fee increase from $550 to $695. 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. checked bag fees, in-flight drinks, etc.) Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. If you actually plan to use them, that is. Call AMEX member services and ask about applying for the AMEX platinum card. 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. Bank of America - 9,100. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. For an explanation of our Advertising Policy, visit. NextAdvisor may receive compensation for some links to products and services on this website. 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. You can downgrade your card to a different American Express card that doesnt have an annual fee. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. The Platinum Card also gets cardholders into Delta Sky Clubs on same-day flights operated by Delta and its partner airlines. Plus Ups are excluded. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. Theme: News Way by Themeansar. 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. 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). Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. 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. 3. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. Visit americanexpress.com to learn more. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. 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. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. 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. If you have questions, please consult your own professional legal, tax and financial advisors. Becky Pokora is an avid traveler with a particular love for the outdoors. Get Forbes Advisors ratings of the best travel credit cards and helpful information on how to utilize travel rewards and benefits to get the best deals for your next adventure. 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. 21.99% p.a. 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) . Terms, Conditions and Limitations Apply. 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. 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. The Platinum Card from American Express now carries a $695 annual fee, but for many travelers, the cards benefits will more than offset that charge. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. However, note that these figures are based on earning status the regular way through nights and stays and leveraging those benefits on those nights and stays. For new card members (as of July. 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. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. Eligibility and Benefit level varies by Card. 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. 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. What Is a Credit Card Annual Fee? Underwritten by AMEX Assurance Company. 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. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. Please view our advertising policy page for more information. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Thinking of getting 1 charge card. This post contains references to products from one or more of our advertisers. In addition, take the time to figure out if you'll be able to use the credits. Instead, all other credits are shared across all Cards on the account. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. 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. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. 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. 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. 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. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. For existing cardmembers, the increased annual fee will take effect for renewal . 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. Please visit americanexpress.com/benefitsguide for more details. 7 Factors to Consider When Comparing Credit Cards. $155 Walmart+ Credit: 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. Survey Findings: How Do Consumers Feel About Credit Cards? Youll also get an additional amenity like a bottle of wine on select cruise lines. Each calendar (not account anniversary) year, cardmembers can get up to $200 back in statement credits toward incidental fees on a single U.S. airline of their choice that they designate. 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 Is It Worth It? Macys American Express - 6400, 19,000. 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. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. The Business Platinum Card from American Express recently announced several new benefits for cardholders. A final point on the math: Dont forget to consider interest charges. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Thanks & Welcome to the Forbes Advisor Community! Compare the cost in points or miles to cash, and see which option is best. How do I Earn Membership Rewards Points? 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. Underwritten by New Hampshire Insurance Company, an AIG Company. 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. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. 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. Is Paying an Annual Fee for a Credit Card Worth It? 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. To view rates and fees for The Platinum Card from American Express please visit this page. Purchase airline lounge day passes for future use. Sign up for our daily newsletter! The Benefits of No Annual Fee Credit Cards. . If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. Related: Key things to know before getting Global Entry. Please visit americanexpress.com/ benefitsguide for more details. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. On the other hand, if you will take advantage of its ongoing benefits, such as lounge access, Fine Hotels + Resorts bookings, Marriott and Hilton elite status, and International Airline Program ticket savings, as well as even just one or two of the credits, then springing for the Platinum Card from American Express is probably worthwhile. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. 1 For more on Rates and Fees for The Platinum Card, click here. 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. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. You will receive up to $100 every 4 years after you apply for Global Entry. 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. Do I pay upfront if I get approved or torward the end of the fiscal year. Depending on how you use it, they say, a card with an annual fee even a high one may make better financial sense than a no annual fee credit card.6. 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. Read more about Select on. 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. 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. Commissions do not affect our editors' opinions or evaluations. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? The card has a $95 annual fee. But aside from the benefits, be sure to evaluate your own spending prior to applying. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. 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. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. 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. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. If you dont, the no annual fee credit card may be the better choice for you. Get $200 each year in incidental credits (i.e. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. Given the byzantine nature of this perk and how much you have to spend to leverage it, though, we're not really considering it here. In subsequent years, youll see the annual fee in the anniversary month of your account. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. Underwritten by AMEX Assurance Company. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. There are also some secured cards those that require a deposit that dont charge an annual fee. 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. 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. A: No, American Express does not charge an annual fee immediately. That's only $1000 of spending per month required. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. 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. Cost includes $12.95 plus applicable local sales tax. 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. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). If youve decided that the card is worth its annual fee, heres the 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. 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. You will receive complimentary Gold Elite status benefits when you book directly at Marriott properties. 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. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. You can book up to three rooms and receive these benefits on each room. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. 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. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. *Eligibility and Benefit level varies by Card. 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. 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 $750 when you redeem through Chase Ultimate Rewards. 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. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. | BestCreditCard. 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). it boasts very high fees: a $5,000 annual fee and a $10,000 initiation fee. Enrollment required. Select one qualifying airline online , or by calling the number on the back of your card. 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. , it is an avid traveler with a particular love for the Platinum Card American... All of its annual statement credits, youre looking at nearly $ 1,600 in value and. You complimentary Entry and exclusive perks someone else, Regional access, All-Access Destination. On each room here for Marriott Bonvoy Gold Elite status benefits when you redeem through Chase Rewards... Chase Ultimate Rewards then you can take advantage of the fiscal year that doesnt an... % Introductory Rate for Borrowers click here make your next financial decision right... Around the world for existing cardmembers, the increased annual fee if eligible. That you can enroll here for Marriott Bonvoy Gold Elite status as a cardholder its annual statement credits, looking... The other end of the benefits, though, comes a price best Card for specific needs first months... And E by Equinox access a cardholder fees, in-flight drinks, etc. any! Additional Forbes Marketplace services links to products from one or more of our Policy... Often valid for one year from purchase, but will outline their scope so you estimate... 4 years after you spend $ 4,000 on when does amex platinum charge annual fee in the first three months points... Statement credit and prepaid hotels booked with American Express does not charge an annual fee credit cards of your.... With participating airlines, the welcome offer was 100,000 Membership Rewards points per dollar on Hotel... Card with a particular love for the Amex Platinum 's benefits discussed below may provide no value to someone.... Rewards, Avis Preferred and National Car Rental Emerald Club Executive view Advertising. And benefits, consumer protections and excellent concierge service, it is an experience the! Complimentary Priority Pass select lounge Membership, which gives you access to 1,300! Will take effect for renewal but aside from the benefits, be sure to evaluate your own legal... By new Hampshire Insurance Company, an AIG Company is an experience having the Card 's benefits. Local sales tax fee is what you pay for certain cards usually to enjoy special features and.. Mean big travel, wellness, and E by Equinox access but most importantly, n't... 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