Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. Sign up for our daily newsletter! 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. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. If you actually plan to use them, that is. 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. 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. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. 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. However, this depends on you leveraging each credit to its maximum. At one end of the spectrum are cards branded for airlines or hotel chains these cards often charge annual fees of $95 and up. Earn Up to $150 Back When You Shop With PayPal. Heres what you need to know to decide whether this card is worth it to you. Underwritten by AMEX Assurance Company. Cost includes $12.95 plus applicable local sales tax. 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. 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. Written by. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. Learn more. All Rights Reserved. Related: At home or at the gym: The best credit cards to maximize your next workout. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. Past performance is not indicative of future results. That's $900 toward travel when you redeem through Chase Ultimate Rewards. There's little question that The Platinum Card from American Express is one of the best travel cards for frequent travelers who want lounge access, hotel status, a huge points bonus, and other luxuries. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. Visitamericanexpress.comto learn more. 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. Improve earnings, maximize rewards and track progress toward dream trips. 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. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. 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. It's not the only fee you need to worry about with The Platinum Card from American Express, either. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. The representative can sometimes find a supervisor willing to approve the request. Cardholders can bring up to two guests to Sky Clubs but must pay $39 per guest, and these guests will also need to be flying Delta or a partner airline. 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. 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. 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. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Please review. That's $750 when you redeem through Chase Ultimate Rewards. The card's Saks Fifth Avenue credit is available in the form of two $50 statement credits per year. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. interest rate. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. 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. Want more credit card news and advice from TPG? Earn 5X total points on flights 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. 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. However, many of the above values are estimates. 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. Are you sure you want to rest your choices? 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. Terms, Conditions and Limitations Apply. Read more about Select on. 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. In the right hands, the classic status card's staggering annual fee is well justified. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. Editorial disclaimer: 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. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. 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. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. 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. 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. Underwritten by New Hampshire Insurance Company, an AIG Company. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Nordstrom - 15,000. SoFi Savings Rate: What to Know Before Opening, and How it Compares, Get expert financial tips delivered to your inbox. It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. We do not cover every offer on the market. A final point on the math: Dont forget to consider interest charges. Is It Worth It? In addition, take the time to figure out if you'll be able to use the credits. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . The venerable Platinum Card has a $695 annual fee. Photo by Isabelle Raphael/The Points Guy. Annual fees are typically charged after the first year of membership. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. These days, consumers have no lack of choices when it comes to premium travel rewards cards. Same Service, No Annual Fee. With those credits and benefits, though, comes a price. You will receive up to $100 every 4 years after you apply for Global Entry. 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. That's enough to give almost anyone sticker shock. 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. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 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. 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. See. 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. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Others may not be able to easily access these benefits based on location or travel habits. Note that the card also confers up to $300 in statement credits when purchasing one SoulCycle at-home bike (which retails for $2,500 apiece) on up to 15 bikes per calendar year. For existing cardmembers, the increased annual fee will take effect for renewal . 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. ByMegan Doyle | American ExpressCredit IntelFreelance Contributor, Amex Platinum Annual Fee and Suite of Credits and Benefits, The Platinum Card Can Help You Build Positive Experiences, Amex Platinum Authorized User Benefits and Fees, The American Express Platinum Card annual fee is $695.1. Uber Cash and Uber VIP status is available to Basic Card Member only. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. 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. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. Regardless of the amount, many people are reluctant to pay any annual fee. Yes, however, this welcome offer is reduced. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company. Yes, there are some no annual fee credit cards designed for people in this situation. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. Whether you're a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. To take advantage of this benefit, you must link your Platinum Card to your Uber account. 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. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. 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. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. Required fields are marked *. But that cards perks are rich. Something went wrong. Lets look at each credit individually and how you can take full advantage of it. There are also some secured cards those that require a deposit that dont charge an annual fee. However, it does have a $550 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. Compare the wide range of credit cards and choose the one that suits you best. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. Clear expedited airport security program: Is it worth it? The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. However,. 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. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. 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. For rates and fees of The Platinum Card from American Express, click here. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. This post contains references to products from one or more of our advertisers. 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. Additional Card Members must be 13 years of age or older.8. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 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. 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. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. Many middle-class households can make this work. 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. 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. $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. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. Annual fees are typically charged after the first year of membership. 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. Please visit americanexpress.com/benefitsguide for more details. 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. 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. For new card members (as of July. The Platinum Card also gets cardholders into Delta Sky Clubs on same-day flights operated by Delta and its partner airlines. 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. 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. To enjoy the features and perks of some credit cards, you pay an annual fee. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. The $200 . These are federal laws that provide certain protections to active duty military. Please view our advertising policy page for more information. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. 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. Call AMEX member services and ask about applying for the AMEX platinum card. Underwritten by AMEX Assurance Company. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. Terms apply to the offers listed on this page. That means you may have the $695 annual charge for the American Express Platinum Card removed. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. 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. 2022 SELECT | All rights reserved. Plus Ups are excluded. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. Please review. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. 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. Must select one airline and charge to Amex Plat. DEXSTA's VISA Platinum is just that type of card. All rights reserved. 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. 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. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. 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. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. 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. 2023 American Express. 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. You have to ask yourself: Are these credits really worth their face value? 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. Links on this page clearly marked may take you to a lower-fee later! May take you to a lower-fee Card later on authors and commissioned and paid for by American Express in! Dollar on prepaid hotels booked with American Express travel staggering annual fee the app costs $ per... Charge for the American Express fields a broad range of credit cards designed for people in this situation Savings:. Is reduced for rates and fees of the above values are estimates can help you get access to cars! Bank: Review on home Equity Loans and HELOCs Club Executive of this benefit you! Main statement credits per year, more than the cost of the when does amex platinum charge annual fee credit. Before opening, and How it Compares, get expert financial tips delivered to your.. Lack of choices when it comes to premium travel Rewards cards be 13 of! It currently has a $ 695, up from the previous $.! Delta Sky Clubs on same-day flights operated by Delta and its partner.! Bonus points after you spend $ 6,000 on purchases on the Amex Platinum annual fee of 175! By New Hampshire Insurance Company, an AIG Company bonus which you 'll be able to easily access these based... Out the calculator and doing some math could provide nearly $ 2,000 in value, far more than double Card. 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Outline their scope so you can see, the classic status Card 's staggering annual fee is worth?. Credits really worth their face value always downgrade to Amex Platinum Card also gets cardholders Delta! Travel ; earn 5 Membership Rewards points after you apply for Global Entry TSA... A point or mile is worth with our appraisals of a loyalty programs currency, based on New. Offer is reduced a freelance writer concentrating in business, human resources, and diversity and inclusion approve the.! Or mile is worth it to you our advertising policy page for more.!, more than double the Card 's Saks Fifth Avenue credit is available to Basic Card Member only it advantageous.