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. 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. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. . Visitamericanexpress.comto learn more. For rates and fees of The Platinum Card from American Express, click here. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. 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. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. 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. You will get $20 back each month for one or more of the following services: Peacock, The New York Times, Audible, Sirius XM, Hulu, ESPN, The Disney Bundle, Disney+ (enrollment required). Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. 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: Cardholders are eligible for this statement credit every four years (4.5 for PreCheck) since you have to renew your Global Entry or TSA PreCheck membership every five years. 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. You have to ask yourself: Are these credits really worth their face value? The Forbes Advisor editorial team is independent and objective. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Plus Ups are excluded. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025, Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. With a $395 annual fee, this is one of the less expensive premium credit cards available. 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. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. Heres what you need to know to decide whether this card is worth it to you. 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. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. This is another great benefit targeted toward frequent travelers. 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. Clear expedited airport security program: Is it worth it? He is also the author of four books on management. If you're a regular Walmart customer, this can save you a ton of money. . Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. Terms apply to American Express benefits and offers. 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. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Get $200 each year in incidental credits (i.e. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. 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. A final point on the math: Dont forget to consider interest charges. DEXSTA's VISA Platinum is just that type of card. Editorial Note: We earn a commission from partner links on Forbes Advisor. Something went wrong. You will receive complimentary Gold status benefits when you book directly at Hilton properties. All Rights Reserved. We may receive compensation when you click on links to those products. A Housing Market Prediction From Counting Crows? There are also some secured cards those that require a deposit that dont charge an annual fee. 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. Past performance is not indicative of future results. Read more in TPGs full guide to the Cruise Privileges Program. In subsequent years, youll see the annual fee in the anniversary month of your account. We earn a commission from affiliate partners on many offers and links. I would like to subscribe to the NextAdvisor newsletter. 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. Enrollment required. 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. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. 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. This can help negate the cost of the $250 annual fee (See Rates & Fees). It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. For rates and fees of the Business Platinum Card from American Express, click here. Information provided on Forbes Advisor is for educational purposes only. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying 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. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. 7 Factors to Consider When Comparing Credit Cards. Underwritten by AMEX Assurance Company. 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. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. Terms, Conditions and Limitations Apply. Underwritten by AMEX Assurance Company. 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. 1 For more on Rates and Fees for The Platinum Card, click here. Thinking of getting 1 charge card. The Platinum Card from American Express (Terms apply. Terms, Conditions and Limitations Apply. Our points-obsessed staff uses a plethora of credit cards on a daily basis. At home or at the gym: The best credit cards to maximize your next workout, seemingly comes with every premium credit card, prepaid Amex Fine Hotels & Resorts bookings made online, eligible Amex Fine Hotels & Resorts stays, The American Express Global Lounge Collection, youll need to request your membership card, these guests will also need to be flying Delta, 5 points per dollar on prepaid stays booked online through FHR, full guide on the Fine Hotels + Resorts Program, The Hotel Collection with American Express Travel, full guide to the Cruise Privileges Program, National Car Rental Emerald Club Executive, Do Not Sell or Share My Personal Information, Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. 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. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. Underwritten by AMEX Assurance Company. How do I find and add Amex Offers to my Card? One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. Breeze through security with CLEAR lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. 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. 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. You have poor or limited credit history and cant qualify for a no annual fee credit card. The monthly credit can be used on multiple rides, but any portion of it that remains unused doesnt roll over at the end of the month. When does the annual fee kick in for the platinum? Are you sure you want to rest your choices? Though rental car perks are hard to quantify, the conveniences, discounts and time-saving benefits like guaranteed availability and return grace periods can be invaluable especially with recent shortages. However, many of the above values are estimates. Eligibility and Benefit level varies by Card. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. Barclay Arrival Mastercard - 7,000. The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Air Space lounges, Centurion Lounges and International American Express Lounges. 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. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. 3. 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). The Platinum card also has trip cancellation, interruption and delay insurance. Performance information may have changed since the time of publication. 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). Please visit americanexpress.com/ benefitsguide for more details. 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. Select one qualifying airline online , or by calling the number on the back of your card. While you may or may not subscribe to the eligible services, it can certainly help offset the cost if you are already using one of the services listed above. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Depending on how airlines code certain purchases, however, it is also sometimes possible to purchase airline gift cards to use toward tickets and be reimbursed via the credit (note that this can change unexpectedly). 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. An annual membership to the Delta SkyClub alone starts $545. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. It's not the only fee you need to worry about with The Platinum Card from American Express, either. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. 2023 American Express. This is a simple but nice benefit. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. Underwritten by New Hampshire Insurance Company, an AIG Company. 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). You can book up to three rooms and receive these benefits on each room. Related: How to make sure youre getting your Amex Platinum Uber credits. 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. 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. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. More specifically, Additional Card Members are eligible to get either a $100 statement credit every four years for Global Entry or an $85 credit every four and a half years for TSA Pre, as long as the application fee is paid with the Platinum Card. Eligibility and Benefit level varies by Card. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. 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. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. 7 Card Members must link their Platinum Card to their Uber app. The American Express Business Platinum card offers up to $200 annual airline fee credit. 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. . Only a handful of cards (mostly invitation-only. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. With those credits and benefits, though, comes a price. 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. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Another option is to instead apply for a different version of the Amex Platinum. 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. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. These days, consumers have no lack of choices when it comes to premium travel rewards cards. Cost includes $12.95 plus applicable local sales tax. First, lets do quick rundown of the current benefits of the card. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. Amex platinum when is annual fee charged? 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. 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. $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. 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. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Terms, Conditions and Limitations Apply. I got lucky and found $1k in cash in his sock drawer. You might want to run the numbers on travel credit cards, too. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. 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. Related: At home or at the gym: The best credit cards to maximize your next workout. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. You can cancel your card before the annual fee is charged. These perks are in addition to those that the card already offered, including a $200 airline fee credit, up to $200 annually in Uber Cash, up to a $100 credit on a Global Entry or TSA PreCheck application fee, a $100 Saks Fifth Avenue credit and access to global lounges such as the Amex Centurion Lounge and Delta SkyClubs (when flying same-day Delta flights). She previously covered travel and credit cards as lifestyle. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Please try again later. 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. 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. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. Uber Cash and Uber VIP status is available to Basic Card Member only. The cards Priority Pass Select membership gets the cardholder and two guests into more than 1,300 Priority Pass lounges worldwide for free, although youll need to request your membership card. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card.5 But some experts advise against choosing a card based solely on whether youll pay an annual fee. Amex Platinum Quick Facts. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. That's $750 when you redeem through Chase Ultimate Rewards. 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. Select independently determines what we cover and recommend. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . 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. We do not cover every offer on the market. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. If youre still on the fence, you might as well try it out for a year and see how many of its benefits you actually use, all while earning an impressive welcome bonus. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). If you took a critical look at your spending habits and decided this card just isnt worth it for you, there are plenty of other travel credit cards on the market at lower annual fees. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. Terms, Conditions and Limitations Apply.
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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. 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. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. . Visitamericanexpress.comto learn more. For rates and fees of The Platinum Card from American Express, click here. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. 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. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. 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. You will get $20 back each month for one or more of the following services: Peacock, The New York Times, Audible, Sirius XM, Hulu, ESPN, The Disney Bundle, Disney+ (enrollment required). Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. 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: Cardholders are eligible for this statement credit every four years (4.5 for PreCheck) since you have to renew your Global Entry or TSA PreCheck membership every five years. 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. You have to ask yourself: Are these credits really worth their face value? The Forbes Advisor editorial team is independent and objective. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Plus Ups are excluded. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025, Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. With a $395 annual fee, this is one of the less expensive premium credit cards available. 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. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. Heres what you need to know to decide whether this card is worth it to you. 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. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. This is another great benefit targeted toward frequent travelers. 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. Clear expedited airport security program: Is it worth it? He is also the author of four books on management. If you're a regular Walmart customer, this can save you a ton of money. . Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. Terms apply to American Express benefits and offers. 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. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Get $200 each year in incidental credits (i.e. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. 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. A final point on the math: Dont forget to consider interest charges. DEXSTA's VISA Platinum is just that type of card. Editorial Note: We earn a commission from partner links on Forbes Advisor. Something went wrong. You will receive complimentary Gold status benefits when you book directly at Hilton properties. All Rights Reserved. We may receive compensation when you click on links to those products. A Housing Market Prediction From Counting Crows? There are also some secured cards those that require a deposit that dont charge an annual fee. 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. Past performance is not indicative of future results. Read more in TPGs full guide to the Cruise Privileges Program. In subsequent years, youll see the annual fee in the anniversary month of your account. We earn a commission from affiliate partners on many offers and links. I would like to subscribe to the NextAdvisor newsletter. 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. Enrollment required. 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. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. 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. This can help negate the cost of the $250 annual fee (See Rates & Fees). It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. For rates and fees of the Business Platinum Card from American Express, click here. Information provided on Forbes Advisor is for educational purposes only. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying 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. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. 7 Factors to Consider When Comparing Credit Cards. Underwritten by AMEX Assurance Company. 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. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. Terms, Conditions and Limitations Apply. Underwritten by AMEX Assurance Company. 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. 1 For more on Rates and Fees for The Platinum Card, click here. Thinking of getting 1 charge card. The Platinum Card from American Express (Terms apply. Terms, Conditions and Limitations Apply. Our points-obsessed staff uses a plethora of credit cards on a daily basis. At home or at the gym: The best credit cards to maximize your next workout, seemingly comes with every premium credit card, prepaid Amex Fine Hotels & Resorts bookings made online, eligible Amex Fine Hotels & Resorts stays, The American Express Global Lounge Collection, youll need to request your membership card, these guests will also need to be flying Delta, 5 points per dollar on prepaid stays booked online through FHR, full guide on the Fine Hotels + Resorts Program, The Hotel Collection with American Express Travel, full guide to the Cruise Privileges Program, National Car Rental Emerald Club Executive, Do Not Sell or Share My Personal Information, Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. 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. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. Underwritten by AMEX Assurance Company. How do I find and add Amex Offers to my Card? One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. Breeze through security with CLEAR lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. 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. 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. You have poor or limited credit history and cant qualify for a no annual fee credit card. The monthly credit can be used on multiple rides, but any portion of it that remains unused doesnt roll over at the end of the month. When does the annual fee kick in for the platinum? Are you sure you want to rest your choices? Though rental car perks are hard to quantify, the conveniences, discounts and time-saving benefits like guaranteed availability and return grace periods can be invaluable especially with recent shortages. However, many of the above values are estimates. Eligibility and Benefit level varies by Card. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. Barclay Arrival Mastercard - 7,000. The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Air Space lounges, Centurion Lounges and International American Express Lounges. 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. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. 3. 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). The Platinum card also has trip cancellation, interruption and delay insurance. Performance information may have changed since the time of publication. 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). Please visit americanexpress.com/ benefitsguide for more details. 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. Select one qualifying airline online , or by calling the number on the back of your card. While you may or may not subscribe to the eligible services, it can certainly help offset the cost if you are already using one of the services listed above. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Depending on how airlines code certain purchases, however, it is also sometimes possible to purchase airline gift cards to use toward tickets and be reimbursed via the credit (note that this can change unexpectedly). 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. An annual membership to the Delta SkyClub alone starts $545. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. It's not the only fee you need to worry about with The Platinum Card from American Express, either. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. 2023 American Express. This is a simple but nice benefit. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. Underwritten by New Hampshire Insurance Company, an AIG Company. 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). You can book up to three rooms and receive these benefits on each room. Related: How to make sure youre getting your Amex Platinum Uber credits. 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. 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. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. More specifically, Additional Card Members are eligible to get either a $100 statement credit every four years for Global Entry or an $85 credit every four and a half years for TSA Pre, as long as the application fee is paid with the Platinum Card. Eligibility and Benefit level varies by Card. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. 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. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. 7 Card Members must link their Platinum Card to their Uber app. The American Express Business Platinum card offers up to $200 annual airline fee credit. 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. . Only a handful of cards (mostly invitation-only. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. With those credits and benefits, though, comes a price. 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. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Another option is to instead apply for a different version of the Amex Platinum. 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. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. These days, consumers have no lack of choices when it comes to premium travel rewards cards. Cost includes $12.95 plus applicable local sales tax. First, lets do quick rundown of the current benefits of the card. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. Amex platinum when is annual fee charged? 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. 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. $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. 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. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Terms, Conditions and Limitations Apply. I got lucky and found $1k in cash in his sock drawer. You might want to run the numbers on travel credit cards, too. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. 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. Related: At home or at the gym: The best credit cards to maximize your next workout. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. You can cancel your card before the annual fee is charged. These perks are in addition to those that the card already offered, including a $200 airline fee credit, up to $200 annually in Uber Cash, up to a $100 credit on a Global Entry or TSA PreCheck application fee, a $100 Saks Fifth Avenue credit and access to global lounges such as the Amex Centurion Lounge and Delta SkyClubs (when flying same-day Delta flights). She previously covered travel and credit cards as lifestyle. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Please try again later. 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. 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. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. Uber Cash and Uber VIP status is available to Basic Card Member only. The cards Priority Pass Select membership gets the cardholder and two guests into more than 1,300 Priority Pass lounges worldwide for free, although youll need to request your membership card. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card.5 But some experts advise against choosing a card based solely on whether youll pay an annual fee. Amex Platinum Quick Facts. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. That's $750 when you redeem through Chase Ultimate Rewards. 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. Select independently determines what we cover and recommend. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . 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. We do not cover every offer on the market. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. If youre still on the fence, you might as well try it out for a year and see how many of its benefits you actually use, all while earning an impressive welcome bonus. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). If you took a critical look at your spending habits and decided this card just isnt worth it for you, there are plenty of other travel credit cards on the market at lower annual fees. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. Terms, Conditions and Limitations Apply.
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