We earn a commission from affiliate partners on many offers and links. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the read full answer How do I get a credit card annual fee waived? Youll need to register for these elite statuses on the Amex website. 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. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to Global Dining Access by Resy, your personal digital dining concierge. How do I Redeem Membership Rewards Points. Related: At home or at the gym: The best credit cards to maximize your next workout. If you have travel purchases like flights and hotels coming up, you can take advantage of the 5X points for every dollar spent on travel booked through American Express. Cost includes $12.95 plus applicable local sales tax. If you dont, the no annual fee credit card may be the better choice for you. So, if you stay fewer nights, youll likely get less value from the status. Required fields are marked *. The card's Saks Fifth Avenue credit is available in the form of two $50 statement credits per year. 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. Must select one airline and charge to Amex Plat. Terms, Conditions and Limitations Apply. Can You Get a Credit Card Without a Social Security Number? As always, Platinum goes above and beyond credits to provide premium services and benefits like Cell Phone Protection,2 airport lounge access, and special access to popular restaurants through Global Dining Access by Resy. Bottom line. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. Terms, Conditions and Limitations Apply. But not everyone will extract that much value from Amex points. This can add up to big savings. Are you sure you want to rest your choices? If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Running the Numbers on Travel Card Annual Fees. To view rates and fees for The Platinum Card from American Express please visit this page. (Enrollment required.). Enrollment required. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. 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. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. Enrollment is required. 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. 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. 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. 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. There's no guarantee that you'll receive one, but a statement credit or some bonus points may make the difference between keeping the card vs. canceling it. You charge enough that the rewards you earn offset the fee. Editors note: This is a recurring post, regularly updated with new information. The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. 2% cash back at gas stations and some department stores. However, many of the above values are estimates. 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. Some offers are no longer available. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. 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. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. 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. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. The venerable Platinum Card has a $695 annual fee. This post contains references to products from one or more of our advertisers. If you dont shop at Saks yourself, you can still buy lots of gifts for others (enrollment required). 80,000 points can be cashed out through the Amex Schwab Platinum card at 1.1 cents per point, making 80,000 Amex worth $880 cash. 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. 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. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. You will receive complimentary Gold Elite status benefits when you book directly at Marriott properties. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. Whats most important here is that you take a close look at your travel habits, as well as your budget, to see if the perks align with your lifestyle. (Enrollment is required for select benefits.). Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. You will receive complimentary Gold status benefits when you book directly at Hilton properties. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. Annual fees are typically charged after the first year of membership. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. interest rate. Terms, Conditions and Limitations Apply. We do not cover every offer on the market. Eligibility and Benefit level varies by Card. 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. Our points-obsessed staff uses a plethora of credit cards on a daily basis. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Why Do Some Credit Cards Have Annual Fees?. 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. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. That said, theres no denying that $695 is a lot of money. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? 2. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. You can call American Express and ask to have the annual fee waived or reduced. American Express Platinum Edge Credit Card. That's $750 when you redeem through Chase Ultimate Rewards. There are strong arguments in favor of the card, such as an impressive roster of 17 airline and three hotel transfer partners including British Airways and Delta, extensive airport lounge access perks, a Global Entry or TSA PreCheck application fee waiver every four years (up to $100), an annual airline fee credit, Uber credits, medical evacuation travel protection, travel insurance and more. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. 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. The Amex Platinums main competitor, the Chase Sapphire Reserve, also has a high annual fee at $550, but comes with perks like a $300 annual travel credit, $100 Global Entry/TSA Precheck fee every four years. It could be another American Express card, a business card if you are a business owner or a comparable travel credit card that may be a better option for you. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Related: How to make sure youre getting your Amex Platinum Uber credits. | BestCreditCard. Cost includes $12.95 plus applicable local sales tax. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. These are federal laws that provide certain protections to active duty military. Underwritten by AMEX Assurance Company. Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. 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. Heres what you need to know to decide whether this card is worth it to you. Compare the wide range of credit cards and choose the one that suits you best. A Housing Market Prediction From Counting Crows? DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. Related: Best credit cards for streaming services. Performance information may have changed since the time of publication. Please visit americanexpress.com/benefitsguide for more details. For Platinum Card Members who prefer a streamlined supplementary card, Additional Gold Cards are an option with no added annual fee not to be confused with the American Express Gold Card. Nordstrom - 15,000. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military, for example. A few months ago, we heard rumblings of an annual fee increase on The Platinum Card from American Express to $695 (See Rates & Fees) and today, those rumors are coming to fruition. Terms apply to the offers listed on this page. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. (Enrollment is required for Priority Pass.). That's $900 toward travel when you redeem through Chase Ultimate Rewards. Get $200 back in statement credits each year on prepaid hotel stays at either Fine Hotels + Resorts or The Hotel Collection, which requires a minimum two-night stay. 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. However,. 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. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. This guide considers all the advantages, earning potential and money-saving features of the card so you can decide for yourself whether it is worth the annual fee. 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. Please visit americanexpress.com/benefitsguide for more details. The card's main fitness-focused statement credit is probably too targeted to be of use to a wide audience, but if you live in a big city where there are Equinox gyms, it's still worth mentioning. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). 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. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. 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. DEXSTA's VISA Platinum is just that type of card. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. | ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. However, it still does not include baggage delay reimbursement. Underwritten by AMEX Assurance Company. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 2023 American Express. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. For example, lets consider two cash back rewards cards offered by the same company. You can downgrade your card to a different American Express card that doesnt have an annual fee. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. Please try again later. 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. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. Survey Findings: How Do Consumers Feel About Credit Cards? 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. 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. That's $750 when you redeem through Chase Ultimate Rewards. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. Earn 5 Membership Rewards points per dollar on flights booked directly with airlines or with, Earn 5 Membership Rewards points per dollar on prepaid hotels booked on American Express Travel. 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. How do I Redeem Membership Rewards Points? 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). All Rights Reserved. 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. For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. Please visit americanexpress.com/benefitsguide for more details. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 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. The Benefits of No Annual Fee Credit Cards. Bank of America - 9,100. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . 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. 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. 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. Complimentary Marriott Bonvoy Gold Elite status. The card has a $95 annual fee. If you actually plan to use them, that is. Add up to three authorized users for a fee of $175 per year (see. You can even use Pay With Points to purchase your tickets. If you want similar travel perks to the Amex Platinum and you run a business, consider The Business Platinum Card from American Express. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. . Related: Is the Amex Platinum worth the annual fee? Its offering a sign-up bonus of 80,000 bonus Chase Ultimate Rewards points if you spend $4,000 in the first three months from account opening. 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. 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. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. $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. Youll also get an additional amenity like a bottle of wine on select cruise lines. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. 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. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. Insider values Amex points as worth 1.8 cents each, on . But aside from the benefits, be sure to evaluate your own spending prior to applying. 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. 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. 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. The Platinum Card also gets cardholders into Delta Sky Clubs on same-day flights operated by Delta and its partner airlines. Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. 3. Terms apply to all benefits listed below1 and all offers listed are subject to change. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Plus Ups are excluded. Eligibility and Benefit level varies by Card. For an explanation of our Advertising Policy, visit. Platinum card from american express exclusively for mercedes. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Visitamericanexpress.comto learn more. Eligibility and Benefit level varies by Card. He is also the author of four books on management. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. Learn more. 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). The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Step 3. If you have questions, please consult your own professional legal, tax and financial advisors. Underwritten by AMEX Assurance Company. For rates and fees of the Amex Platinum, click here. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. Most Americans prefer no annual fee credit cards, but thats not always the smart move. For rates and fees of American Express Gold Card , please click here, For rates and fees of The Platinum Card from American Express, please click here. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. An even lower fee option includes the Chase Sapphire Preferred Card. Hot Tip: You receive the airline incidental once per calendar year. However, before you sign up for a new card or if youre considering whether to keep or cancel a card you already carry its important to ask yourself whether the card is worth the annual fee. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. For new card members (as of July. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. Here's what you need to know to decide whether this card is worth it to you.. Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. 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. 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. It's not the only fee you need to worry about with The Platinum Card from American Express, either. Photo by Isabelle Raphael/The Points Guy. Someone who wont use the majority of these statement credits should probably skip this card. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits. It also earns 3 points per dollar on dining, 5 points per dollar on travel purchased through Chase Ultimate Rewards and 2 points on all other travel. Earn Up to $150 Back When You Shop With PayPal. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services.
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