It is offering a welcome offer of 60,000 points when you spend $4,000 on eligible purchases within six months of card membership, and earns 4 points per dollar on dining and at U.S. supermarkets (up to $25,000 per calendar year, then 1 point per dollar), as well as 3 points per dollar on airfare booked directly with airlines or through Amex Travel and 1 point on everything else. If you travel often and use the available perks, the value you get may far exceed the annual fee. I was told by CS that the Amex Ascend fee does not get included in the one annual fee policy - asked them to check multiple times and just stopped short of saying . The welcome offer is also something to consider in your calculations, but only for the first year. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. Visitamericanexpress.comto learn more. Unfortunately, the Equinox and entertainment credits are more like coupons. Amex platinum when is annual fee charged? But for those uninterested or unable to access the benefits, you might want to consider another credit card. Please see our. Your financial situation is unique and the products and services we review may not be right for your circumstances. Each year you can get one $50 statement credit for Saks purchases between Jan. 1 and June 30 and another $50 statement credit for purchases between July 1 and Dec. 31. Terms apply to American Express benefits and offers. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. Terms apply to the offers listed on this page. To take advantage of this benefit, you must link your Platinum Card to your Uber account. Others may not be able to easily access these benefits based on location or travel habits. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. 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). The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Are you sure you want to rest your choices? The American Express Platinum Cards $695 annual fee works out to about $58 a month. 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. Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. For rates and fees of the Amex Platinum, click here. 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. 1 For more on Rates and Fees for The Platinum Card, click here. 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. 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. The Benefits of No Annual Fee Credit Cards. Learn all about finances in next to no time. Read more about Select on. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. For rates and fees of the Business Platinum Card from American Express, click here. Eligibility and Benefit level varies by Card. Enrollment required. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. Earn Up to $150 Back When You Shop With PayPal. Terms, Conditions and Limitations Apply. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. 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. 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. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. 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. 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. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. The venerable Platinum Card has a $695 annual fee. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. The representative can sometimes find a supervisor willing to approve the request. 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. In subsequent years, youll see the annual fee in the anniversary month of your account. 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. 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. Plus Ups are excluded. How do I Redeem Membership Rewards Points? Information provided on Forbes Advisor is for educational purposes only. 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: Learn more. 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. But that cards perks are rich. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. Ready for a trip? the fee is typically charged in full when you open your account and then once a year in your anniversary month, though a few cards will divide the fee into installments and collect it monthly.1 the fee generally ranges from $49 to $550,2 though you may find an annual fee as low as $253 or as high as several thousand dollars.4 but there are also 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. Barclay Arrival Mastercard - 7,000. The Platinum Card from American Express has a $550 annual fee, but for many travelers the card's benefits will more than offset the annual fee. Hot Tip: You receive the airline incidental once per calendar year. 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. 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. The Benefits of No Annual Fee Credit Cards. 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. These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. That's $750 when you redeem through Chase Ultimate Rewards. For new card members (as of July 1), the new fee will go into effect immediately. Can You Get a Credit Card Without a Social Security Number? The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. (Enrollment required.). Before we get into the details of the benefits on the Platinum Card from American Express, here is a look at the cards current welcome offer and ongoing perks. When you book a two-night or longer stay through The Hotel Collection with American Express Travel, youll get a $100 hotel credit for use on qualifying dining, spa and resort activities and a room upgrade upon arrival (when available). You must check the box to agree to the terms and conditions. Additional Card Members must be 13 years of age or older.8. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. 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. 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. 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. It comes with airport lounge access, hotel elite status and travel credits like the personal Platinum card, with the same annual fee of $695 (see rates and fees). 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. 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. Instead, all other credits are shared across all Cards on the account. Improve earnings, maximize rewards and track progress toward dream trips. Let's get the bad news out of the way up front the Amex Platinum 's annual fee has increased from $550 to $695 ( Rates & Fees ): The $695 annual fee applies for new accounts opened as of July 1, 2021. 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. Only a handful of cards (mostly invitation-only. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Nordstrom - 15,000. We'd love to hear from you, please enter your comments. Related: Clear expedited airport security program: Is it worth it? The Platinum Card from American Express (Terms apply. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. In many cases, cards with an annual fee may be a better value. 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. This can add up to big savings. First, lets do quick rundown of the current benefits of the card. How do I Redeem Membership Rewards Points. That's $900 toward travel when you redeem through Chase Ultimate Rewards. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. Please review. Amex Platinum Quick Facts. Terms, Conditions and Limitations Apply. Must book with American Express Travel and pay with the Amex Platinum. The venerable Platinum Card has a $695 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. Cost includes $12.95 plus applicable local sales tax. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. 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. That said, theres no denying that $695 is a lot of money. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. 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 Platinum card also has trip cancellation, interruption and delay insurance. 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. Learn more. You can even use Pay With Points to purchase your tickets. Editors note: This is a recurring post, regularly updated with new information. 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. 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. Youll need to register for these elite statuses on the Amex website. This is just one scoring method and a credit card issuer may use another method when considering your application. The use of this website means that you accept the confidentiality regulations and the conditions of service. Bottom line. (you may be eligible for an. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. CNBC, When is Amex Platinum annual fee charged? Earn 20% back as a statement credit on purchases when you use your new Card to check out with PayPal at merchants in the first 6 months of Card Membership, up to $150 back. 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. For example, lets consider two cash back rewards cards offered by the same company. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. A final point on the math: Dont forget to consider interest charges. 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. These days, consumers have no lack of choices when it comes to premium travel rewards cards. These offers are not extended to everyone and may depend on your purchasing and payment behaviors, but may include statement credits or Membership Rewards to offset the cost of the annual fee. Amex Just Increased the Platinum Cards Annual Fee to $695. You have to ask yourself: Are these credits really worth their face value? Instead, we'll look at the card's ongoing benefits. 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. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. Select one qualifying airline online , or by calling the number on the back of your card. There are 7 key factors to consider before you apply for one. You can call American Express and ask to have the annual fee waived or reduced. The Platinum Card has a $695 annual fee.1 Though the fee is paid once a year, the math works out to about $58 a month. At one end of the spectrum are cards branded for airlines or hotel chains these cards often charge annual fees of $95 and up. Eligibility and Benefit level varies by Card. We'll run a soft credit check to find special offers, but it wont affect your credit score. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. 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. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? 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. Underwritten by New Hampshire Insurance Company, an AIG Company. For rates and fees of The Platinum Card from American Express, click here. 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. However, it does have a $550 annual fee. If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. 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. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. 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. DEXSTA's VISA Platinum is just that type of card. Credit Score ranges are based on FICO credit scoring. Proudly powered by WordPress Below, Select breaks down the Amex Platinum's rewards, benefits and fees to help you decide if it's the right card for you, despite the high annual fee. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. 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. With perks like $120 in annual dining statement credits ($10 monthly statement credit) and up to $120 in Uber Cash ($10 Uber Cash each month) . The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. Please visit americanexpress.com/benefitsguide for more details. Although the card underwent a major revamp last year and added several new features, some consumers are wondering whether a travel card like the Amex Platinum is right for them, especially during a time of inflation. Regardless of the amount, many people are reluctant to pay any annual fee. How do I find and add Amex Offers to my Card? Ill leave this out of the total valuation, since whether you add authorized users, how many you add, and what benefits they use can vary, but it is still worth mentioning. You will receive complimentary Gold status benefits when you book directly at Hilton properties. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. Terms, Conditions and Limitations Apply. Welcome bonus: 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. The Platinum Card from American Express now carries a $695 annual fee, but for many travelers, the cards benefits will more than offset that charge. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. 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. Related: How to make sure youre getting your Amex Platinum Uber credits. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Why Do Some Credit Cards Have Annual Fees?. Here are the best travel credit card welcome bonuses so you can save up to $750, The best luxury and premium credit cards if you want the best perks, Why the Fed raising rates could make your savings account more valuable and debt more expensive, How to get Super Bowl LVII tickets and VIP packages with points from multiple rewards programs, Last chance to get presale tickets to Taylor Swift's 'Eras Tour' through Capital One. It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 (Enrollment is required for Priority Pass.). The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Earn 5X Membership Rewards Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards Points on prepaid hotels booked with American Express Travel. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. 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). A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Save my name, email, and website in this browser for the next time I comment. The card's Saks Fifth Avenue credit is available in the form of two $50 statement credits per year. Given the byzantine nature of this perk and how much you have to spend to leverage it, though, we're not really considering it here. 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. 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. Sort of like Amazon Prime, Walmart + includes free next-day and two-day shipping on items from Walmart.com, with no minimum required (excluding overweight, freight and Marketplace items), free delivery from your local Walmart store on orders of $35 or more, select prescriptions for as little as $0, savings of up to 85% at thousands of Walmart pharmacies, and discounts of 5 cents per gallon at Walmart and Murphy gas stations along with member pricing at Sams Club fuel centers. Platinum card from american express exclusively for mercedes. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. 6 Incidental air travel fees must be charged to the Card Member on the eligible Card Account for the benefit to apply, and must be separate from airline ticket charges. 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. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. Underwritten by AMEX Assurance Company. 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. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. The American Express Business Platinum card offers up to $200 annual airline fee credit. 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). Whether youre an avid cruiser or only take one cruise every year or two, this benefit is worth mentioning. 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. 7 Card Members must link their Platinum Card to their Uber app. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. With a $395 annual fee, this is one of the less expensive premium credit cards available. Here's what you need to know to decide whether this card is worth it to you.. These offers are subject to change at any time. (Enrollment is required for select benefits.). 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. 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. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. . Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. Please visit americanexpress.com/benefitsguide for more details. You must check at least one of the boxes to proceed. You travel often, and want the perks offered by certain cards. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of 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. 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. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
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