They include: As you can see, The Platinum Card from American Express fields a broad range of perks. Enrollment may be required for some American Express benefits and offers. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. 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. Bottom line. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. What Is a Credit Card Annual Fee? Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. If you have questions, please consult your own professional legal, tax and financial advisors. Amex Platinum Quick Facts. Many middle-class households can make this work. checked bag fees, in-flight drinks, etc.) For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. Some offers are no longer available. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. For rates and fees of the Business Platinum Card from American Express, click here. 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. For rates and fees of The Platinum Card from American Express, click here. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. Another option is to instead apply for a different version of the Amex Platinum. Heres a closer look to help you decide if its worth it to you to apply for the card and how it compares to some other travel cards with lower annual fees. Your email address will not be published. However, note that these figures are based on earning status the regular way through nights and stays and leveraging those benefits on those nights and stays. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. 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. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. That's $900 toward travel when you redeem through Chase Ultimate Rewards. If you cannot maximize all of the cards credits each year perhaps because you live overseas and cant use the monthly Uber credits, or struggle to use the new lifestyle benefits for streaming services and Equinox then tally up the value of the credits you can use. We'll run a soft credit check to find special offers, but it wont affect your credit score. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Monthly membership costs $12.95 plus local sales tax, so the statement credits should cover most, if not all, of that. Heres what you need to know to decide whether this card is worth it to you. However, it still does not include baggage delay reimbursement. $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. 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. Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee 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.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 That's $900 toward travel when you redeem through Chase Ultimate Rewards. These are federal laws that provide certain protections to active duty military. Many of the benefits, like the entertainment and Equinox credits, are essentially forcing some customers to spend more money than they normally would defeating the purpose of the card saving you money. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Besides saving money, credit cards with no annual fee may also offer you benefits and rewards that can lead to cash back, travel points, and more. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. Is It Worth Paying an Annual Fee for a Credit Card. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. 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. Eligibility and Benefit level varies by Card. 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. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Improve earnings, maximize rewards and track progress toward dream trips. An even lower fee option includes the Chase Sapphire Preferred Card. Is a Credit Card with an Annual Fee Worth It? It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. 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 Chase Sapphire Reserve is another premium travel card loaded with benefits, including a $300 travel credit, Priority Pass airport lounge membership, plus it earns 3X points on all travel and dining purchases. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . For 12 months, you can get a 2.99% introductory APR on all borrowing. 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. And if you're a current cardmember facing an upcoming renewal at the higher annual fee, you can always call customer service and see if you're eligible for a retention offer. Uber Cash and Uber VIP status is available to Basic Card Member only. Related: Clear expedited airport security program: Is it worth it? That's $750 when you redeem through Chase Ultimate Rewards. Please visit americanexpress.com/benefitsguide for more details. 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. Depending on how you use it, they say, a card with an annual fee even a high one may make better financial sense than a no annual fee credit card.6. Commissions do not affect our editors' opinions or evaluations. Others may not be able to easily access these benefits based on location or travel habits. 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. 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. Depending on your spending preferences, this may be a small price to pay for access to Platinumselevated suite of benefits, services, wellness, entertainment, and travel credits on top of the traditional benefits that have kept Platinum at the forefront of luxury travel credit cards. To take advantage of this benefit, you must link your Platinum Card to your Uber account. Thinking of getting 1 charge card. (Enrollment required.). That's only $1000 of spending per month required. 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. Yes, however, this welcome offer is reduced. 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. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. Related: How to make sure youre getting your Amex Platinum Uber credits. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. Here's what you need to know to decide whether this card is worth it to you.. 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. Eligibility and Benefit level varies by Card. 3. That means you may have the $695 annual charge for the American Express Platinum Card removed. This can add up to big savings. No Annual Fee Credit Cards. 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). To view rates and fees for The Platinum Card from American Express please visit this page. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of 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. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. 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. In addition, there are valid arguments that the Amex Platinum card is only worth holding onto for one year, and then cardholders should consider canceling when the second annual fee posts on the billing statement because the value of benefits significantly decreases after the first year, most notably because you won't receive a second the welcome offer. 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. It's not the only fee you need to worry about with The Platinum Card from American Express, either. Learn more. 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. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. Insider values Amex points as worth 1.8 cents each, on . How do I Redeem Membership Rewards Points. In addition to hotel elite status, cardholders can enroll for status with several car rental programs, including Avis Preferred, Hertz Gold Plus Rewards and National Car Rental Emerald Club Executive. 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. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Please review. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. But, if you spend $5,000 each year on eligible airfare and prepaid hotel bookings, youll earn 25,000 points on these purchases, which is worth about $500. Although many people avoid cards that charge an annual fee, cards with fees may be a savvy choice if you can make use of their benefits. Earn 10,000 Membership Rewards Points. In addition, take the time to figure out if you'll be able to use the credits. Please visit americanexpress.com/ benefitsguide for more details. Read more in TPGs full guide to the Cruise Privileges Program. This can help negate the cost of the $250 annual fee (See Rates & Fees). The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Amex platinum when is annual fee charged? The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. For more information, see. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. 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). You can book up to three rooms and receive these benefits on each room. Annual fees are typically charged after the first year of membership. If you actually plan to use them, that is. Because TSA PreCheck is included with Global Entry, it is advantageous to apply for Global Entry to use the entire $100 credit every 4 years. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Enrollment required. Barclay Arrival Mastercard - 7,000. 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. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. 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. This is just one scoring method and a credit card issuer may use another method when considering your application. 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. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). Same Service, No Annual Fee. In an attempt to make the Platinum Card more lifestyle-focused, Amex added a digital entertainment credit that offers reimbursement for the following services: Audible, Peacock, SiriusXM and The New York Times. . Comparing Annual vs. No Annual Fee Credit Cards. 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. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. However, this depends on you leveraging each credit to its maximum. This is another great benefit targeted toward frequent travelers. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Please view our advertising policy page for more information. Terms, Conditions and Limitations Apply. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. Bank of America Cash Rewards - 8,000. 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. That's enough to give almost anyone sticker shock. It doesnt come with many travel perks, though, other than up to a $100 application fee credit towards Global Entry or TSA PreCheck every four years. 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. Eligibility and Benefit level varies by Card. To enjoy the features and perks of some credit cards, you pay an annual fee. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. Cost includes $12.95 plus applicable local sales tax. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Underwritten by New Hampshire Insurance Company, an AIG Company. You will be charged the annual fee on your first statement after your account anniversary date. Best card for premium perks while traveling, Capital One Venture X Rewards Credit Card, The Business Platinum Card from American Express, Why you might pay more for your hotel than your tickets and flights for Super Bowl LVII, 6 easy strategies I use to earn over 500,000 points and miles a year, How to visit one of TPG's favorite Caribbean hotels using points and miles, Credit card comparison: United Club Infinite Card vs. Chase Sapphire Reserve. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. Lets look at each credit individually and how you can take full advantage of it. 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. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Your own professional legal, tax and financial advisors certain protections to active duty military another great targeted... Benefits based on location or travel habits over $ 1,500 value in benefits agree to the. To over $ 1,500 value in benefits, of that offers eight main statement toward. 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