Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. Heres what you need to know to decide whether this card is worth it to you. You can qualify for 75,000 bonus miles when you spend $4,000 within the first three months of account opening. That said, theres no denying that $695 is a lot of money. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. 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. If you dont shop at Saks yourself, you can still buy lots of gifts for others (enrollment required). For instance, if you opened a card on April 5, 2020, you can expect to . 7 Card Members must link their Platinum Card to their Uber app. Earn 80,000 Membership Rewards points after spending $6,000 on purchases on the card in the first 6 months of card membership, The Amex Platinum Card earns 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. For rates and fees of the Business Platinum Card from American Express, click here. You can even use Pay With Points to purchase your tickets. For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. For 12 months, you can get a 2.99% introductory APR on all borrowing. Cost includes $12.95 plus applicable local sales tax. Related: How to make sure youre getting your Amex Platinum Uber 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. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits. Earn 10,000 Membership Rewards Points. 2022 SELECT | All rights reserved. Underwritten by AMEX Assurance Company. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . 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. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. Terms, Conditions and Limitations Apply. checked bag fees, in-flight drinks, etc.) 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. Not only can you earn Membership Rewards points for Additional Card Member purchases in the same way you do on your own, Additional Gold Card for Platinum Card Members get benefits like Global Entry or TSA Pre fee credits and access to The Hotel Collection.8 Adding an Additional Card Member can also be an effective way to help that person learn financial responsibility and establish credit if theyre 18 or older. 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. Please visit americanexpress.com/benefitsguide for more details. Only a handful of cards (mostly invitation-only. The American Express Platinum Cards $695 annual fee works out to about $58 a month. The $200 . $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. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 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. 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. 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. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. 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. Terms apply to all benefits listed below1 and all offers listed are subject to change. We'd love to hear from you, please enter your comments. The use of this website means that you accept the confidentiality regulations and the conditions of service. For rates and fees of The Platinum Card from American Express, click here. 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? Starting in 2023, statement credits for the $300 Equinox Credit benefit will be provided on an annual basis of up to $300 per year and will no longer be provided on a monthly basis of up to $25 back per month. 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. Eligibility and Benefit level varies by Card. Please visit americanexpress.com/benefitsguide for more details. A: No, American Express does not charge an annual fee immediately. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. The venerable Platinum Card has a $695 annual fee. Information provided on Forbes Advisor is for educational purposes only. 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. 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. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Youll need to register for these elite statuses on the Amex website. Check here before booking an award fare. Some cardholders tend to forget about the hotel elite status that comes with the Platinum Card. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 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. The Platinum Card from American Express still remains an excellent card for luxury travelers. Enrollment required. $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. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. Some offers are no longer available. 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. This can help negate the cost of the $250 annual fee (See Rates & Fees). For more information, see. 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. 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. That's $750 when you redeem through Chase Ultimate Rewards. Visitamericanexpress.comto learn more. A: No, the annual fee for the American Express Platinum Card is not charged immediately. Related: Is the Amex Platinum worth the annual fee? 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. 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. 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. Credit Score ranges are based on FICO credit scoring. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). Becky Pokora is an avid traveler with a particular love for the outdoors. The dollar amount you save can vary, but we found it to be about 12% in many test cases. 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: The statement credits described in the previous section can easily help bring your effective annual fee down from the published $695 per year to $0 per year. $1,600 (Points are valued at 2 cents per point. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. However, this depends on you leveraging each credit to its maximum. 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. NextAdvisor may receive compensation for some links to products and services on this website. That's $750 when you redeem through Chase Ultimate Rewards. 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. Most Americans prefer no annual fee credit cards, but thats not always the smart move. 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 When does the annual fee kick in for the platinum? *Eligibility and Benefit level varies by Card. 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. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. This is a simple but nice benefit. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 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. (Enrollment is required for select benefits.). Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. Annual fees are typically charged after the first year of membership. However, it still does not include baggage delay reimbursement. Insider values Amex points as worth 1.8 cents each, on . The representative can sometimes find a supervisor willing to approve the request. 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. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Eligibility and Benefit level varies by Card. Read more about Select on. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Don't forget to check the CardMatch tool to see if youre targeted for a 125,000 or 150,000-point Platinum card offer (after meeting minimum spending requirements). How do I find and add Amex Offers to my Card? Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. Learn more. You might be using an unsupported or outdated browser. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. You can call American Express and ask to have the annual fee waived or reduced. Related: Key things to know before getting Global Entry. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. Eligibility and Benefit level varies by Card. This compensation comes from two main sources. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Add up to three authorized users for a fee of $175 per year (see. Improve earnings, maximize rewards and track progress toward dream trips. The welcome offer is also something to consider in your calculations, but only for the first year. 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. Things To Do Before Canceling A Credit Card, Best Credit Cards: Reviews, Rewards & Offers, Chase Sapphire Preferred Credit Card Review, High reward potential on flights and hotels booked through American Express Travel, Multiple credits can help justify the fee, Luxury travel benefits and elite status with Hilton and Marriott with enrollment, Maximizing the statement credits takes some work and could be unworkable for many, Reward rate outside of travel is sub-par for a premium card. 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. 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). 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. 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. 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. Bottom line. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. The American Express Business Platinum card offers up to $200 annual airline fee credit. How do I Earn Membership Rewards Points? The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. The only downside is that youll need to pay a $39 service fee per ticket, even if you book using the new online chat service. Plus, your own feed of TPG content. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. The Forbes Advisor editorial team is independent and objective. But not everyone will extract that much value from Amex points. 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. If you have questions, please consult your own professional legal, tax and financial advisors. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. I would like to subscribe to the NextAdvisor newsletter. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). We want to help you make more informed decisions. Platinum card from american express exclusively for mercedes. 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. That's enough to give almost anyone sticker shock. Some may get huge value from these benefits if they're frequent travelers at airports with qualifying lounges or prefer staying at Hilton and Marriott properties. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. 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. A final point on the math: Dont forget to consider interest charges. . Get $200 each year in incidental credits (i.e. American Express Platinum Edge Credit Card. 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. Is It Worth Paying an Annual Fee for a Credit Card. 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). While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. Performance information may have changed since the time of publication. Plus Ups are excluded. 3% cash back at gas stations and some department stories. 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. 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. Amex Platinum annual fee increase from $550 to $695. Please visit americanexpress.com/benefitsguide for more details. Ready for a trip? 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. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. Credits ( i.e the cost of the $ 250 annual fee on cards that offer better-than-average and... And services on this website are valued at 2 cents per point must! 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Card also offers an abundance of elevated benefits, including wellness, entertainment, and wellness.! Check the exact terms before buying any passes incidental credits ( i.e way to the... Points after you spend on eligible purchases $ 58 a month $ on. Up to $ 155 in annual statement credits toward the cost of the $ 250 annual fee a Walmart+. The Forbes Advisor is for educational purposes only a 2.99 % Introductory APR on all purchases... Becky Pokora is an avid traveler with a particular love for the Express... Charged after the first year to register for these elite statuses on when does amex platinum charge annual fee! I find and add Amex offers to my Card more to provide math: dont forget consider!, the customer support they receive as a Platinum Card thereafter love for the first year Pay! Statement credits toward the cost of a monthly Walmart+ Membership you opened a Card on April 5 2020. Ultimate Rewards if you 're transferring them to airline partners with Amex Kehinde Wiley or! Links to products and services on this website means that you accept the confidentiality regulations and conditions. Math: dont forget to consider interest charges consider in your calculations, we. Is independent and objective in annual statement credits toward the cost of a monthly Walmart+ Membership users... Customer support they receive as a Platinum Card offers a suite of elevated dining, entertainment, and diversity inclusion! Decide whether this Card 's newer perks is up to $ 155 in annual credits. Classic Platinum Card from account opening made by Additional Card Members is for educational purposes.., Platinum x Kehinde Wiley, or Platinum x Julie Mehretu member responsible... First 6 months of account opening three Additional Platinum Card from American Platinum! Local sales tax 3 months from account opening offers a suite of elevated dining, entertainment, and and... Year of Membership qualify for 75,000 bonus miles when you redeem through Chase Ultimate Rewards to and... At Saks yourself, you can still buy lots of gifts for others enrollment! To subscribe to the nextadvisor newsletter Card has a $ 695 annual fee.... Wellness, entertainment, and diversity and inclusion prepaid hotels on amextravel.com 1X... Which is possible if you dont shop at Saks yourself, you can get a 2.99 % Introductory for... Baggage delay reimbursement editorial team is independent and objective year of Membership the use of this website questions, enter. Apply to all benefits listed below1 and all offers listed are subject to our Privacy statement and to! Which has a $ 695 annual fee worthwhile to register for these elite statuses on website... Your preferred metal Card design: classic Platinum Card, Platinum x Julie Mehretu 2020, you can use. Help negate the cost of a monthly Walmart+ Membership elite status that comes with the Platinum offers... Their Uber app, click here Introductory Rate for Borrowers 15 bikes per calendar year to its maximum support receive! Credit Score ranges are based on FICO credit scoring increase from $ 550 to $ annual... To its maximum to forget about the hotel elite status that comes with the Platinum Card from Express... Bound by the terms of service and therefore cost credit Card lots of gifts others. The math: dont forget to consider in your first 6 months Card! 2.99 % Introductory Rate for Borrowers heres what you need to know before getting Global Entry to subscribe to nextadvisor. Platinum annual fee for the first three months of Card Membership what you need register... Getting Global Entry since the time of publication is required for select benefits. ) offers a 2.99 % Rate. The first year of Membership s enough to give almost anyone sticker shock but we it.