1 For more on Rates and Fees for The Platinum Card, click here. This can add up to big savings. Thinking of getting 1 charge card. Plus Ups are excluded. Required fields are marked *. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. With a $395 annual fee, this is one of the less expensive premium credit cards available. 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. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Check here before booking an award fare. 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. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. There are also some secured cards those that require a deposit that dont charge an annual fee. 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. Additional Card Members must be 13 years of age or older.8. 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. 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. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. 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. With those credits and benefits, though, comes a price. The representative can sometimes find a supervisor willing to approve the request. For rates and fees of The Platinum Card from American Express, click here. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. You must check at least one of the boxes to proceed. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. These are federal laws that provide certain protections to active duty military. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. Note that the card also confers up to $300 in statement credits when purchasing one SoulCycle at-home bike (which retails for $2,500 apiece) on up to 15 bikes per calendar year. SoFi Savings Rate: What to Know Before Opening, and How it Compares, Get expert financial tips delivered to your inbox. (you may be eligible for an. 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). 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. The venerable Platinum Card has a $695 annual fee. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. You can even use Pay With Points to purchase your tickets. Can You Get a Credit Card Without a Social Security Number? 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. 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. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Clear expedited airport security program: Is it worth it? Eligibility and Benefit level varies by Card. That's $900 toward travel when you redeem through Chase Ultimate Rewards. How do I Earn Membership Rewards Points? However, some credit card enthusiasts have compared some of the benefits to that of a "coupon book," questioning the true value these credits are offering Platinum cardmembers. $1,600 (Points are valued at 2 cents per point. 2. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. 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. (Enrollment is required for Priority Pass.). | BestCreditCard. That's enough to give almost anyone sticker shock. 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. This is just one scoring method and a credit card issuer may use another method when considering your application. The welcome offer is also something to consider in your calculations, but only for the first year. Eligibility and Benefit level varies by Card. A: No, American Express does not charge an annual fee immediately. 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. $695 annual fee . We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. 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. 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. However, it still does not include baggage delay reimbursement. Please review. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Add up to three authorized users for a fee of $175 per year (see. Cardmembers receive a $100 shipboard credit for inside and outside staterooms; a $200 shipboard credit for balcony, veranda and mini-suite staterooms; and a $300 shipboard credit for suites and other select staterooms on select cruise lines. Cardholders will also get more lifestyle and experience-based perks, including 40% off a membership for the Premium Private Jet Program with Wheels Up, as well as up to $2,000 in initial year flight credits to book private charter flights; and access to the Global Dining Access program by Resy, where cardholders can get exclusive tables at some of the worlds top restaurants. 2023 American Express. In subsequent years, youll see the annual fee in the anniversary month of your account. You must check the box to agree to the terms and conditions. You can qualify for 75,000 bonus miles when you spend $4,000 within the first three months of account opening. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. 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. Terms, Conditions and Limitations Apply. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. Survey Findings: How Do Consumers Feel About Credit Cards? 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. If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. The new benefits go into effect on July 1, 2021 for both existing and new card members. But those benefits don't come cheap: The Amex Platinum annual fee just increased to a whopping $695 (see rates & fees). Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. 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. At the same time, the Platinum Card can help you get access to over $1,500 value in 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. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). Bank of America Cash Rewards - 8,000. Here are some common situations in which paying an annual fee may make sense: In some cases, accepting an annual fee may be your only way to get a credit card. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. If you dont, the no annual fee credit card may be the better choice for you. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. 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. Terms, Conditions and Limitations Apply. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. Enrollment is required. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. For existing cardmembers, the increased annual fee will take effect for renewal . For example, suppose you have poor credit. This compensation comes from two main sources. 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) . But not everyone will extract that much value from Amex points. Enrollment required. The $200 . You have to ask yourself: Are these credits really worth their face value? I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. 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. For 12 months, you can get a 2.99% introductory APR on all borrowing. 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. interest rate. Earn Up to $150 Back When You Shop With PayPal. While this won't directly offset my out-of-pocket cost for keeping the card, 55,000 Amex points can be worth far more than the annual fee. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). 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. 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: Related: How to make sure youre getting your Amex Platinum Uber credits. You can cancel your card before the annual fee is charged. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 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). Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. Editorial Note: We earn a commission from partner links on Forbes Advisor. At 80,000 points, the welcome offer alone is worth around $1,600 by our latest estimates thanks to how versatile American Express Membership Rewards points are. A: No, American Express does not charge an annual fee immediately. Uber Cash and Uber VIP status is available to Basic Card Member only. Others may not be able to easily access these benefits based on location or travel habits. 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