Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. 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. 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 Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. If you travel often and use the available perks, the value you get may far exceed the annual fee. However, it does have a $550 annual fee. Read more about Select on. The Platinum card also has trip cancellation, interruption and delay insurance. 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. Please visit americanexpress.com/benefitsguide for more details. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. 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. Add up to three authorized users for a fee of $175 per year (see. 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. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. The use of this website means that you accept the confidentiality regulations and the conditions of service. CNBC, When is Amex Platinum annual fee charged? For example, lets consider two cash back rewards cards offered by the same company. To get an Amex annual fee refund after closing an account, call customer service at (800) 528-4800 within 30 days to request a refund check. Enrollment required. The venerable Platinum Card has a $695 annual fee. Your financial situation is unique and the products and services we review may not be right for your circumstances. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. 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 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. Why Do Some Credit Cards Have Annual Fees?. That's $750 when you redeem through Chase Ultimate Rewards. Terms, Conditions and Limitations Apply. I got lucky and found $1k in cash in his sock drawer. 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. That's enough to give almost anyone sticker shock. All rights reserved. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. See. 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. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. With those credits and benefits, though, comes a price. While you may or may not subscribe to the eligible services, it can certainly help offset the cost if you are already using one of the services listed above. 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. Editors note: This is a recurring post, regularly updated with new information. Terms apply to American Express benefits and offers. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. For new card members (as of July 1), the new fee will go into effect immediately. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. Get $200 each year in incidental credits (i.e. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). You can book up to three rooms and receive these benefits on each room. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. Is Paying an Annual Fee for a Credit Card Worth It? This included hundreds of dollars worth of annual statement credits one which can offset the price of Clear, a program that expedites your airport security experience. The Black Card offers 1.5 points per dollar on purchases over $5,000 up to 1 million additional points per calendar year . Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. 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. Eligibility and Benefit level varies by Card. The Platinum Card from American Express still remains an excellent card for luxury travelers. 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. Written by. American Express Platinum Edge Credit Card. Another option is to instead apply for a different version of the Amex Platinum. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. Cost includes $12.95 plus applicable local sales tax. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. 7 Card Members must link their Platinum Card to their Uber app. Underwritten by AMEX Assurance Company. Both the The Platinum Card from American Express for Charles Schwab* and The Platinum Card from American Express exclusively for Morgan Stanley* offer credits toward the annual feebut only if you hold substantial assets at the corresponding brokerage. If you want similar travel perks to the Amex Platinum and you run a business, consider The Business Platinum Card from American Express. 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. Terms, Conditions and Limitations Apply. 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. What benefits do amex platinum authorized users get? 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. Becky Pokora is an avid traveler with a particular love for the outdoors. 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. 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. The representative can sometimes find a supervisor willing to approve the request. 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. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Bank of America Cash Rewards - 8,000. For rates and fees of the Business Platinum Card from American Express, click here. In many cases, cards with an annual fee may be a better value. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. 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. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. The American Express Business Platinum card offers up to $200 annual airline fee credit. 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. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. Underwritten by AMEX Assurance Company. 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. Additional Card Members must be 13 years of age or older.8. Please visit americanexpress.com/benefitsguide for more details. (Enrollment is required for Priority Pass.). The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. You will be charged the annual fee on your first statement after your account anniversary date. 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. With a $395 annual fee, this is one of the less expensive premium credit cards available. Proudly powered by WordPress 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. Only a handful of cards (mostly invitation-only. 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. $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. Now is the best time to sign up for the Chase Sapphire Preferred Card, as its offering a 60,000-point bonus after you spend $4,000 in the first three months. Learn more. 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. First, lets do quick rundown of the current benefits of the card. Ready for a trip? 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. An even lower fee option includes the Chase Sapphire Preferred Card. 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. Yes, however, this welcome offer is reduced. 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. 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. 2023 American Express. 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. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. 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. How do I Redeem Membership Rewards Points? Visit americanexpress.com to learn more. The venerable Platinum Card has a $695 annual fee. In subsequent years, youll see the annual fee in the anniversary month of your account. 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. If you're a regular Walmart customer, this can save you a ton of money. Earn 5X total points on flights 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. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. We'd love to hear from you, please enter your comments. Annual fees are typically charged after the first year of membership. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. Lets look at each credit individually and how you can take full advantage of it. Please visit americanexpress.com/ benefitsguide for more details. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. Barclay Arrival Mastercard - 7,000. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. 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. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. Compare the cost in points or miles to cash, and see which option is best. Offers may be subject to change without notice. There are 7 key factors to consider before you apply for one. Terms apply to all benefits listed below1 and all offers listed are subject to change. You travel often, and want the perks offered by certain cards. Enrollment may be required for some American Express benefits and offers. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. The value of the credits we tallied up doesn't take into account other American Express features such as *purchase protection, travel insurance and concierge service, among others. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. Underwritten by New Hampshire Insurance Company, an AIG Company. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. If you have questions, please consult your own professional legal, tax and financial advisors. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. Compare the wide range of credit cards and choose the one that suits you best. These offers are subject to change at any time. 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. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. Read more in TPGs full guide to the Cruise Privileges Program. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. The Business Platinum Card from American Express recently announced several new benefits for cardholders. A: No, American Express does not charge an annual fee immediately. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). 3. 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. 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. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. 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. Regardless of the amount, many people are reluctant to pay any annual fee. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. 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). ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. Plus Ups are excluded. When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. Underwritten by AMEX Assurance Company. Performance information may have changed since the time of publication. 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