The Black Card offers 1.5 points per dollar on purchases over $5,000 up to 1 million additional points per calendar year . If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases. Please review. The American Express Business Platinum card offers up to $200 annual airline fee credit. Your email address will not be published. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. Want more credit card news and advice from TPG? Getting the yearly fee for Amex Platinum to be waived The annual charge for all American Express cards is eliminated for active-duty military personnel, according to a spokesman of the credit card company. 2022 SELECT | All rights reserved. CNBC, When is Amex Platinum annual fee charged? That's enough to give almost anyone sticker shock. Related: At home or at the gym: The best credit cards to maximize your next workout. We may receive compensation when you click on links to those products. We want to help you make more informed decisions. 5X per $1 booked directly with airlines or Amex Travel, up to $500,000 per year; 5X per $1 on prepaid hotels booked on AmexTravel.com; 1x per $1 on other purchases. For new card members (as of July 1), the new fee will go into effect immediately. 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. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. In addition, take the time to figure out if you'll be able to use the credits. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. 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. Read more about Select on. However, this depends on you leveraging each credit to its maximum. The Platinum Card from American Express (Terms apply. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. You will receive up to $100 every 4 years after you apply for Global Entry. Sign up for our daily newsletter! For 12 months, you can get a 2.99% introductory APR on all borrowing. 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. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. Enrollment may be required for some American Express benefits and offers. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. 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. You might be using an unsupported or outdated browser. Please visit americanexpress.com/benefitsguide for more details. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. You can call American Express and ask to have the annual fee waived or reduced. 3. 2. 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. 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. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. 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. At NextAdvisor were firm believers in transparency and editorial independence. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. We'll run a soft credit check to find special offers, but it wont affect your credit score. 2% cash back at gas stations and some department stores. There is no guarantee youll receive an offer of any type. 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. Thinking of getting 1 charge card. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. Make sure to activate this credit first under the Benefits section of your Amex Platinum account, which will then send you to the Clear website to sign up for the membership. In many cases, cards with an annual fee may be a better value. Survey Findings: How Do Consumers Feel About Credit Cards? For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. It also earns 3 points per dollar on dining, 5 points per dollar on travel purchased through Chase Ultimate Rewards and 2 points on all other travel. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. AMEX Platinum Charge members are entitled to two complimentary supplementary cards (a S$160.50 fee applies for the third card onwards), a benefit you should absolutely max out. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. If you can maximize all of its annual statement credits, youre looking at nearly $1,600 in value. With those credits and benefits, though, comes a price. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. 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. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. Amex Just Increased the Platinum Cards Annual Fee to $695. Additional Card Members must be 13 years of age or older.8. 21.99% p.a. Here are some ideas for using your Amex Platinum airline incidental credits throughout 2023: Pay for seat assignments, checked bag fees, and food and beverages on future flights. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. Eligibility and Benefit level varies by Card. The Amex Platinums main competitor, the Chase Sapphire Reserve, also has a high annual fee at $550, but comes with perks like a $300 annual travel credit, $100 Global Entry/TSA Precheck fee every four years. Eligibility and Benefit level varies by Card. Amex Platinum annual fee increase from $550 to $695. That said, theres no denying that $695 is a lot of money. Commissions do not affect our editors' opinions or evaluations. If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. 7 Factors to Consider When Comparing Credit Cards. For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. | The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. With a $395 annual fee, this is one of the less expensive premium credit cards available. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. Underwritten by AMEX Assurance Company. I would like to subscribe to the NextAdvisor newsletter. 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. The use of this website means that you accept the confidentiality regulations and the conditions of service. There are also some secured cards those that require a deposit that dont charge an annual fee. He is also the author of four books on management. Written by. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. Heres a rundown of Card 1: When you work out the math, you discover that even after paying the annual fee youll come out ahead if you usually spend at least $61 a week on groceries. A Housing Market Prediction From Counting Crows? Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. Terms apply to American Express benefits and offers. If you actually plan to use them, that is. Performance information may have changed since the time of publication. You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. The card also offers up to hundreds of dollars in statement credits each year, but the value you can reap from these benefits will vary for each cardmember. Your email address will not be published. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . 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. For instance, if you opened a card on April 5, 2020, you can expect to . The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. 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. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Related: Clear expedited airport security program: Is it worth it? Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. Enrollment required. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. You have to ask yourself: Are these credits really worth their face value? Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). The Platinum Card from American Express still remains an excellent card for luxury travelers. 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. The Benefits of No Annual Fee Credit Cards. All Rights Reserved. originally joined TPG as the site's first managing editor back in 2011. 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. Credit Score ranges are based on FICO credit scoring. Many middle-class households can make this work. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. 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. You can downgrade your card to a different American Express card that doesnt have an annual fee. 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. First, lets do quick rundown of the current benefits of the 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. 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). So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. Most Americans prefer no annual fee credit cards, but thats not always the smart move. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Call AMEX member services and ask about applying for the AMEX platinum card. 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. 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. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. With those credits and benefits, though, comes a price. 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Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. Must book with American Express Travel and pay with the Amex Platinum. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. By doing so, youll get elite-like benefits including noon check-in (based on availability), room upgrades (when available), daily breakfast for two people, complimentary Wi-Fi, guaranteed 4 p.m. late checkout and a unique property amenity valued at $100 or more. 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. Underwritten by New Hampshire Insurance Company, an AIG Company. Eligibility and Benefit level varies by Card. The representative can sometimes find a supervisor willing to approve the request. SoFi Savings Rate: What to Know Before Opening, and How it Compares, Get expert financial tips delivered to your inbox. 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. Heres what you need to know to decide whether this card is worth it to you. She previously covered travel and credit cards as lifestyle. Please review. Now, the card has more statement credits than ever before, with opportunities to earn credits for purchases like airline incidental fees, hotel reservations and even subscriptions to digital entertainment services. 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. 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. 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. Other related questions: Q: Does Amex charge annual fee immediately? *Eligibility and Benefit level varies by Card. For new card members (as of July. 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. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. 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. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. Comparing Annual vs. No Annual Fee Credit Cards. You charge enough that the rewards you earn offset the fee. But that cards perks are rich. Youll need to register for these elite statuses on the Amex website. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. 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. Underwritten by AMEX Assurance Company. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. 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. Underwritten by AMEX Assurance Company. Enrollment is required. 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. Uber Cash and Uber VIP status is available to Basic Card Member only. For rates and fees of the Amex Platinum, click here. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. How do I find and add Amex Offers to my Card? NextAdvisor may receive compensation for some links to products and services on this website. However,. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. 2023 American Express. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. 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. This can add up to big savings. For those who don't want to fork over north of $500 for an annual fee, consider the Capital One Venture X Rewards Credit Card. 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. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. Please try again later. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. 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. 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. If you have questions, please consult your own professional legal, tax and financial advisors. Yes, however, this welcome offer is reduced. Compare the cost in points or miles to cash, and see which option is best. 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. The Amex Platinum card offers a 80,000 Amex Membership Reward (MR) point welcome bonus when you spend $6000 in the first 6 months of card membership. Instead, all other credits are shared across all Cards on the account. But not everyone will extract that much value from Amex points. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Insider values Amex points as worth 1.8 cents each, on . 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. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. When does the annual fee kick in for the platinum? Terms, Conditions and Limitations Apply. Platinum card from american express exclusively for mercedes. 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. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. But for those uninterested or unable to access the benefits, you might want to consider another credit card. 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. 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. 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. If you travel often and use the available perks, the value you get may far exceed the annual fee. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Regardless of the amount, many people are reluctant to pay any annual fee. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. 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. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Terms, Conditions and Limitations Apply. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. The venerable Platinum Card has a $695 annual fee. If you want similar travel perks to the Amex Platinum and you run a business, consider The Business Platinum Card from American Express. You can mix and match how youd like to take advantage of this, but youll earn up to $240 in annual statement credits (broken down into $20 monthly increments). 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. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. An even lower fee option includes the Chase Sapphire Preferred Card. 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. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. 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. One of the card's other, newer benefits that can help you save time and stress at the airport is the annual statement credit for Clear membership of up to $189, which should cover the whole cost to join this program. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? Step 3. 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. 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: There are a few ways to avoid paying the Amex Platinum annual fee: 1. Terms apply to American Express benefits and offers. For an explanation of our Advertising Policy, visit. Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. Learn more. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. 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. Complimentary Marriott Bonvoy Gold Elite status. All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards points on flights and prepaid hotels and several benefits and credits, including: Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the Global Lounge Collection, including the recently expanded Centurion Network of Lounges and Studios, so you can travel in comfort.
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