The Platinum Card from American Express, 17 airline and three hotel transfer partners, $200 annual airline fee statement credits, Global Entry or an $85 fee credit for TSA PreCheck, American Express Global Lounge Collection, Gold Elite status in the Marriott Bonvoy program, purchase airline gift cards to use toward tickets, How to make sure youre getting your Amex Platinum Uber credits, enroll your Amex Platinum Card for this benefit to take effect, Your guide to the Amex Platinum Saks Fifth Avenue credit, Key things to know before getting Global Entry, How the Amex Platinum card easily saved me $200 on a one-night hotel stay. 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. 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. These are provided as guidelines only and approval is not guaranteed. . We'd love to hear from you, please enter your comments. Enrollment required. 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. That's enough to give almost anyone sticker shock. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. 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. Bank of America - 9,100. Enrollment required. You will receive up to $100 every 4 years after you apply for Global Entry. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 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. Terms, Conditions and Limitations Apply. When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. Please visit americanexpress.com/benefitsguide for more details. Many middle-class households can make this work. 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). Editorial Note: We earn a commission from partner links on Forbes Advisor. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Sign up for our daily newsletter! The representative can sometimes find a supervisor willing to approve the request. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. But since the welcome offer is a one-time perk, we wont consider it when deciding whether the Platinum Cards annual fee is worth paying. Amex platinum when is annual fee charged? Please review. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. 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. 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. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. The venerable Platinum Card has a $695 annual fee. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. There is no guarantee youll receive an offer of any type. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. But those benefits don't come cheap: The Amex Platinum annual fee just increased to a whopping $695 (see rates & fees). It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. It's not the only fee you need to worry about with The Platinum Card from American Express, either. Other related questions: Q: Does Amex charge annual fee immediately? Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. You will receive complimentary Gold status benefits when you book directly at Hilton properties. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. For example, suppose you have poor credit. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. Amex Platinum Quick Facts. An annual membership to the Delta SkyClub alone starts $545. 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 credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to Global Dining Access by Resy, your personal digital dining concierge. You can book up to three rooms and receive these benefits on each room. Here are the best travel credit card welcome bonuses so you can save up to $750, The best luxury and premium credit cards if you want the best perks, Why the Fed raising rates could make your savings account more valuable and debt more expensive, How to get Super Bowl LVII tickets and VIP packages with points from multiple rewards programs, Last chance to get presale tickets to Taylor Swift's 'Eras Tour' through Capital One. 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. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. . Is It , When Credit Card Annual Fees Are Charged | MyBankTracker, Is the Amex Platinum Worth The $695 Annual Fee? 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. Credit Score ranges are based on FICO credit scoring. ByMegan Doyle | American ExpressCredit IntelFreelance Contributor, Amex Platinum Annual Fee and Suite of Credits and Benefits, The Platinum Card Can Help You Build Positive Experiences, Amex Platinum Authorized User Benefits and Fees, The American Express Platinum Card annual fee is $695.1. Related: Clear expedited airport security program: Is it worth it? Related: Best credit cards for streaming services. 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. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 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. 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. Cardmembers receive up to $200 in statement credits each calendar year when booking a prepaid stay via Amex Fine Hotels + Resorts or The Hotel Collection on Amex Travel. 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. Heres what you need to know to decide whether this card is worth it to you. *Eligibility and Benefit level varies by Card. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. 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. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. New cardmembers will see the annual fee on their first billing statement. Underwritten by AMEX Assurance Company. Plus, you'll receive an automatic 10,000 mile bonus every year you keep your card open. Hot Tip: You receive the airline incidental once per calendar year. If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. More specifically, Additional Card Members are eligible to get either a $100 statement credit every four years for Global Entry or an $85 credit every four and a half years for TSA Pre, as long as the application fee is paid with the Platinum Card. 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). Want more credit card news and advice from TPG? Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. That's $900 toward travel when you redeem through Chase Ultimate Rewards. For rates and fees of the Amex Platinum, click here. Please see our. 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. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. Youll also get an additional amenity like a bottle of wine on select cruise lines. How do I Earn Membership Rewards Points? 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. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. For new card members (as of July. The fee is charged most often in these two cases: 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 $253or as high as several thousand dollars.4 But there are also many no annual fee credit cards. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. Eligibility and Benefit level varies by Card. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. Plus Ups are excluded. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. This is another great benefit targeted toward frequent travelers. Official application link: The Platinum Card from American Express with 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. Save my name, email, and website in this browser for the next time I comment. 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. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. Welcome offer: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new card in your first six months of card membership. However, it still does not include baggage delay reimbursement. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. If you do use these services, as well as other perks that the card offers, you can easily offset the cost of the annual fee. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. 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. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. Is Paying an Annual Fee for a Credit Card Worth It? But if you can strategically plan purchases you were already going to make that align with the benefits of the card, it is still worth it. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. This is a simple but nice benefit. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. 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. The best American Express card will depend on your lifestyle and what type of rewards, benefits and other card features youre looking for, as well as what size annual fee youre willing to consider. 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. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. Enrollment Provider marketplaceor get personalized offers viaCardMatch on all other purchases provide $... Least $ 1,000 during the first three months I agree to be bound by the terms of Service night..., human resources, and website in this browser for the first year to our statement., LLC a Red Ventures Company all Rights Reserved willing to waive the fee a! Remains worth it: Q: Does Amex charge annual fee Card annual Fees are Charged | MyBankTracker is. Although the Rewards you earn generally are limited to the American Express, either to get a new in...: classic Platinum Card has a $ 695 annual fee automatic 10,000 bonus! To you you will receive up to three rooms and receive these on... 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