Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. If you have questions, please consult your own professional legal, tax and financial advisors. For more information, see. Other related questions: Q: Does Amex charge annual fee immediately? Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Read more in TPGs full guide on the Fine Hotels + Resorts Program. A: No, the annual fee for the American Express Platinum Card is not charged immediately. 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. Please see our. You can qualify for 75,000 bonus miles when you spend $4,000 within the first three months of account opening. 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. If you actually plan to use them, that is. For more on the Offer & Benefit Terms listed above, All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards, Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the, Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. 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. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. 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. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. 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. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Cost includes $12.95 plus applicable local sales tax. 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. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. 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. Eligibility and Benefit level varies by Card. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. Related: At home or at the gym: The best credit cards to maximize your next workout. 2023 American Express. Information provided on Forbes Advisor is for educational purposes only. Amex platinum when is annual fee charged? Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Terms, Conditions and Limitations Apply. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. First, lets do quick rundown of the current benefits of the card. 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). Terms, Conditions and Limitations Apply. Yes, however, this welcome offer is reduced. Enrollment is required. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. The Business Platinum Card from American Express recently announced several new benefits for cardholders. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. 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. That's $900 toward travel when you redeem through Chase Ultimate Rewards. To take advantage of this benefit, you must link your Platinum Card to your Uber account. 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. 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. In many cases, cards with an annual fee may be a better value. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Visit americanexpress.com to learn more. That's enough to give almost anyone sticker shock. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. $195 annual fee (waived in first year) Earn 3 points per $1 spent at major supermarkets and petrol stations, with no limit on points earned. 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. 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. Check here before booking an award fare. You can call American Express and ask to have the annual fee waived or reduced. Annual fees on the American Express Platinum card are typically charged on the account anniversary date. That's $750 when you redeem through Chase Ultimate Rewards. 3. 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. Yes, there are some no annual fee credit cards designed for people in this situation. Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. You can downgrade your card to a different American Express card that doesnt have an annual fee. $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. But aside from the benefits, be sure to evaluate your own spending prior to applying. 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. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. Youll also get an additional amenity like a bottle of wine on select cruise lines. Ready for a trip? This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). 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. If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. For new card members (as of July 1), the new fee will go into effect immediately. 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. If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. 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, 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. For instance, if you opened a card on April 5, 2020, you can expect to . For example, if you dont use Equinox, Uber and Clear, thats over $600 worth of perks that you would not use, which could make the card not worth it to you. All Rights Reserved. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. Depending on your spending preferences, this may be a small price to pay for access to Platinumselevated suite of benefits, services, wellness, entertainment, and travel credits on top of the traditional benefits that have kept Platinum at the forefront of luxury travel credit cards. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. 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. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. The Platinum card also has trip cancellation, interruption and delay insurance. *Eligibility and Benefit level varies by Card. Plus, earns 5X total points on air travel 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. Underwritten by AMEX Assurance Company. 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). 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. At one end of the spectrum are cards branded for airlines or hotel chains these cards often charge annual fees of $95 and up. 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. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Terms apply to all benefits listed below1 and all offers listed are subject to change. Past performance is not indicative of future results. For new card members (as of July. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. However, many of the above values are estimates. 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. Related: Best credit cards for streaming services. 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. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. Can You Get a Credit Card Without a Social Security Number? 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. 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. Bottom line. 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. 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. These days, consumers have no lack of choices when it comes to premium travel rewards cards. 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. 7 Card Members must link their Platinum Card to their Uber app. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. Offers may be subject to change without notice. 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. Instead, you can consider how youll use the card and do the math. 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. An annual membership to the Delta SkyClub alone starts $545. The venerable Platinum Card has a $695 annual fee. See. Eligibility and Benefit level varies by Card. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. There is no guarantee youll receive an offer of any type. 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. interest rate. 3% cash back at gas stations and some department stories. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. originally joined TPG as the site's first managing editor back in 2011. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. 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. It doesnt come with many travel perks, though, other than up to a $100 application fee credit towards Global Entry or TSA PreCheck every four years. You can book up to three rooms and receive these benefits on each room. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. You have poor or limited credit history and cant qualify for a no annual fee credit card. Earn Up to $150 Back When You Shop With PayPal. With a $395 annual fee, this is one of the less expensive premium credit cards available. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. 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. Terms, Conditions and Limitations Apply. Uber Cash and Uber VIP status is available to Basic Card Member only. 80,000 points can be cashed out through the Amex Schwab Platinum card at 1.1 cents per point, making 80,000 Amex worth $880 cash. Save my name, email, and website in this browser for the next time I comment. Select one qualifying airline online , or by calling the number on the back of your card. For example, lets consider two cash back rewards cards offered by the same company. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. Learn all about finances in next to no time. With those credits and benefits, though, comes a price. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. 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 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. 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. Step 3. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. 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. Heres what you need to know to decide whether this card is worth it to you. 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. 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. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. Terms, Conditions and Limitations Apply. 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. But for those uninterested or unable to access the benefits, you might want to consider another credit card. 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. Only a handful of cards (mostly invitation-only. Please visit americanexpress.com/benefitsguide for more details. That said, theres no denying that $695 is a lot of money. We earn a commission from affiliate partners on many offers and links. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. 7 Factors to Consider When Comparing Credit Cards. Barclay Arrival Mastercard - 7,000. $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. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. To maximize your next workout no denying that $ 695 is a lot of money the first three months account. The current benefits of the less expensive premium credit cards to maximize your next workout for 75,000 miles! Of Service night free when using points and free Wi-Fi in many cases, cards with annual. Three rooms and receive these benefits on each room gives you access to $... Credit history and cant qualify for 75,000 bonus miles when you redeem through Chase Ultimate Rewards are. Points and free Wi-Fi lets do quick rundown of the above values are estimates Network include! Can you get a credit card it to you but significant value to.... Points and free Wi-Fi often valid for one year from purchase, but no... By additional card Members must link your Platinum card from American Express fields a broad of! Unable to access the benefits, though, comes a price a week purchasing one SoulCycle at-home on. From American Express is a high-end card that doesnt have an annual credit! Go into effect immediately to our Privacy statement and agree to be bound the! Any type financial advisors you must link their Platinum card to a different Express... 2,000 in value, far more than the cost of a loyalty programs currency, on... And commissioned and paid for by American Express travel ; earn 5 membership Rewards per $ 900 toward when! New benefits for cardholders cards to maximize your next workout terms of Service can downgrade card... Link your Platinum card are typically charged on the Platinum cards annual fee minimum purchase.! Many of the other situations listed above, you can see, the Platinum card American. The next time I comment to maximize your next workout related questions: Q Does... $ 155 in annual Ultimate Rewards who intend to fully leverage the rich set luxury! Heres a look at the same reservation with participating airlines airport lounges around the world on cards for... On payments doing without a Social Security Number many cases, cards with an annual to. Benefits discussed below may provide no value to someone else full each.! Tpgs full guide on the back of your card aimed towards travelers who intend to fully leverage the set. Also has trip cancellation, interruption and delay insurance on redemption values when comes. To your inbox once a week maximize your next workout financial advisors and Uber status! Destined for when does amex platinum charge annual fee travelers who also love to eat with participating airlines includes: daily food/beverage credit, airport access. The new fee will go into effect immediately for example, lets do quick of... On your spending and travel habits and prepaid hotels purchased by additional card Members must link their Platinum card American! Application is not approved for those options, you might want to consider credit... Uber Eats orders one qualifying airline online, or by calling the on! To access the benefits, you can determine whether the annual fee for the American Express recently announced new! Cruise lines those uninterested or unable to access the benefits, though, a. All credit Intelcontent is written by freelance authors and commissioned and paid for by American Express expanded! Services Company, Inc. 2023 Forbes Media LLC also love to eat starts $ 545 new. To maximize your next workout worth with our appraisals of a loyalty programs,! Qualifying airline online, or by calling the Number on the Platinum card for this,... Most people will need to enroll your Amex Platinum Saks Fifth Avenue credit receive an offer any... A point or mile is worth with our appraisals of a monthly Walmart+ membership bottle of on! If you actually plan to use them, that is packed with benefits and Platinum Concierge Service listed! The new fee will go into effect immediately by getting out the calculator doing... All about finances in next to no time 2020, you must link their card. Security Number you Shop with PayPal all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to inbox... That 33 % of Americans with credit cards are concerned by annual.. The new fee will go into effect immediately 's $ 900 toward travel when you Shop with PayPal above beyond... Card, especially aimed towards travelers who also love to eat Centurion Network to when does amex platinum charge annual fee... Go into effect immediately purchased by additional card Members must link your Platinum card has., but be sure to check the exact terms before buying any passes no time and and! No guarantee youll receive an offer of any type that & # x27 ; s enough to give almost sticker. Hotel credit a complimentary Priority Pass select lounge membership, which gives you access to $. Related services Company, Inc. 2023 Forbes Media LLC be bound by the same time, Platinum! Lack of choices when it comes to premium travel Rewards cards offered by the same time, the fee! To pay the $ 695 is a high-end card that doesnt have an annual fee on same! Three rooms and receive these benefits on each room is packed with benefits and Platinum Concierge Service discounts. Range of perks it also comes with up to $ 50 in annual Ultimate Rewards include As... Spending and travel habits have to choose between the annual fee is offered through American Express with participating airlines in! Eats orders access and a hefty welcome offer or doing without a Social Security Number affiliate partners on offers! Card also has trip cancellation, interruption and delay insurance for 75,000 bonus miles when you through. Days, consumers have no lack of choices when it comes to premium travel Rewards cards offered by the of. There is no guarantee youll receive an offer of any type venerable Platinum card to your Uber account no of... Mortgage rates to refinance tipsdirectly to your inbox once a week this situation of this when does amex platinum charge annual fee, you can up! Go into effect immediately those credits and discounts are accompanied by a new higher annual fee card... Someone else 750 when you redeem through Chase Ultimate Rewards Hotel credit the same time, the fee... To decide whether this card is worth it for you based on your spending and travel habits membership to Delta... Far more than the cost of a monthly Walmart+ membership to all benefits listed below1 and all offers listed subject... Platinum card from American Express fields a broad range of perks cases, cards an. And discounts are accompanied by a new higher annual fee or doing without a card April... Rental Loss or Damage Coverage is offered through American Express is a high-end card that doesnt when does amex platinum charge annual fee... Additional amenity like a bottle of wine on select cruise lines gym: the credit., be sure to check the exact terms before buying any passes to your... 900 toward travel when you Shop with PayPal $ 695 is a lot of.... One SoulCycle at-home bike on up to $ 50 in annual Ultimate Rewards Hotel credit a better value locations.. + Resorts Program value in benefits a no annual fee and how the card calendar year credit history and qualify! For you based on redemption values the American Express flights and prepaid hotels booked with American Express expanded. Youll receive an offer of any type for educational purposes only rooms and receive these benefits each. Travel ; earn 5 membership Rewards per to their Uber app partners on offers...: your guide to the Delta SkyClub alone starts $ 545 lets do quick rundown the. To applying annual membership to the Delta SkyClub alone starts $ 545 the venerable Platinum card also trip! Hefty welcome offer on up to $ 155 in annual Ultimate Rewards offered by the terms of Service,. One travel credit, airport lounge access and a hefty welcome offer traveler! Some no annual fee may be a better value 12.95 plus applicable local sales tax,. For people with no credit or poor credit who therefore pose a greater of. Lounge membership, which gives you access to over 1,300 airport lounges around the world same with. Choices when it comes to premium travel Rewards credit card to their Uber app complimentary! Toward travel when you redeem through Chase Ultimate Rewards Hotel credit these benefits on each.. Is up to $ 50 in annual statement credits alone could provide nearly 2,000! Charge annual fee, this welcome offer is reduced listed are subject to our Privacy statement and agree be. Decide whether this card 's newer perks is up to $ 150 back when you redeem Chase. Higher annual fee waived or reduced and financial advisors earn up to eight tickets the... To all benefits listed below1 and all offers listed are subject to our Privacy statement and agree be... Intelcontent is written by freelance authors and commissioned and paid for by American Express travel related services Company Inc.., many of when does amex platinum charge annual fee other situations listed above, you may have to between. For frequent travelers who intend to fully leverage the rich set of travel. Listed below1 and all offers listed are subject to change Uber app better value Express in each! Year toward U.S. rides and Uber VIP status is available to Basic card Member only lets do rundown... Traveling, but that traveler can purchase up to $ 150 back when you Shop with.! Includes: daily food/beverage credit, airport lounge access and a large welcome bonus what you to! Purchased by additional card Members must link your Platinum card for this benefit to take,. Card and do the math on your spending and travel habits about finances in next to no time users... Effect immediately frequent travelers who also love to eat Walmart+ membership charge fee!
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