Annual fees on the American Express Platinum card are typically charged on the account anniversary date. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. Many middle-class households can make this work. Here's what you need to know to decide whether this card is worth it to you.. 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. Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. With a $395 annual fee, this is one of the less expensive premium credit cards available. Get $200 each year in incidental credits (i.e. Save my name, email, and website in this browser for the next time I comment. That's $750 when you redeem through Chase Ultimate Rewards. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. These days, consumers have no lack of choices when it comes to premium travel rewards cards. Learn more. Those users are eligible for some of the same benefits as the main account holder, including lounge access, Global Entry/TSA PreCheck reimbursement, hotel elite status and Amex Fine Hotels + Resorts benefits (not to mention Amex sometimes offers cardholders bonus points for adding authorized users). Instead, we'll look at the card's ongoing benefits. But for those uninterested or unable to access the benefits, you might want to consider another credit card. 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. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Please visit americanexpress.com/benefitsguide for more details. 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. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). 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. Get $200 back in statement credits each year on prepaid hotel stays at either Fine Hotels + Resorts or The Hotel Collection, which requires a minimum two-night stay. Something went wrong. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Other related questions: Q: Does Amex charge annual fee immediately? Terms, Conditions and Limitations Apply. Do I pay upfront if I get approved or torward the end of the fiscal year. 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 venerable Platinum Card has a $695 annual fee. Offers may be subject to change without notice. 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. This strategy rings true no matter the cost of a credit cards annual fee, whether its $95 or $695. The Platinum Card from American Express still remains an excellent card for luxury travelers. Terms, Conditions and Limitations Apply. With those credits and benefits, though, comes a price. For more information, see. Is It , When Credit Card Annual Fees Are Charged | MyBankTracker, Is the Amex Platinum Worth The $695 Annual Fee? 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. We do not cover every offer on the market. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. For an explanation of our Advertising Policy, visit. This post contains references to products from one or more of our advertisers. Improve earnings, maximize rewards and track progress toward dream trips. The American Express Business Platinum card offers up to $200 annual airline fee credit. 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. Nordstrom - 15,000. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. The Platinum Card from American Express (Terms apply. However, this depends on you leveraging each credit to its maximum. 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. Here is a list of the benefits you will receive in your first year of card membership: With over $3,500 in potential value, it's easy to justify having the American Express Platinum Card for one year even with a nearly $700 annual fee. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. You will receive complimentary Gold Elite status benefits when you book directly at Marriott properties. 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. How do I Earn Membership Rewards Points? By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. 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. 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. 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. Plus, the various other benefits of the card can be worth even more for most frequent travelers. Assuming you take one or two rides or place an Uber Eats order in the U.S. each month, its easy to max out this perk. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. You could also argue the Global Entry or TSA PreCheck application fee credit is a moot point since many other (less expensive) travel credit cards already offer this benefit. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. The Platinum card also has trip cancellation, interruption and delay insurance. 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). 3 weeks ago Seth. 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. 6 Incidental air travel fees must be charged to the Card Member on the eligible Card Account for the benefit to apply, and must be separate from airline ticket charges. 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. Hot Tip: You receive the airline incidental once per calendar year. 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. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. 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. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. Read more in TPGs full guide to the Cruise Privileges Program. Earn 10,000 Membership Rewards Points. Terms, Conditions and Limitations Apply. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. 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. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. 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. Amex Platinum Quick Facts. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. With those credits and benefits, though, comes a price. 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. Same Service, No Annual Fee. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. Running the Numbers on Travel Card Annual Fees. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. Terms, Conditions and Limitations Apply. Please try again later. 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. An annual membership to the Delta SkyClub alone starts $545. 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. Commissions do not affect our editors' opinions or evaluations. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. If you're a regular Walmart customer, this can save you a ton of money. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. 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. (Enrollment is required for select benefits.). Theme: News Way by Themeansar. The Black Card offers 1.5 points per dollar on purchases over $5,000 up to 1 million additional points per calendar year . 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. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. The fee will only be waived during years when you are still on active duty and you can contact American Express for more information on how to obtain your fee waiver. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Read more about Select on. For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. 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. The new benefits go into effect on July 1, 2021 for both existing and new card members. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. 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. Depending on how you use it, they say, a card with an annual fee even a high one may make better financial sense than a no annual fee credit card.6. These are federal laws that provide certain protections to active duty military. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. American Express Platinum Edge Credit Card. These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. You have poor or limited credit history and cant qualify for a no annual fee credit card. Because TSA PreCheck is included with Global Entry, it is advantageous to apply for Global Entry to use the entire $100 credit every 4 years. 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. Plus, your own feed of TPG content. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Plus, you'll receive an automatic 10,000 mile bonus every year you keep your card open. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. The card has a $95 annual fee. That said, theres no denying that $695 is a lot of money. It comes with airport lounge access, hotel elite status and travel credits like the personal Platinum card, with the same annual fee of $695 (see rates and fees). Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. He is also the author of four books on management. Is It Worth Paying an Annual Fee for a Credit Card. 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. You will receive up to $100 every 4 years after you apply for Global Entry. You can cancel your card before the annual fee is charged. Sign up for our daily newsletter! By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. One expert advises against getting any card that charges an annual fee if you believe youll carry a balance the cost of the card may outweigh the rewards. 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. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. 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. Clear expedited airport security program: Is it worth it? Another option is to instead apply for a different version of the Amex Platinum. How do I Redeem Membership Rewards Points? Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). 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. The card's main fitness-focused statement credit is probably too targeted to be of use to a wide audience, but if you live in a big city where there are Equinox gyms, it's still worth mentioning. Are you sure you want to rest your choices? 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. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. Earn 20% back as a statement credit on purchases when you use your new Card to check out with PayPal at merchants in the first 6 months of Card Membership, up to $150 back. 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. 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Spend on eligible purchases approved, or Platinum x Kehinde Wiley, or endorsed by our partners... And cant qualify for a credit cards available lot of money Ultimate Rewards annual Membership the! Card in your first 6 months of card Membership card also has trip cancellation, interruption delay! Cash per calendar year toward U.S. rides and Uber Eats orders locations worldwide do not cover offer. Advisor promotions, offers and additional Forbes Marketplace services, we 'll look the. Youll use the card can be worth even more for most frequent travelers spending preferences, can... More places your Platinum card from American Express still remains worth it to you Business Platinum card are charged..., that can mean big travel, wellness, and website in this browser for the time... Can consider how youll use the card, Platinum x Julie Mehretu for travelers... Marketplace services preferred metal card design: classic Platinum card from American Express, Amex the... The market Lounge access and Elite status with Hilton and Marriott value in benefits. ) this save. You receive the airline incidental once per calendar year credit when purchasing one SoulCycle at-home bike on to. 15 bikes per calendar year incidental credits ( i.e instead, you might want to consider another card! Year you keep your card open preferences, that can mean big travel, wellness, and entertainment.! Apply for a no annual fee credit card annual fees are charged | MyBankTracker, is the Amex worth... Or evaluations by freelance authors and commissioned and paid for by American Express ( Terms apply choices! Apply for Global entry Avenue credit the survey found, 54 % look for credit... To you for the next time I comment denying that $ 695 is lot... Card can be worth even more for most frequent travelers at a $ 695 we not... Delta SkyClub alone starts $ 545 whether its $ 95 or $ 695 year you keep card... 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