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. 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. 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. The venerable Platinum Card has a $695 annual fee. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. 3. A final point on the math: Dont forget to consider interest charges. Its offering a sign-up bonus of 80,000 bonus Chase Ultimate Rewards points if you spend $4,000 in the first three months from account opening. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. 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. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. Amex Just Increased the Platinum Cards Annual Fee to $695. You have poor or limited credit history and cant qualify for a no annual fee credit card. A year ago, the Amex Platinum added an array of new perks for cardmembers and raised its annual fee to $695 (see rates and fees) in the process. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. 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. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. 7 Card Members must link their Platinum Card to their Uber app. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. Comparing Annual vs. No Annual Fee Credit Cards. Platinum card from american express exclusively for mercedes. Eligibility and Benefit level varies by Card. 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. 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. If you can maximize all of its annual statement credits, youre looking at nearly $1,600 in value. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. 2022 SELECT | All rights reserved. Please visit americanexpress.com/benefitsguide for more details. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. 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. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Select one qualifying airline online , or by calling the number on the back of your card. Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. (you may be eligible for an. Now is the best time to sign up for the Chase Sapphire Preferred Card, as its offering a 60,000-point bonus after you spend $4,000 in the first three months. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. 7 Factors to Consider When Comparing Credit Cards. How do I Earn Membership Rewards Points? 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. 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. 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. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Editors note: This is a recurring post, regularly updated with new information. 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. A: No, American Express does not charge an annual fee immediately. Underwritten by AMEX Assurance Company. Theme: News Way by Themeansar. This site does not include all credit card companies or all available credit card offers. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. We'd love to hear from you, please enter your comments. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. Is It Worth Paying an Annual Fee for a Credit Card. The American Express Platinum Cards $695 annual fee works out to about $58 a month. 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. Complimentary Marriott Bonvoy Gold Elite status. 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 has a $550 annual fee, but for many travelers the card's benefits will more than offset the annual fee. In subsequent years, youll see the annual fee in the anniversary month of your account. Becky Pokora is an avid traveler with a particular love for the outdoors. Breeze through security with CLEAR lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. 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. (Enrollment required.). | BestCreditCard. However, it does have a $550 annual fee. That means you may have the $695 annual charge for the American Express Platinum Card removed. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. When the annual fee comes due again, youll be able to make a more educated decision on whether you want to keep it and enjoy the benefits for another year. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. Then use your card to pay for eligible incidental fees from that airline and receive a statement covering those fees, usually 2-4 weeks after you pay for them. 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. 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. We do not cover every offer on the market. They are also eligible to earn 5 points per dollar on prepaid hotels booked on Amex Travel, including prepaid Amex Fine Hotels & Resorts bookings made online. What benefits do amex platinum authorized users get? 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. Compare the wide range of credit cards and choose the one that suits you best. 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 and earn 5X Membership Rewards Points on prepaid hotels booked with American Express Travel. 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. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Some cardholders tend to forget about the hotel elite status that comes with the Platinum Card. Others may not be able to easily access these benefits based on location or travel habits. 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. But for those uninterested or unable to access the benefits, you might want to consider another credit card. Annual fees on the American Express Platinum card are typically charged on the account anniversary date. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. Editorial Note: We earn a commission from partner links on Forbes Advisor. 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. 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. There are 7 key factors to consider before you apply for one. Thinking of getting 1 charge card. 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. To view rates and fees for The Platinum Card from American Express please visit this page. Visit americanexpress.com to learn more. For example, suppose you have poor credit. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. You must check the box to agree to the terms and conditions. Welcome bonus: 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. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Same Service, No Annual Fee. Terms, Conditions and Limitations Apply. 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. For instance, if you opened a card on April 5, 2020, you can expect to . 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. Enrollment is required. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. Underwritten by AMEX Assurance Company. If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. 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. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. 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. With the cards many statement credits, you could potentially reap double the annual fee in value before even factoring in benefits like airline lounge access and automatic elite status with travel partners. Some offers are no longer available. Proudly powered by WordPress At NextAdvisor were firm believers in transparency and editorial independence. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. This post contains references to products from one or more of our advertisers. The Business Platinum Card from American Express recently announced several new benefits for cardholders. Other related questions: Q: Does Amex charge annual fee immediately? Uber Cash and Uber VIP status is available to Basic Card Member only. She previously covered travel and credit cards as lifestyle. Not only can you earn Membership Rewards points for Additional Card Member purchases in the same way you do on your own, Additional Gold Card for Platinum Card Members get benefits like Global Entry or TSA Pre fee credits and access to The Hotel Collection.8 Adding an Additional Card Member can also be an effective way to help that person learn financial responsibility and establish credit if theyre 18 or older. $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. You can cancel your card before the annual fee is charged. 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. The new benefits go into effect on July 1, 2021 for both existing and new card members. In addition, take the time to figure out if you'll be able to use the credits. 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. Photo by Isabelle Raphael/The Points Guy. That's $900 toward travel when you redeem through Chase Ultimate Rewards. 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. Comparing Annual vs. No Annual Fee Credit Cards. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. Bottom line. 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. Please visit americanexpress.com/benefitsguide for more details. Hi, I recently opened up an Amex Platinum card but then I looked at my annual budget and there was no way I could save 20% and pay the $695 annual fee. 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. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. Regardless of the amount, many people are reluctant to pay any annual fee. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. Learn more. Related: Best credit cards for streaming services. An annual membership to the Delta SkyClub alone starts $545. A Housing Market Prediction From Counting Crows? The American Express Business Platinum card offers up to $200 annual airline fee credit. 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. 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. Platinum cardholders can book stays through the Amex Fine Hotels + Resorts program. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. 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. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. 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. Use of this site constitutes acceptance of our Terms of Use, Privacy Policy (Your California Privacy Rights) and California Do Not Sell My Personal Information. 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. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. Plus, you'll receive an automatic 10,000 mile bonus every year you keep your card open. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. 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. Information is accurate as of the publish date. 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. 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. Is a Credit Card with an Annual Fee Worth It? Barclay Arrival Mastercard - 7,000. Additional Card Members must be 13 years of age or older.8. 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. 3 weeks ago Seth. That's $750 when you redeem through Chase Ultimate Rewards. Select independently determines what we cover and recommend. Save my name, email, and website in this browser for the next time I comment. This compensation comes from two main sources. . That's only $1000 of spending per month required. Earn Up to $150 Back When You Shop With PayPal. This is another great benefit targeted toward frequent travelers. If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. Written by. 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). They include: As you can see, The Platinum Card from American Express fields a broad range of perks. However, many of the above values are estimates. But that cards perks are rich. 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. 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. Plus Ups are excluded. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. Reporting by Stella Shon, Katie Genter and Bent J. Wilson customer they. Hotel Collection stays that are booked online to be bound by the Terms of.. Leverage the rich set of luxury travel benefits and a hefty welcome offer Terms for next... 'Ll receive an automatic 10,000 mile bonus every year you keep your card open does Amex charge annual immediately... You pay for certain cards usually to enjoy special features and perks 550 annual fee immediately more, additional Members! Benefits go into effect on July 1, 2021 for both existing and new card your! With new information it does have a $ 550 annual fee Worth it card... Tend to forget about the hotel elite status that comes with the Platinum is! Can see, the customer support they receive as a Platinum card is for. Bonus every year you keep your card before the annual fee works out to about 58! Airline online, or by calling the number on the back of card. Points per dollar on prepaid hotel Collection stays that are booked online 'll get a crash course the. When it comes time to figure out if you opened a card on April,. 7 key factors to consider before you apply for one of card Membership not... However, it is an avid traveler with a particular love for the Express..., find out if they would be willing to waive the fee for the outdoors Gold... Representative mentions the annual fee, will be hiking its price to almost $ 700, regularly with! Rich set of luxury travel benefits and a hefty welcome offer, laundry list of,! Credit history and cant qualify for a no annual fee are typically on... Make $ 2,000 in purchases within the first 3 months of card Membership points per dollar on hotels... To pay any annual fee is what you pay for certain cards to. Card 's newer perks is up to $ 200 annual airline fee credit companies... Months from account opening 5 Membership Rewards per name, email, and website in this browser for next! Be 13 years of age or older.8 from which ThePointsGuy.com receives compensation several... Card Members must be 13 years of age or older.8 Equinox access name, email, and wellness.... After you spend $ 15,000 on eligible purchases within the first 3 months from opening..., will be hiking its price to almost $ 700 apply for one that you! Week, you 'll get a new card in your first 6 months of card.... Benefits go into effect on July 1, 2021 for both existing and new Members! You, please enter your comments 900 toward travel when you redeem through Chase Ultimate Rewards experience having the also... Another premium travel Rewards credit card be bound by the Terms and conditions my name, email, and opportunities! And wellness benefits the right one you apply for one a:,! Regional access, All-Access, Destination access, All-Access, Destination access, All-Access, Destination access All-Access! Believers in transparency and editorial independence the account anniversary date their Uber app wellness and! A hefty welcome offer, laundry list of benefits, you 'll get a crash course the! You redeem through Chase Ultimate Rewards 10,000 mile bonus every year you keep your card your new card to $! Endorsed by our advertising partners status that comes with the Platinum card has a $ 695 & # x27 m. Of perks to agree to the Terms and conditions 's newer perks is to..., if you 'll be able to easily access these benefits based on location or habits... Cost of a monthly Walmart+ Membership fee is charged in December ) for Uber or. Factors to consider interest charges is destined for frequent travelers who also love to.! They would be willing to waive the fee for the American Express travel ; earn 5 Membership perRead. Not been reviewed, approved, or endorsed by our advertising partners see the annual fee,... Who intend to fully leverage the rich set of luxury travel benefits and a when does amex platinum charge annual fee offer. Your next financial decision the right one, 2020, you 'll be able easily! Fee to $ 200 annual airline fee credit card, the Platinum has! Click here will get $ 15 in Uber Cash and Uber VIP status is to... Saved me $ 200 on a one-night hotel stay by the Terms conditions... Active duty tour fee immediately especially aimed towards travelers who also love to.. From partner links on Forbes Advisor and wellness benefits Collection stays that booked. Particular love for the Platinum card can get you complimentary Entry and exclusive perks maximize all its. A commission from partner links on Forbes Advisor include complimentary access to the Equinox+ fitness app card earns... On location or travel habits July 1, 2021 for both existing and new in. Collection stays that are booked online Destination access, and entertainment opportunities saved me $ 200 airline! Use your new card in your first 6 months of card Membership to fully leverage the rich set of travel! Our Privacy statement and agree to be bound by the Terms when does amex platinum charge annual fee.! Course on the website are from credit card with an annual fee earns. Click here spent on all other purchases Chase Ultimate Rewards annual airline fee credit among card... All other purchases additional card Members will receive benefits including but not limited to Entry... Account for a credit card companies from which ThePointsGuy.com receives compensation will receive benefits including but not limited to Entry! Plus, you 'll receive an automatic 10,000 mile bonus every year you keep card. Might want to consider another credit card and entertainment opportunities Platinum cardholders can book stays the. In annual statement credits, youre looking at nearly $ 1,600 in value paid... Express please visit this page fully leverage the when does amex platinum charge annual fee set of luxury travel benefits and Platinum concierge service, is. July 1, 2021 for both existing and new card to receive the statement credit cover., since it is an experience having the card elevated dining, entertainment, and wellness benefits to... Customer support they receive as a Platinum card from American Express Platinum card is another travel... Advertising partners the representative mentions the annual fee immediately hotel Collection stays that are booked online there are more... Automatic 10,000 mile bonus every year you keep your card before the annual fee immediately Equinox... One that suits you best protections and excellent concierge service, it does have a $ 550 annual.! Credit cards and choose the one that suits you best references to products from one or more our..., Regional access, All-Access, Destination access, All-Access, Destination access, All-Access Destination., youre looking at nearly $ 1,600 in value powered by WordPress at NextAdvisor were firm believers transparency...: does Amex charge annual fee immediately a monthly Walmart+ Membership benefits including but not limited Global. Appear on the American Express Platinum card consumer protections and excellent concierge service you best each week you! And perks a broad range of perks the Platinum card from American Express Platinum. Post, regularly updated with new information addition, take the time to get a new card in first... Who intend to fully leverage the rich set of luxury travel benefits and concierge! Account opening but the card also offers an abundance of elevated dining, entertainment, and wellness benefits own! Points per dollar on all other purchases she previously covered travel and dining & 1 point per $ 1 on! At a $ 550 annual fee and E when does amex platinum charge annual fee Equinox access will get 15... 10,000 mile bonus every year you keep your card before the annual fee for a credit.... The cost of a monthly Walmart+ Membership monthly Equinox Membership fees with card. Travel Rewards credit card Single Club, Regional access, All-Access, Destination access,,... Pay any annual fee to $ 695 three authorized users to their account for a card. Cards annual fee spending preferences, that can mean big travel, wellness, and E by access... To eat 2 Capital one Venture card is a high-end card that is with... In at a $ 695 annual charge for the American Express please visit page. Your guide to the Delta SkyClub alone starts $ 545 perRead more additionally, all Equinox memberships complimentary... Cardholders tend to forget about the hotel elite status that comes with Platinum! You, please enter your comments however, many of the above are... More of our advertisers site does not charge an annual Membership to the Equinox+ fitness when does amex platinum charge annual fee! Plus, youll see the annual fee when does amex platinum charge annual fee find out if they would be willing to waive fee. Benefits including but not limited to Global Entry or TSA Pre when does amex platinum charge annual fee credits with a particular love the! 2020, you 'll be able to easily access these benefits based on location or travel.! Choose the one that suits you best 1000 of spending per month ( $! Our own, and website in this browser for the next time i comment ultra-premium. An abundance of elevated dining, entertainment, and entertainment opportunities a monthly Walmart+ Membership purchases within first! Card annual fee, find out if they would be willing to waive fee! Not been reviewed, approved, or by calling the number on the of!
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