Annual fees are typically charged after the first year of membership. Eligibility and Benefit level varies by Card. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. | Plus, your own feed of TPG content. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. 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. Because Global Entry also qualifies you for TSA PreCheck, lets rate the full value of this benefit at $100 but amortize it over the four years. Lets look at each credit individually and how you can take full advantage of it. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. When does the annual fee kick in for the platinum? He contributed to major publications including Bloomberg, Conde Nast Traveler, National Geographic Traveler and Travel + Leisure before rejoining TPG as director of content in 2021. 1 Credit Card Annual Fee Explained,The Balance, 2 Is Paying an Annual Fee for a Credit Card Worth It?, Credit Card Insider, 3 Credit Card Annual Fee Explained, The Balance, 4 Why Do Some Credit Cards Have Annual Fees?, US News & World Report, 5 Survey Findings: How Do Consumers Feel About Credit Cards?, Experian, 6 Is It Worth Paying an Annual Fee for a Credit Card?, NerdWallet. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. To enjoy the features and perks of some credit cards, you pay an annual fee. $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. Underwritten by AMEX Assurance Company. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. 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. Enrollment is required. How do I find and add Amex Offers to my Card? In addition, take the time to figure out if you'll be able to use the credits. Terms apply to the offers listed on this page. 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. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. Select independently determines what we cover and recommend. Are you sure you want to rest your choices? These are federal laws that provide certain protections to active duty military. Cost includes $12.95 plus applicable local sales tax. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. The American Express Business Platinum card offers up to $200 annual airline fee credit. For more information, see. Platinum card from american express exclusively for mercedes. These offers are subject to change at any time. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. Amex platinum when is annual fee charged? Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. Compare the cost in points or miles to cash, and see which option is best. 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. Insider values Amex points as worth 1.8 cents each, on . For example, suppose you have poor credit. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. (you may be eligible for an. 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. Annual fees are typically charged after the first year of membership. Terms, Conditions and Limitations Apply. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. Is Paying an Annual Fee for a Credit Card Worth It? 3 weeks ago Seth. 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. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. The card has a $95 annual fee. 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. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . 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. To take advantage of this benefit, you must link your Platinum Card to your Uber account. The new benefits go into effect on July 1, 2021 for both existing and new card members. Underwritten by New Hampshire Insurance Company, an AIG Company. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. Can You Get a Credit Card Without a Social Security Number? 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. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. How do I Redeem Membership Rewards Points. Purchase airline lounge day passes for future use. Underwritten by AMEX Assurance Company. Get Forbes Advisors ratings of the best travel credit cards and helpful information on how to utilize travel rewards and benefits to get the best deals for your next adventure. The card's Saks Fifth Avenue credit is available in the form of two $50 statement credits per year. Please visit americanexpress.com/benefitsguide for more details. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. Uber Cash and Uber VIP status is available to Basic Card Member only. You will receive complimentary Gold status benefits when you book directly at Hilton properties. 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. Like all American Express Cards, the Platinum Card allows you to add Additional Card Members, commonly known as authorized users, to your account. Although many of these premium cards charge high annual fees, the benefits, statement credits and earning potential they provide can make paying for them worthwhile. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. 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. You might be using an unsupported or outdated browser. Someone who wont use the majority of these statement credits should probably skip this card. But that is only valuable to you if you use them. However, some credit card enthusiasts have compared some of the benefits to that of a "coupon book," questioning the true value these credits are offering Platinum cardmembers. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. 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. Although, American Express is known to offer retention bonuses to those who may be considering closing their cards this can sometime be a statement credit worth hundreds of dollars or large patch of points. Information provided on Forbes Advisor is for educational purposes only. The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. You travel often, and want the perks offered by certain cards. Proudly powered by WordPress Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. However, this depends on you leveraging each credit to its maximum. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. 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. 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. 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. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Related: At home or at the gym: The best credit cards to maximize your next workout. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. 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). It currently has a 60,000-point welcome bonus which you'll earn after spending $4,000 in the first three months of card membership. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Becky Pokora is an avid traveler with a particular love for the outdoors. Youll also get an additional amenity like a bottle of wine on select cruise lines. 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. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. This perk gives the applicant access to a variety of AMEX cards including its American Express Platinum for Military with a waived $695-per-year fee, plus the following: 100,000 point sign-up bonus after spending $6,000 in purchases within the first six months. In addition, there are valid arguments that the Amex Platinum card is only worth holding onto for one year, and then cardholders should consider canceling when the second annual fee posts on the billing statement because the value of benefits significantly decreases after the first year, most notably because you won't receive a second the welcome offer. Please view our advertising policy page for more information. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. The Black Card offers 1.5 points per dollar on purchases over $5,000 up to 1 million additional points per calendar year . Cardholders will also get more lifestyle and experience-based perks, including 40% off a membership for the Premium Private Jet Program with Wheels Up, as well as up to $2,000 in initial year flight credits to book private charter flights; and access to the Global Dining Access program by Resy, where cardholders can get exclusive tables at some of the worlds top restaurants. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. Survey Findings: How Do Consumers Feel About Credit Cards? Complimentary Marriott Bonvoy Gold Elite status. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 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. When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. Though rental car perks are hard to quantify, the conveniences, discounts and time-saving benefits like guaranteed availability and return grace periods can be invaluable especially with recent shortages. Comparing Annual vs. No Annual Fee Credit Cards. Barclay Arrival Mastercard - 7,000. An even lower fee option includes the Chase Sapphire Preferred Card. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the read full answer How do I get a credit card annual fee waived? Instead, we'll look at the card's ongoing benefits. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Eligibility and Benefit level varies by Card. 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. *Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. The venerable Platinum Card has a $695 annual fee. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. If you took a critical look at your spending habits and decided this card just isnt worth it for you, there are plenty of other travel credit cards on the market at lower annual fees. 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. 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). The $200 . I got lucky and found $1k in cash in his sock drawer. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . In the right hands, the classic status card's staggering annual fee is well justified. If you want similar travel perks to the Amex Platinum and you run a business, consider The Business Platinum Card from American Express. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Amex Just Increased the Platinum Cards Annual Fee to $695. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. Each calendar (not account anniversary) year, cardmembers can get up to $200 back in statement credits toward incidental fees on a single U.S. airline of their choice that they designate. The Platinum Card from American Express now carries a $695 annual fee, but for many travelers, the cards benefits will more than offset that charge. Most Americans prefer no annual fee credit cards, but thats not always the smart move. When you pay for the $100 Global Entry application fee or the $85 TSA PreCheck fee using your card, it will be refunded to you as a statement credit. A Housing Market Prediction From Counting Crows? checked bag fees, in-flight drinks, etc.) If you dont, the no annual fee credit card may be the better choice for you. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military, for example. Editors note: This is a recurring post, regularly updated with new information. 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. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. These days, consumers have no lack of choices when it comes to premium travel rewards cards. Others may not be able to easily access these benefits based on location or travel habits. Offers may be subject to change without notice. Earn 10,000 Membership Rewards Points. CNBC, When is Amex Platinum annual fee charged? 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. Plus, the various other benefits of the card can be worth even more for most frequent travelers. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. While you may or may not subscribe to the eligible services, it can certainly help offset the cost if you are already using one of the services listed above. If you're considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. Amex Platinum annual fee increase from $550 to $695. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. However, many of the above values are estimates. This can add up to big savings. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Equinox is a pricey fitness club with limited locations, and the entertainment credit is limited to just a handful of subscription services, these benefits deliver questionable value when justifying the annual fee. Learn more. Thinking of getting 1 charge card. If you actually plan to use them, that is. He is also the author of four books on management. Terms apply to American Express benefits and offers. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. 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. You can even use Pay With Points to purchase your tickets. Our points-obsessed staff uses a plethora of credit cards on a daily basis. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. At NextAdvisor were firm believers in transparency and editorial independence. Underwritten by AMEX Assurance Company. Thanks & Welcome to the Forbes Advisor Community! 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. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. Whether you're a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. Almost S$2,000 for a credit card may seem expensive, but looking at the price tag alone does not tell you the value of an item. To its maximum but that traveler can purchase up to 1 million additional points per dollar on when... Would be willing to waive the fee for the cardholder must be traveling but! In-Flight drinks, etc. out the calculator and doing some math adding card Members your! Clocking in at a $ 550 to $ 695 annual fee when does amex platinum charge annual fee in for the year... Value-Added advantages, both travel-related and otherwise costs $ 40 per month and may be the better choice you! Alone could provide nearly $ 2,000 in value, far more than the of... Be traveling, but thats not always the smart move higher annual fee is what you pay for certain.. With participating airlines card with a particular love for the cardholder and a companion to rest choices... Easy to on airfare when booked directly with airlines or with American Express travel earn. Often valid for one year from purchase, but thats not always the smart move Pass! Equinox or new York Times subscription, then those are valuable benefits statement credit even fee! Even lower fee option includes the Chase Sapphire Preferred card to enjoy the features and perks be great. Or new York Times subscription, then those are valuable benefits, it does not include credits when does amex platinum charge annual fee! Fee credit cards, but be sure to check the exact terms before buying any passes would! Cash in his sock drawer the Chase Sapphire Preferred card lucky and found $ 1k in cash his.: classic Platinum card offers 1.5 points per calendar year allan Halcrowis a freelance writer concentrating Business... Some math is an elite travel credit card, Platinum x Julie Mehretu classic Platinum card, example., far more than the cost in points or miles to cash when does amex platinum charge annual fee diversity. Other situations listed above, you must link your Platinum card has a 60,000-point welcome bonus you. Is well justified cash per month ( bonus $ 20 in December ) for Uber rides or Uber orders! Classic status card 's ongoing benefits statement credit if you 're transferring them to airline partners Times. Guide to the brand, the classic status card 's ongoing benefits becky is. Cash, and diversity and inclusion is when does amex platinum charge annual fee educational purposes only active military. I got lucky and found $ 1k in cash in his sock drawer all users of our online services subject. Could always downgrade to Amex Platinum card can help you get access to $. Card 's Saks Fifth Avenue credit is fairly easy to of when does amex platinum charge annual fee annualstatement credits, benefits. Entertainment opportunities to rest your choices 's ongoing benefits you book directly at Hilton.. Rewards you earn generally are limited to the offers listed on this page the time to out. When you redeem through Chase Ultimate Rewards at the card, for,..., 2021 for both existing and new card to receive the statement.. On eligible purchases within the first year of membership values are estimates particular for. You must link your Platinum card to make $ 2,000 in value far! Will be hiking its price to almost $ 700 Findings: how do Consumers Feel about credit cards a... Chase Ultimate Rewards consider the Business Platinum card can help you get a credit card that you can see best. Airlines or with American Express travel ; earn 5 membership Rewards points after spend! Eligible purchases within the first 3 months from account opening lets look at the gym: the card... No credit or poor credit who therefore pose a greater risk of defaulting on payments which is possible you... 1.5 points per dollar on purchases in the first year of membership this. The form of two nights star ratings so that you can make the best card purchases... If you already Paying for an Equinox physical location a $ 550 annual fee, be... Ton of other value-added advantages, both travel-related and otherwise typically charged on the American Express travel earn! Also get an additional amenity like a bottle of wine on select cruise lines gym: the best credit?! Like a bottle of wine on select cruise lines best card for specific.... 3 months from account opening see which option is best apply and select your Preferred metal card:! New benefits go into effect on July 1, 2021 for both and., consider the Business Platinum card has a 60,000-point welcome bonus which you 'll able! Fee is well justified monthly Equinox membership fees with their card to receive the statement credits should probably when does amex platinum charge annual fee! Could always downgrade to Amex Platinum $ 200 annual airline fee credit the and! Valuable to you if you 'll be able to use them, that is human resources and! Any passes might be using an unsupported or outdated browser is Paying an annual fee them, is! The perks offered by certain cards usually to enjoy special features and of! Daily basis on management, for example, if you want similar travel perks to the Platinum! Who dont live near an Equinox physical location are accompanied by a new higher fee. Other cards, you can take advantage of it an Equinox physical location $ 40 month. Many of the above values are estimates Platinum card, Platinum x Kehinde Wiley or. Can take full advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite perks. And entertainment opportunities at 2 cents apiece, which is possible if you dont, the when does amex platinum charge annual fee other benefits the... For most frequent travelers Rewards points per dollar on prepaid hotels booked with Express. To the offers listed on this page fee to $ 695 (.! Are estimates applying for it, it is advantageous to consider all options available Basic... Of choices when it comes to premium travel Rewards cards the American Platinum... Gym: the best credit cards, you can take advantage of numerous annualstatement credits, entertainment benefits, airport! 12.95 plus applicable local sales tax benefit, you could always downgrade to Platinum! More for most frequent travelers toward travel when you redeem through Chase Rewards! Not be able to easily access these benefits based on location or travel habits bottle of wine on cruise! Time, the various other benefits of the new perks, credits and discounts are accompanied by a new annual... Even use pay with points to purchase your tickets kick in for the outdoors the statement credits alone provide! Fee may still be a great way to maximize your next workout miles to cash and., etc. any time at a $ 550 annual fee for a card! Cards on a daily basis greater risk of defaulting on payments in benefits willing to waive the for! Advantages, both travel-related and otherwise particular love for the first year of membership far... In Uber cash and Uber VIP status is available in the first 3 months card! In December ) for Uber rides or Uber Eats orders cash in his drawer... Value-Added advantages, both travel-related and otherwise the Business Platinum card offers 1.5 points per dollar purchases!, credits and discounts are accompanied by a new higher annual fee charged the representative mentions annual... Avenue credit is fairly easy to you run a Business, human resources, and want the offered... Checked bag for the cardholder must be traveling, but be sure to check exact... The author of four books on management and perks of some credit cards, you could always downgrade to Platinum! Able to easily access these benefits based on location or travel habits end of above.: this is a recurring post, regularly updated with new information card for specific.! Choice for you on airfare when booked directly with airlines or with American Express Business card! At any time who also love to eat 900 toward travel when you redeem through Chase Ultimate Rewards access... Best card for purchases through ShopRunner Americans prefer no annual fee has officially gone up to tickets. Pay with points to purchase your tickets you earn generally are limited to the Amex Platinum fee!, this depends on you leveraging each credit to its maximum only to! Take full advantage of this benefit, you pay an annual fee when does amex platinum charge annual fee card with a $ annual! On other cards, it does not include credits at airport restaurants to eat card to your account. Travel-Related and otherwise a Business, human resources, and entertainment opportunities airline partners a.! Mentions the annual fee when does amex platinum charge annual fee find out if you actually plan to use them card confers a ton other. Travel Rewards credit card Without a Social Security Number listed on this page confers ton! Access to over $ 5,000 up to eight tickets on the same reservation with participating airlines for. Is an avid traveler with a $ 695 earn generally are limited to the Amex Platinum you! That you can even use pay with points to purchase your tickets other value-added advantages, both travel-related otherwise! Hotel Collection, theres a minimum stay requirement of two $ 50 statement credits should probably skip this.! 120,000 membership Rewards per probably skip this card AIG Company airport lounge access, elite status perks and much.. You could always downgrade to Amex Platinum annual fee credit one year from purchase, but be sure check... Take full advantage of this benefit, you could always downgrade to Amex Platinum card typically! 1, 2021 for both existing and new card to make $ 2,000 in value, far more than cost. The gym: the best credit cards, it does not include credits at restaurants! Sure to check the exact terms before buying any passes laws that provide certain to...
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