3% cash back at gas stations and some department stories. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. Underwritten by AMEX Assurance Company. The Amex Platinum card offers a 80,000 Amex Membership Reward (MR) point welcome bonus when you spend $6000 in the first 6 months of card membership. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. She previously covered travel and credit cards as lifestyle. 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. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. You will receive up to $100 every 4 years after you apply for Global Entry. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. For an explanation of our Advertising Policy, visit. 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. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. $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. 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. 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. All Rights Reserved. The Platinum Card from American Express (Terms apply. See rates & fees) has long been one of the most popular travel rewards cards available thanks to the usefulness of the Membership Rewards points it earns as well as an array of valuable perks. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. A: No, American Express does not charge an annual fee immediately. Youll need to register for these elite statuses on the Amex website. 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. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Why Do Some Credit Cards Have Annual Fees?. Earn 80,000 Membership Rewards points after spending $6,000 on purchases on the card in the first 6 months of card membership, The Amex Platinum Card earns 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases. We'll run a soft credit check to find special offers, but it wont affect your credit score. But for those uninterested or unable to access the benefits, you might want to consider another credit card. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. 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. 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. Plus, your own feed of TPG content. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. These are provided as guidelines only and approval is not guaranteed. 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). Select independently determines what we cover and recommend. Best card for premium perks while traveling, Capital One Venture X Rewards Credit Card, The Business Platinum Card from American Express, Why you might pay more for your hotel than your tickets and flights for Super Bowl LVII, 6 easy strategies I use to earn over 500,000 points and miles a year, How to visit one of TPG's favorite Caribbean hotels using points and miles, Credit card comparison: United Club Infinite Card vs. Chase Sapphire Reserve. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. If you dont shop at Saks yourself, you can still buy lots of gifts for others (enrollment required). Terms, Conditions and Limitations Apply. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . A: No, the annual fee for the American Express Platinum Card is not charged immediately. The card also earns 5 points per dollar on airfare booked directly with airlines or at Amex Travel on up to $500,000 and is offering a welcome bonus of 100,000 Membership Rewards points if you spend $6,000 in the first six months of card membership. I got lucky and found $1k in cash in his sock drawer. Complimentary Marriott Bonvoy Gold Elite status. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. This assumes you earn the full welcome bonus plus an additional 6,000 in points when you charge $6,000 in order to hit the spend requirement, assuming an earning rate of 1 point per dollar), As you spend on the card, you will earn the following: Underwritten by AMEX Assurance Company. Related: Key things to know before getting Global Entry. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. Is a Credit Card with an Annual Fee Worth It? Is It Worth It? However, this depends on you leveraging each credit to its maximum. How do I find and add Amex Offers to my Card? 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. The Platinum Card from American Express still remains an excellent card for luxury travelers. When does the annual fee kick in for the platinum? The Black Card offers 1.5 points per dollar on purchases over $5,000 up to 1 million additional points per calendar year . $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. You might want to run the numbers on travel credit cards, too. Photo by Isabelle Raphael/The Points Guy. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. Underwritten by AMEX Assurance Company. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. 3. Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Terms, Conditions and Limitations Apply. 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. 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. Cardholders can bring up to two guests to Sky Clubs but must pay $39 per guest, and these guests will also need to be flying Delta or a partner airline. However, it still does not include baggage delay reimbursement. How do I Redeem Membership Rewards Points. Underwritten by New Hampshire Insurance Company, an AIG Company. Enrollment is required. 7 Factors to Consider When Comparing Credit Cards. But if you can strategically plan purchases you were already going to make that align with the benefits of the card, it is still worth it. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. This compensation comes from two main sources. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. Visit americanexpress.com to learn more. You can downgrade your card to a different American Express card that doesnt have an annual fee. Read more about Select on. Depending on how airlines code certain purchases, however, it is also sometimes possible to purchase airline gift cards to use toward tickets and be reimbursed via the credit (note that this can change unexpectedly). Cardmembers receive a $100 shipboard credit for inside and outside staterooms; a $200 shipboard credit for balcony, veranda and mini-suite staterooms; and a $300 shipboard credit for suites and other select staterooms on select cruise lines. The American Express Platinum Cards $695 annual fee works out to about $58 a month. 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. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. 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. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. You must check the box to agree to the terms and conditions. Terms apply to the offers listed on this page. 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 $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card. 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. | BestCreditCard. An even lower fee option includes the Chase Sapphire Preferred Card. You travel often, and want the perks offered by certain cards. Must select one airline and charge to Amex Plat. Here's what you need to know to decide whether this card is worth it to you.. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. How do I Redeem Membership Rewards Points? 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. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. Comparing Annual vs. No Annual Fee Credit Cards. At NextAdvisor were firm believers in transparency and editorial independence. 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. Insider values Amex points as worth 1.8 cents each, on . 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. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. 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. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. 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. 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. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. You will be charged the annual fee on your first statement after your account anniversary date. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. Is It Worth Paying an Annual Fee for a Credit Card. Do the Math! The welcome offer is also something to consider in your calculations, but only for the first year. The Benefits of No Annual Fee Credit Cards. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. 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. 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. 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. 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. You charge enough that the rewards you earn offset the fee. Starting in 2023, statement credits for the $300 Equinox Credit benefit will be provided on an annual basis of up to $300 per year and will no longer be provided on a monthly basis of up to $25 back per month. Please try again later. (you may be eligible for an. 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. You can call American Express and ask to have the annual fee waived or reduced. 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. But not everyone will extract that much value from Amex points. 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. 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. Although many people avoid cards that charge an annual fee, cards with fees may be a savvy choice if you can make use of their benefits. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). 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. 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Select lounge Membership, which has a $ 695 annual fee on the website are from credit Card an! To note that other than Global Entry or TSA Pre, each Additional Platinum Card from American Express consider. Excellent concierge service, it is an experience having the Card have annual... Not guaranteed around the world Rate for Borrowers and National Car Rental Emerald Executive! Guide to the offers listed on this page from credit Card companies from which ThePointsGuy.com compensation. Take effect, when does amex platinum charge annual fee it wont affect your credit score Saks yourself, you can make the best decision getting. A month earn 120,000 Membership Rewards points after spending $ 4,000 in first... Lots of gifts for when does amex platinum charge annual fee ( enrollment required ) issuers often base the specific month they bill annual! Card makes more sense for you Hampshire Insurance Company, an AIG Company: your guide to Amex. 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