It doesnt come with many travel perks, though, other than up to a $100 application fee credit towards Global Entry or TSA PreCheck every four years. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. Another option is to instead apply for a different version of the Amex Platinum. $195 annual fee (waived in first year) Earn 3 points per $1 spent at major supermarkets and petrol stations, with no limit on points earned. 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. 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. There are also some secured cards those that require a deposit that dont charge an annual fee. 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. Offers may be subject to change without notice. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Both the The Platinum Card from American Express for Charles Schwab* and The Platinum Card from American Express exclusively for Morgan Stanley* offer credits toward the annual feebut only if you hold substantial assets at the corresponding brokerage. Please visit americanexpress.com/benefitsguide for more details. 3 weeks ago Seth. That's $750 when you redeem through Chase Ultimate Rewards. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Proudly powered by WordPress 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. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. 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. But that cards perks are rich. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. $1,600 (Points are valued at 2 cents per point. 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 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. 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. 2. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card.5 But some experts advise against choosing a card based solely on whether youll pay an annual fee. The American Express Business Platinum card offers up to $200 annual airline fee credit. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. 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. 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. 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. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. 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. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. The venerable Platinum Card has a $695 annual fee. Call AMEX member services and ask about applying for the AMEX platinum card. . This card shines for this use, but overall the star ratings may differ when compared to other cards. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. Platinum cardholders can book stays through the Amex Fine Hotels + Resorts program. 2% cash back at gas stations and some department stores. The new benefits go into effect on July 1, 2021 for both existing and new card members. 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. Please visit americanexpress.com/benefitsguide for more details. 5X per $1 booked directly with airlines or Amex Travel, up to $500,000 per year; 5X per $1 on prepaid hotels booked on AmexTravel.com; 1x per $1 on other purchases. 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. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. Here's what you need to know to decide whether this card is worth it to you.. 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. Visitamericanexpress.comto learn more. Related: At home or at the gym: The best credit cards to maximize your next workout. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. 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. The Forbes Advisor editorial team is independent and objective. 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). With perks like $120 in annual dining statement credits ($10 monthly statement credit) and up to $120 in Uber Cash ($10 Uber Cash each month) . 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. Related: Key things to know before getting Global Entry. 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. Earn 10,000 Membership Rewards Points. Is Paying an Annual Fee for a Credit Card Worth It? If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. 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. With a $395 annual fee, this is one of the less expensive premium credit cards available. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. So, if you stay fewer nights, youll likely get less value from the status. A: No, American Express does not charge an annual fee immediately. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Underwritten by New Hampshire Insurance Company, an AIG Company. Whether youre an avid cruiser or only take one cruise every year or two, this benefit is worth mentioning. Learn more. That means you may have the $695 annual charge for the American Express Platinum Card removed. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Insider values Amex points as worth 1.8 cents each, on . Visit americanexpress.com to learn more. Some cardholders tend to forget about the hotel elite status that comes with the Platinum Card. Your email address will not be published. You will be charged the annual fee on your first statement after your account anniversary date. In an attempt to make the Platinum Card more lifestyle-focused, Amex added a digital entertainment credit that offers reimbursement for the following services: Audible, Peacock, SiriusXM and The New York Times. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. 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. You can even use Pay With Points to purchase your tickets. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. Only a handful of cards (mostly invitation-only. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. 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. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). 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. There are 7 key factors to consider before you apply for one. That's $900 toward travel when you redeem through Chase Ultimate Rewards. That's only $1000 of spending per month required. To decide whether its worthwhile opening the card and keeping it, you will need to look at its ongoing qualities and how much value youre likely to reap from them. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. . You can call American Express and ask to have the annual fee waived or reduced. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. 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. Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. 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. Compare the wide range of credit cards and choose the one that suits you best. 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. 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. For example, suppose you have poor credit. All Rights Reserved. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. 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. You will receive up to $189 per year in statement credit to apply for CLEAR, a biometric security program located at airports and stadiums across the U.S. We only value this at $100 because members of select airline loyalty programs can apply for CLEAR at a discounted rate. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. Examining your own spending habits will likely point you toward a premium card with an annual fee and extensive rewards or one with no annual fee and a lower APR. Required fields are marked *. These are federal laws that provide certain protections to active duty military. You can downgrade your card to a different American Express card that doesnt have an annual fee. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to Global Dining Access by Resy, your personal digital dining concierge. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. First, lets do quick rundown of the current benefits of the card. 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. Youll also get an additional amenity like a bottle of wine on select cruise lines. These days, consumers have no lack of choices when it comes to premium travel rewards cards. However, it still does not include baggage delay reimbursement. That's enough to give almost anyone sticker shock. 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. 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. For more information, see. Save my name, email, and website in this browser for the next time I comment. The use of this website means that you accept the confidentiality regulations and the conditions of service. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. We'll run a soft credit check to find special offers, but it wont affect your credit score. Plus Ups are excluded. For new card members (as of July. 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. The fee is typically charged in full when you open your account and then once a year in your anniversary month, though a few cards will divide the fee into installments and collect it monthly. Terms apply to American Express benefits and offers. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. Past performance is not indicative of future results. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. 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. 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