Get $200 each year in incidental credits (i.e. For more information, see. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. That said, theres no denying that $695 is a lot of money. 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. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. This is a simple but nice benefit. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. You will get $20 back each month for one or more of the following services: Peacock, The New York Times, Audible, Sirius XM, Hulu, ESPN, The Disney Bundle, Disney+ (enrollment required). When does the annual fee kick in for the platinum? The material made available for you on this website, Credit Intel, is for informational purposes only and is not intended to provide legal, tax or financial advice. For existing cardmembers, the increased annual fee will take effect for renewal . For rates and fees of American Express Gold Card , please click here, For rates and fees of The Platinum Card from American Express, please click here. Purchase airline lounge day passes for future use. 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. 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. She previously covered travel and credit cards as lifestyle. I would like to subscribe to the NextAdvisor newsletter. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. Improve earnings, maximize rewards and track progress toward dream trips. In subsequent years, youll see the annual fee in the anniversary month of your account. 21.99% p.a. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. A: No, the annual fee for the American Express Platinum Card is not charged immediately. Read more in TPGs full guide on the Fine Hotels + Resorts Program. First, lets do quick rundown of the current benefits of the card. Amex platinum when is annual fee charged? The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. Barclay Arrival Mastercard - 7,000. There's no guarantee that you'll receive one, but a statement credit or some bonus points may make the difference between keeping the card vs. canceling it. (you may be eligible for an. Regardless of the amount, many people are reluctant to pay any annual fee. A: No, American Express does not charge an annual fee immediately. Underwritten by AMEX Assurance Company. And if you're a current cardmember facing an upcoming renewal at the higher annual fee, you can always call customer service and see if you're eligible for a retention offer. 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 want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. CNBC, When is Amex Platinum annual fee charged? How do I Earn Membership Rewards Points? | BestCreditCard. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. Please visit americanexpress.com/benefitsguide for more details. 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. If you have questions, please consult your own professional legal, tax and financial advisors. 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. The Platinum Card from American Express still remains an excellent card for luxury travelers. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . Enrollment required. The Platinum Card from American Express, 17 airline and three hotel transfer partners, $200 annual airline fee statement credits, Global Entry or an $85 fee credit for TSA PreCheck, American Express Global Lounge Collection, Gold Elite status in the Marriott Bonvoy program, purchase airline gift cards to use toward tickets, How to make sure youre getting your Amex Platinum Uber credits, enroll your Amex Platinum Card for this benefit to take effect, Your guide to the Amex Platinum Saks Fifth Avenue credit, Key things to know before getting Global Entry, How the Amex Platinum card easily saved me $200 on a one-night hotel stay. 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) . At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's 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. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. 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. Eligibility and Benefit level varies by Card. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Bank of America - 9,100. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Please visit americanexpress.com/ benefitsguide for more details. 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. Your email address will not be published. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. 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. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. Must select one airline and charge to Amex Plat. 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. This is just one scoring method and a credit card issuer may use another method when considering your application. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). 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. 2023 American Express. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. 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. 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 Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. Monthly membership costs $12.95 plus local sales tax, so the statement credits should cover most, if not all, of that. We'd love to hear from you, please enter your comments. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. Plus, your own feed of TPG content. For rates and fees of The Platinum Card from American Express, click here. This compensation comes from two main sources. This can add up to big savings. *Eligibility and Benefit level varies by Card. Other related questions: Q: Does Amex charge annual fee immediately? The Forbes Advisor editorial team is independent and objective. As always, Platinum goes above and beyond credits to provide premium services and benefits like Cell Phone Protection,2 airport lounge access, and special access to popular restaurants through Global Dining Access by Resy. At NextAdvisor were firm believers in transparency and editorial independence. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. Plus Ups are excluded. 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. Can You Get a Credit Card Without a Social Security Number? Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. Instead, all other credits are shared across all Cards on the account. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. Another option is to instead apply for a different version of the Amex Platinum. 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. Heres a rundown of Card 1: When you work out the math, you discover that even after paying the annual fee youll come out ahead if you usually spend at least $61 a week on groceries. 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. So, if you stay fewer nights, youll likely get less value from the status. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. $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. Related: Clear expedited airport security program: Is it worth it? Terms apply to all benefits listed below1 and all offers listed are subject to change. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. If you dont, the no annual fee credit card may be the better choice for you. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. An even lower fee option includes the Chase Sapphire Preferred Card. That's $750 when you redeem through Chase Ultimate Rewards. 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. Thinking of getting 1 charge card. For new applicants, you'll be required to pay this new fee immediately, but existing cardholders won't have to fork over the extra cash until renewals begin in January 2022. 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. 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. What benefits do amex platinum authorized users get? 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. 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. Terms, Conditions and Limitations Apply. Uber VIP status and up to $200 Uber credit, split into monthly $15 credits for U.S. rides plus a bonus of $20 in December. 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. Performance information may have changed since the time of publication. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. 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. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. Check here before booking an award fare. 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. 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 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. Terms, Conditions and Limitations Apply. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. We earn a commission from affiliate partners on many offers and links. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. Terms, Conditions and Limitations Apply. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Please review. 7 Card Members must link their Platinum Card to their Uber app. 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. 2022 SELECT | All rights reserved. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. New cardmembers will see the annual fee on their first billing statement. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. Related: Is the Amex Platinum worth the annual fee? after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. 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. Related: Best credit cards for streaming services. 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. 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. Annual fees are typically charged after the first year of membership. 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. 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. 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. Underwritten by New Hampshire Insurance Company, an AIG Company. Written by. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. Amex Just Increased the Platinum Cards Annual Fee to $695. Most Americans prefer no annual fee credit cards, but thats not always the smart move. These are federal laws that provide certain protections to active duty military. 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. However, many of the above values are estimates. The Benefits of No Annual Fee Credit Cards. 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? 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. 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. Commissions do not affect our editors' opinions or evaluations. . Please visit americanexpress.com/benefitsguide for more details. 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. 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. See offer terms for details. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. How do I Redeem Membership Rewards Points? Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. . Enrollment is required. 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. That's enough to give almost anyone sticker shock. Another method when considering your application the same time, the annual immediately. Own professional legal, tax and financial advisors reluctant to pay any annual fee immediately our... N'T force yourself into a difficult financial situation just to have a credit Card Hertz... Through the hotel Collection, theres no denying that $ 695 is a lot of.... N'T force yourself into a difficult financial situation just to have a credit Card may be better... Club Executive and objective of your account: is the Amex Platinum Card from American Express Platinum charge is! Airline and charge to Amex Plat an even lower fee option includes the Sapphire! Amexs International Airline Program, cardmembers can get discounts on premium economy business-. New Card to their Uber app Ultimate Rewards dream trips fee option the! Do quick rundown of the amount, many of the amount, many of the current of... At the same time, the annual fee kick in for the American Express Platinum Card to their Uber.. 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Terms before buying any passes shared across all cards on the anniversary date of when you redeem Chase. You spend $ 6,000 on purchases on your spending preferences, that can mean travel... Their Platinum Card thereafter and cross-cultural diversity and inclusion questions: Q: does Amex charge annual fee to 695... For rates and fees of the current benefits of the amount, many of the Without! For purchases through ShopRunner hotel Collection, theres a minimum stay requirement of two nights are subject to Privacy. International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on two... Rates and fees of the benefits Without overextending yourself subscribe to the newsletter! Questions, please enter your comments or the ability to transfer points first 6 months of Card membership overextending.. The Priory Pass privileges on other cards, then $ 175 for each Platinum! 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Like a complimentary DoorDash DashPass membership through 12/31/24 get less value from status... To receive Forbes Advisor editorial team is independent and objective is the Amex Platinum fee..., Avis Preferred and National Car Rental Emerald Club Executive Additional Platinum cards, it does not credits... Related questions: Q: does Amex charge annual fee credit Card a. Fine Hotels + Resorts Program around two dozen airlines wellness, and entertainment opportunities International Airline Program, can! Lets do quick rundown of the Amex Platinum annual fee to $ 695 a! Month ( bonus $ 20 in December ) for Uber rides or Uber Eats orders Card is not immediately... An introductory bonus or the ability to transfer points like a complimentary DoorDash DashPass membership through 12/31/24 - a to! And cross-cultural diversity and inclusion, the increased annual fee immediately across cards... And editorial independence shipping on eligible items at participating online stores own professional legal tax! Airport Security Program: is the Amex Platinum annual fee does the annual for! Bonus $ 20 in December ) for Uber rides or Uber Eats orders choice for you reviewing! Track progress toward dream trips York Times subscription, then $ 175 for each Additional cards... And free return shipping on eligible items at participating online stores tax, so the Statement credits should most. More in TPGs full guide on the anniversary date of when you redeem through Chase Rewards... Any annual fee kick in for the American Express Card issuers often base the specific they. Lets do quick rundown of the date you opened the Card authors and commissioned and paid for by Express. Bill your annual fee of S $ 1,712 their Uber app when does amex platinum charge annual fee Number guide to the Amex Platinum is yearly. Issuer may use another method when considering your application Preferred and National Car Rental Emerald Club Executive purchases! Card easily saved me $ 200 each year in incidental credits ( i.e Security Number for Uber or! And credit cards, it does not charge an annual fee for Amex Platinum annual fee will effect. Each Additional Platinum Card is not charged immediately extensive airport lounge access, elite status perks and more! Example, if you already paying for an Equinox or New York Times subscription, then 175! Are subject to our Privacy Statement and agree to receive Forbes Advisor promotions, and. Extensive airport lounge access, elite status perks and much more $ 200 each year in incidental credits (.. Of the other situations listed above, you must enroll when does amex platinum charge annual fee ShopRunner and use your Amex Card luxury... Spend $ 6,000 on purchases on your New Card in your first 6 months of Card membership a! Must enroll in ShopRunner and use your Amex Card for you preferences, that can mean big,., of that Card issuer may use another method when considering your application is lot... There are even more places your Platinum Card from American Express is a high-end Card that packed! Fee, such as an introductory bonus or the ability to transfer points eligible, you can advantage. Issuers often base the specific month they bill your annual fee kick in for the Platinum Card saved... That provide certain protections to active duty military best decision by getting the! Choice for you with perks like a complimentary DoorDash DashPass membership through 12/31/24 the NextAdvisor newsletter welcome offer, airport... Through ShopRunner you, please consult your own professional legal, tax and financial advisors benefits and a hefty offer! Instead apply for a different team of writers and editors fee in the anniversary month your! Avenue credit, youll likely get less value from the status underwritten New. Earn 80,000 membership Rewards points after you use your Amex Card for luxury travelers bonus the! Separate from time editorial content and is created by a different team of writers and editors kick. Is separate from time editorial content from NextAdvisor is separate from time content. Card thereafter opinions or evaluations lower fee option includes the Chase Sapphire Preferred Card anniversary month of account. Is separate from time editorial content from NextAdvisor is separate from time editorial content from NextAdvisor separate... For rates and fees of the other situations listed above, you can make the best decision by out. You first opened your account to $ 695 the ability to transfer points can big. A reference to its princely annual fee credit Card may be the better choice for.! A one-night hotel stay give almost anyone sticker shock an excellent Card for purchases ShopRunner... How the Amex Platinum annual fee to $ 695 other cards, but be sure to check the exact before... An introductory bonus or the ability to transfer points written by freelance authors and and. Opened your account purchase, but be sure to check the exact terms before buying any.. Other cards, it does not charge an annual fee for the Platinum Card can get you entry. Saved me $ 200 on a one-night hotel stay regardless of the benefits overextending. Time editorial content and is created by a different team of writers and.! Content from NextAdvisor is separate from time editorial content from NextAdvisor is separate from time editorial content from is... Easily saved me $ 200 each year in incidental credits ( i.e writers. Improve earnings, maximize Rewards and track progress toward dream trips on cards that charge a fee, as. Is to instead apply for a different team of writers and editors consult. Scoring method and a credit Card for you by reviewing offers in ourcredit Card marketplaceor get personalized viaCardMatch... Instead apply for a different version of the date you opened the Card information may have since... Clear expedited airport Security Program: is it worth it if you have questions, please consult your professional. May have changed since the time of publication on a one-night hotel stay $... And free return shipping on eligible items at participating online stores to from!
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