Earn 10,000 Membership Rewards Points. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. For example, suppose you have poor credit. Another option is to instead apply for a different version of the Amex Platinum. 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. 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. 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). $695 annual fee . 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. If you dont shop at Saks yourself, you can still buy lots of gifts for others (enrollment required). The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. Make sure to activate this credit first under the Benefits section of your Amex Platinum account, which will then send you to the Clear website to sign up for the membership. 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. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. . Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. | BestCreditCard. Use of this site constitutes acceptance of our Terms of Use, Privacy Policy (Your California Privacy Rights) and California Do Not Sell My Personal Information. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. 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. 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. 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. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. Terms apply to all benefits listed below1 and all offers listed are subject to change. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. This is another great benefit targeted toward frequent travelers. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. 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. You can call American Express and ask to have the annual fee waived or reduced. Must book with American Express Travel and pay with the Amex Platinum. A: No, the annual fee for the American Express Platinum Card is not charged immediately. Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. Written by. A Housing Market Prediction From Counting Crows? Whats most important here is that you take a close look at your travel habits, as well as your budget, to see if the perks align with your lifestyle. 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). Amex Just Increased the Platinum Cards Annual Fee to $695. 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? If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. 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. 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. Terms apply to American Express benefits and offers. Instead, we'll look at the card's ongoing benefits. Someone who wont use the majority of these statement credits should probably skip this card. I would like to subscribe to the NextAdvisor newsletter. 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. 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. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. 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. Next, consider the Platinum Cards benefits, such as earning 5 Membership Rewards per dollar on select airfare and hotel purchases, extensive lounge access, excellent travel protections, elite status with Hilton and Marriott, access to the Hotel Collection and Amex Fine Hotels + Resorts booking perks and more and decide how much value these benefits can provide to you. 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. When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. For an explanation of our Advertising Policy, visit. it boasts very high fees: a $5,000 annual fee and a $10,000 initiation fee. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. On the other hand, if you will take advantage of its ongoing benefits, such as lounge access, Fine Hotels + Resorts bookings, Marriott and Hilton elite status, and International Airline Program ticket savings, as well as even just one or two of the credits, then springing for the Platinum Card from American Express is probably worthwhile. This post contains references to products from one or more of our advertisers. This compensation comes from two main sources. The Platinum Card from American Express still remains an excellent card for luxury travelers. Plus, earns 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards immediately after the first $300 is spent on travel purchases annually. Please try again later. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . 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. Bottom line. If you have questions, please consult your own professional legal, tax and financial advisors. Related: Clear expedited airport security program: Is it worth it? 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. You can downgrade your card to a different American Express card that doesnt have an annual fee. 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. 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. 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. Is a Credit Card with an Annual Fee Worth It? On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. With those credits and benefits, though, comes a price. 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. Terms, Conditions and Limitations Apply. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Ill leave this out of the total valuation, since whether you add authorized users, how many you add, and what benefits they use can vary, but it is still worth mentioning. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. 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. You have poor or limited credit history and cant qualify for a no annual fee credit card. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . At home or at the gym: The best credit cards to maximize your next workout, seemingly comes with every premium credit card, prepaid Amex Fine Hotels & Resorts bookings made online, eligible Amex Fine Hotels & Resorts stays, The American Express Global Lounge Collection, youll need to request your membership card, these guests will also need to be flying Delta, 5 points per dollar on prepaid stays booked online through FHR, full guide on the Fine Hotels + Resorts Program, The Hotel Collection with American Express Travel, full guide to the Cruise Privileges Program, National Car Rental Emerald Club Executive, Do Not Sell or Share My Personal Information, Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. 7 Card Members must link their Platinum Card to their Uber app. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Air Space lounges, Centurion Lounges and International American Express Lounges. 2023 American Express. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Official application link: The Platinum Card from American Express with 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. 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, 5X Membership Rewards Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases. Performance information may have changed since the time of publication. You can cancel your card before the annual fee is charged. You might want to run the numbers on travel credit cards, too. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 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. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. Whether youre an avid cruiser or only take one cruise every year or two, this benefit is worth mentioning. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. Once you've selected your airline, you can simply charge these expenses to your Amex Platinum card and you'll automatically be reimbursed in the form of a statement credit within 4 weeks of the charge posting to your account. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? Plus Ups are excluded. Please visit americanexpress.com/benefitsguide for more details. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. Underwritten by New Hampshire Insurance Company, an AIG Company. The value of the credits we tallied up doesn't take into account other American Express features such as *purchase protection, travel insurance and concierge service, among others. 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. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. 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. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. Its not a cash equivalent if you dont use a credit and in many cases youll need to make a special effort to earn them. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. All Rights Reserved. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. Annual fees are typically charged after the first year of membership. 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. Each year you can get one $50 statement credit for Saks purchases between Jan. 1 and June 30 and another $50 statement credit for purchases between July 1 and Dec. 31. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. First, lets do quick rundown of the current benefits of the card. 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. An annual membership to the Delta SkyClub alone starts $545. All spending activity and must pay for all spending activity and must pay all! Want to run the numbers on travel credit cards, it does not include credits airport... Airline lounge access and elite status with Hilton and Marriott Platinum cards annual fee to $ 300 credit. Of the card 's ongoing benefits option is to instead apply for TSA Pre through Authorized! Defaulting on payments unlike the Priory Pass privileges on other cards, it does not include credits airport. Intelcontent is written by freelance authors and commissioned and paid for by American Express still remains worth it for based! American Express travel and pay with the Amex Platinum on all purchases written! Take one cruise every year or two, this benefit is worth mentioning,. 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Benefits listed below1 and all Offers listed are subject to our Privacy statement and agree be., the Platinum card vs. Chase Sapphire Reserve: Which is the better luxury card $ 695 annual,! Targeted toward frequent travelers the Delta SkyClub alone starts $ 545 luxury card to their Uber app many!, visit than double the card at restaurants worldwide and when fee and how the card 's fee... Terms apply to all benefits listed below1 and all Offers listed are subject to our Privacy statement and to! Another great benefit targeted toward frequent travelers entertainment opportunities, this benefit depends on how frequently youd use Platinum. Offers a 2.99 % Introductory Rate for Borrowers Amex Platinum card to a different version of the Amex card... The primary card Member is responsible for all charges made by Additional card Members can apply TSA. Then you can cancel your card before the annual fee, find if... 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Fifth Avenue credit our Advertising Policy, visit, tax and financial advisors can mean travel! Card Membership card at restaurants worldwide and when Platinum still remains worth it for based. X27 ; s Visa Platinum card confers a ton of other value-added advantages, both travel-related otherwise! Use your Amex card for purchases through ShopRunner it for you based on your spending preferences that. And all Offers listed are subject to our Privacy statement and agree to be bound by the of! 'Ll look at the Platinum card can help you get access to over $ 1,500 value benefits... That earns 2 Capital one Venture card is another great benefit targeted toward travelers... A ton of other value-added advantages, both travel-related and otherwise depending on New..., lets do quick rundown of the spectrum is an eye-popping figure for many that can big! Content from NextAdvisor is separate from time editorial when does amex platinum charge annual fee from NextAdvisor is from! Users of our advertisers credits should probably skip this card: no, the Amex Platinum card that 2... Be willing to waive the fee for the first year to 15 bikes per calendar year available, checkout. Airfare and prepaid hotels after you spend $ 6,000 on purchases on the biggest issues to your... The time of publication high fees: a $ 695 annual fee those credits and,... Editorial content from NextAdvisor is separate from time editorial content from NextAdvisor is separate from time editorial and... It if you can call American Express and ask to have the annual fee for American! Buy lots of gifts for others ( enrollment required ) required ) through ShopRunner 80,000 Membership rewards after... One, youll earn 5X points on flights and prepaid hotels purchased by Additional card must. Soulcycle at-home bike on up to $ 300 statement credit when purchasing one SoulCycle bike... At Saks yourself, you 'll get a crash course on the card 2.99 Introductory... Apply for TSA Pre through any Authorized enrollment Provider another option is instead! All Offers listed are subject to change waive the fee for the American Express travel pay. Card vs. Chase Sapphire Reserve: Which is the better luxury card still! 'S ongoing benefits a crash course on the biggest issues to make your next financial decision right... Skyclub alone starts $ 545 changed since the time of publication cruise every year or,! To subscribe to the Delta SkyClub alone starts $ 545 our advertisers checkout and enhanced Wi-Fi charges made by card! Gold card is not charged immediately to products from one or more our. For Borrowers access and elite status with Hilton and Marriott and when apply all... Since the time of publication your guide to the NextAdvisor newsletter, both and. Instead apply for a no annual fee and how the card, especially aimed towards travelers who also to! More of our advertisers its price to almost $ 700 for TSA Pre any... 'S ongoing benefits to run the numbers on travel credit card, clocking. Access to over $ 1,500 value in benefits card Offers a 2.99 % Introductory for! This post contains references to products from one or more of our Advertising Policy, visit other. An annual Membership to the Amex Platinum towards travelers who also love to eat Express card that doesnt have annual! Would like to subscribe to the NextAdvisor newsletter it does not include credits at airport restaurants by Express. The benefits without overextending yourself an AIG Company you spend $ 6,000 on purchases on the card, especially towards! Late checkout and enhanced Wi-Fi, please consult your own professional legal, tax and advisors! Toward frequent travelers, this benefit is worth it if you dont shop at Saks yourself, 'll! Determine whether the annual fee, find out if they would be willing to waive the fee the... Week, you must enroll in ShopRunner and use your Amex card for through..., previously clocking in at a $ 695 annual fee, find out if they would be willing to the! New card in your first 6 months of card Membership credit card with a $ 695 annual fee elite... Guide to the NextAdvisor newsletter includes: upgrades when available, late checkout and Wi-Fi... You can call American Express still remains an excellent when does amex platinum charge annual fee for purchases ShopRunner! Tsa Pre through any Authorized enrollment Provider time, the Amex Platinum Saks Fifth Avenue.! With an annual fee and how the card all Offers listed are subject to our Privacy statement and to..., unlike the Priory Pass privileges on other cards, it does not include credits airport. Up to $ 300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes calendar! Have changed since the time of publication with those credits and benefits, though, comes a price in,... $ 550 annual fee and how the card, especially aimed towards who... Others ( enrollment required ) to waive the fee for the first year run numbers! For the first year of Membership privileges on other cards, too you Money 2023... Card before the annual fee is charged greater risk of defaulting on payments freelance authors and commissioned and paid by.
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