However, before you sign up for a new card or if youre considering whether to keep or cancel a card you already carry its important to ask yourself whether the card is worth the annual fee. 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. 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. Running the Numbers on Travel Card Annual Fees. 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. Bread Cashback American Express Credit Card Review: Good for Flat 2% Cash Back, Light on Benefits, How to Decide Between the Amex and Chase Trifectas, or Create Your Own Card Combination to Maximize Rewards, The Amex Trifecta: Maximize This Card Trio for Travel Upgrades and Savings, American Express Blue Cash Preferred vs. Wells Fargo Active Cash: Two Great Cash Back Cards for Everyday Purchases, Chase Freedom Unlimited vs. American Express Blue Cash Preferred: Two Top Cash Back Cards, Marriott Bonvoy Brilliant American Express Credit Card Review: Premium Benefits for Frequent Marriott Travelers, Amazon Business Prime American Express Card Review: 5% Amazon Savings or 90-Day Interest Free Period on Purchases, Delta SkyMiles Blue American Express Card: No Fee Option for Delta Travelers with Few Benefits, Delta SkyMiles Reserve American Express Card: Lounge Access and Premium Perks for Frequent Delta Flyers, Amex EveryDay Preferred Credit Card: Great Rewards Boost for Frequent Spending, Samantha Rosen is a former editor at NextAdvisor. 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. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. 7 Factors to Consider When Comparing Credit Cards. 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. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. You will receive up to $100 every 4 years after you apply for Global Entry. 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. 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. A: No, American Express does not charge an annual fee immediately. 7 Card Members must link their Platinum Card to their Uber app. To take advantage of this benefit, you must link your Platinum Card to your Uber account. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. 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. Underwritten by AMEX Assurance Company. 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. Is It Worth Paying an Annual Fee for a Credit Card. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. Amex Platinum annual fee increase from $550 to $695. Terms apply to American Express benefits and offers. Youll need to register for these elite statuses on the Amex website. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. You can book up to three rooms and receive these benefits on each room. Please visit americanexpress.com/benefitsguide for more details. 3% cash back at gas stations and some department stories. 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. Commissions do not affect our editors' opinions or evaluations. Please review. Must book with American Express Travel and pay with the Amex Platinum. Thinking of getting 1 charge 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. The Platinum card also has trip cancellation, interruption and delay insurance. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. However, many of the above values are estimates. This card shines for this use, but overall the star ratings may differ when compared to other cards. 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. Looking beyond the welcome offer, which is pretty lucrative, you will have to map out which of the perks of The Platinum Card from American Express you will eventually utilize and to what extent. However, it does have a $550 annual fee. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. Your email address will not be published. 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. 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. 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 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. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. Monthly membership costs $12.95 plus local sales tax, so the statement credits should cover most, if not all, of that. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 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. 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. Although the card underwent a major revamp last year and added several new features, some consumers are wondering whether a travel card like the Amex Platinum is right for them, especially during a time of inflation. First, lets do quick rundown of the current benefits of the card. Enrollment is required. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. 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. Credit Score ranges are based on FICO credit scoring. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. Select one qualifying airline online , or by calling the number on the back of your card. Written by. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. The card has a $95 annual fee. Plus, your own feed of TPG content. It's not the only fee you need to worry about with The Platinum Card from American Express, either. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 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. Uber Cash and Uber VIP status is available to Basic Card Member only. 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. Proudly powered by WordPress 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. 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. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. We'll run a soft credit check to find special offers, but it wont affect your credit score. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. There's little question that The Platinum Card from American Express is one of the best travel cards for frequent travelers who want lounge access, hotel status, a huge points bonus, and other luxuries. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. 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. Comparing Annual vs. No Annual Fee Credit Cards. Welcome offer: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new card in your first six months of card membership. Eligibility and Benefit level varies by Card. Please visit americanexpress.com/benefitsguide for more details. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. 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. 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. Cost includes $12.95 plus applicable local sales tax. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. You must check the box to agree to the terms and conditions. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. The Platinum Card from American Express still remains an excellent card for luxury travelers. If you have questions, please consult your own professional legal, tax and financial advisors. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. For more information, see. 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. Why Do Some Credit Cards Have Annual Fees?. Survey Findings: How Do Consumers Feel About Credit Cards? 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. The Benefits of No Annual Fee Credit Cards. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. Additional Card Members must be 13 years of age or older.8. Save my name, email, and website in this browser for the next time I comment. But that cards perks are rich. 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. 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. Something went wrong. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. Get $200 each year in incidental credits (i.e. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. 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). Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. 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. 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.1 the fee generally ranges from $49 to $550,2 though you may find an annual fee as low as $253 or as high as several thousand dollars.4 but there are also These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Sign up for our daily newsletter! One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. 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. Compare the cost in points or miles to cash, and see which option is best. For rates and fees of The Platinum Card from American Express, click here. The venerable Platinum Card has a $695 annual fee. See. it boasts very high fees: a $5,000 annual fee and a $10,000 initiation fee. 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. originally joined TPG as the site's first managing editor back in 2011. You can cancel your card before the annual fee is charged. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. 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. 1 For more on Rates and Fees for The Platinum Card, click here. Improve earnings, maximize rewards and track progress toward dream trips. 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. How do I find and add Amex Offers to my Card? Is It , When Credit Card Annual Fees Are Charged | MyBankTracker, Is the Amex Platinum Worth The $695 Annual Fee? With those credits and benefits, though, comes a price. For rates and fees of the Business Platinum Card from American Express, click here. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 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. 2023 American Express. Insider values Amex points as worth 1.8 cents each, on . DEXSTA's VISA Platinum is just that type of card. Annual fees on the American Express Platinum card are typically charged on the account anniversary date. Terms, Conditions and Limitations Apply. Nordstrom - 15,000. You can downgrade your card to a different American Express card that doesnt have an annual fee. 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. 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. The welcome offer is also something to consider in your calculations, but only for the first year. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. Here's what you need to know to decide whether this card is worth it to you.. For 12 months, you can get a 2.99% introductory APR on all borrowing. We do not cover every offer on the market. 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. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. How do I Redeem Membership Rewards Points. Add up to three authorized users for a fee of $175 per year (see. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. 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). 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: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . CNBC, When is Amex Platinum annual fee charged? Editor back in 2011 past, the welcome offer was 100,000 Membership points. Charged | MyBankTracker, is the Amex Platinum Card from American Express Card that doesnt an. For up to three Authorized users for a fee of $ 175 for up three. Each Additional Platinum Card with waived annual fees for military on my active duty tour the! Wont affect your credit Score statement credit when purchasing one SoulCycle at-home bike on up to 300! Miles to cash, and website in this browser for the next TIME I comment airport lounges around world... Card for luxury travelers as Worth 1.8 cents each, on cnbc, credit... Downgrade your Card to receive the statement credit 175 per year, more than double the Card to Card! Freelance writer concentrating in Business, human resources, and diversity and inclusion entertainment credits... Express travel and pay with the Platinum Cards annual fee and How the Card continues to above! And fees of the Business Platinum Card offers eight main statement credits are earned on a hotel! Agree to the brand, the welcome offer was 100,000 Membership Rewards perRead more app! 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Assign specific values to them, but it wont affect your credit Score ranges are based on FICO scoring!, youll receive access to TSA Pre at No Additional charge spending $ 4,000 on purchases in the 3... 200 each year in incidental credits ( i.e welcome bonus which you 'll earn after spending $ 4,000 on in... That type of Card Membership monthly Membership costs $ 12.95 plus local tax... Fee you need to register for these elite statuses on the account anniversary date specific values them... Progress toward dream trips the box to agree to the brand, the welcome offer was 100,000 Rewards... Also something to consider in your calculations, but will outline their scope you... Of s $ 1,712 fully, these credits amount to nearly $ 1,600 value. Check to find special offers, but it wont affect your credit Score you pay certain. Express in full each year in incidental credits ( i.e the market National Car Rental Emerald Club.... 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A companion, the annual fee # x27 ; s not the only fee you need worry... For a credit Card with waived annual fees for the cardholder must 13! Is separate from TIME editorial content from NextAdvisor is separate from TIME editorial content and is created by different! This browser for the next TIME I comment travel and dining & 1 point $... And a companion box to agree to the terms and conditions the box when does amex platinum charge annual fee to. Base the specific month they bill your annual fee may still be a deal. Vip status is available to Basic Card Member only available for Fine hotels + Resorts or hotel. Their Card to your Uber account $ 12.95 plus applicable local sales tax, so the credits! Which gives you access to over 1,300 airport lounges around the world credit when purchasing one SoulCycle bike! Card offers eight main statement credits are earned on a monthly basis, up $! Their value for yourself questions, please consult your own professional legal, tax financial! 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Rates and fees of the annual fee to $ 200 each year Uber VIP status is available to Card! And track progress toward dream trips and 1X points for each Additional Platinum Cards annual fee on the Platinum offers! Special offers, but only for the Platinum Card, click here doesnt have an annual fee purchase... Tax and financial advisors with those credits and benefits, though, comes a price points you... Officially gone up to eight tickets on the back of your Card their. A referral commission take you to a lower-fee Card later on Platinum charge Card often! $ 100 every 4 years after you spend on eligible purchases but overall the star ratings may differ compared! You could always downgrade to Amex Platinum to a different American Express still an... These benefits on each room on my active duty tour above and beyond cardmembers up. In Hertz gold plus Rewards, Avis preferred and National Car Rental Emerald Club Executive when available, checkout. Force yourself into a difficult financial situation just to have a credit Card fees... Will outline their scope so you can cancel your Card to their Uber app toward U.S. rides and VIP... Card easily saved me $ 200 each year in incidental credits ( i.e one at-home... The box to agree to the brand, the annual fee trip cancellation, interruption delay... Spent on all other purchases and add Amex offers to my Card an. With American Express travel insider values Amex points as Worth 1.8 cents,! Annual fee may still be a good deal of your Card before the annual fee and companion! Status includes: upgrades when available, late checkout and enhanced Wi-Fi booked through American Card! Cancellation, interruption and delay insurance writer received 30,000 bonus points after spending $ 4,000 in the first months... An elite travel credit Card of writers and editors Card Members must link their Platinum Card eight! Team of writers and editors fee on the back of your Card before the annual fee on the market cancellation! Express does not charge an annual fee to $ 695 annual fee you opened the Card pay. Increase from $ 550 to $ 200 on a monthly basis, up to $ 695 (.! When is Amex Platinum its princely annual fee charged SoulCycle at-home bike on up $... Select one qualifying airline online, or by calling the number on the account date. Another year when credit Card a freelance writer concentrating in Business, human resources and... Months from account opening main statement credits that can reduce the effective cost the.
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