when does amex platinum charge annual fee

Bottom line. Terms apply to American Express benefits and offers. It is offering a welcome offer of 60,000 points when you spend $4,000 on eligible purchases within six months of card membership, and earns 4 points per dollar on dining and at U.S. supermarkets (up to $25,000 per calendar year, then 1 point per dollar), as well as 3 points per dollar on airfare booked directly with airlines or through Amex Travel and 1 point on everything else. 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. With those credits and benefits, though, comes a price. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. 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. 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. When you pay for the $100 Global Entry application fee or the $85 TSA PreCheck fee using your card, it will be refunded to you as a statement credit. 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. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. *Eligibility and Benefit level varies by Card. Related: Clear expedited airport security program: Is it worth it? Comparing Annual vs. No Annual Fee Credit Cards. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. 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. Here are some ideas for using your Amex Platinum airline incidental credits throughout 2023: Pay for seat assignments, checked bag fees, and food and beverages on future flights. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Cardholders will also get more lifestyle and experience-based perks, including 40% off a membership for the Premium Private Jet Program with Wheels Up, as well as up to $2,000 in initial year flight credits to book private charter flights; and access to the Global Dining Access program by Resy, where cardholders can get exclusive tables at some of the worlds top restaurants. Past performance is not indicative of future results. There is no guarantee youll receive an offer of any type. Underwritten by AMEX Assurance Company. 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. 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. She previously covered travel and credit cards as lifestyle. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 Learn all about finances in next to no time. You can book up to three rooms and receive these benefits on each room. Here is a list of the benefits you will receive in your first year of card membership: With over $3,500 in potential value, it's easy to justify having the American Express Platinum Card for one year even with a nearly $700 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. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. Another option is to instead apply for a different version of the Amex Platinum. But that is only valuable to you if you use them. 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. Please view our advertising policy page for more information. Someone who wont use the majority of these statement credits should probably skip this card. In addition to hotel elite status, cardholders can enroll for status with several car rental programs, including Avis Preferred, Hertz Gold Plus Rewards and National Car Rental Emerald Club Executive. Proudly powered by WordPress Eligibility and Benefit level varies by Card. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. Underwritten by New Hampshire Insurance Company, an AIG Company. 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. That's $750 when you redeem through Chase Ultimate Rewards. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. 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. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. Youll also get an additional amenity like a bottle of wine on select cruise lines. Please visit americanexpress.com/benefitsguide for more details. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. In the right hands, the classic status card's staggering annual fee is well justified. 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. What Is a Credit Card Annual Fee? 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. We do not cover every offer on the market. Enrollment is required. 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. It also earns 3 points per dollar on dining, 5 points per dollar on travel purchased through Chase Ultimate Rewards and 2 points on all other travel. Now is the best time to sign up for the Chase Sapphire Preferred Card, as its offering a 60,000-point bonus after you spend $4,000 in the first three months. 2022 SELECT | All rights reserved. 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. 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. Add up to three authorized users for a fee of $175 per year (see. Terms, Conditions and Limitations Apply. How do I find and add Amex Offers to my Card? 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. Terms, Conditions and Limitations Apply. We'll run a soft credit check to find special offers, but it wont affect your credit score. 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. 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. It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. 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. 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. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. Terms, Conditions and Limitations Apply. To take advantage of this benefit, you must link your Platinum Card to your Uber account. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. Terms, Conditions and Limitations Apply. Ready for a trip? This strategy rings true no matter the cost of a credit cards annual fee, whether its $95 or $695. What benefits do amex platinum authorized users get? This is another great benefit targeted toward frequent travelers. 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. $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. If you can maximize all of its annual statement credits, youre looking at nearly $1,600 in value. Those users are eligible for some of the same benefits as the main account holder, including lounge access, Global Entry/TSA PreCheck reimbursement, hotel elite status and Amex Fine Hotels + Resorts benefits (not to mention Amex sometimes offers cardholders bonus points for adding authorized users). First, lets do quick rundown of the current benefits of the card. Must select one airline and charge to Amex Plat. 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. 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. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. These offers are not extended to everyone and may depend on your purchasing and payment behaviors, but may include statement credits or Membership Rewards to offset the cost of the annual fee. The venerable Platinum Card has a $695 annual fee. Required fields are marked *. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. But not everyone will extract that much value from Amex points. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . Regardless of the amount, many people are reluctant to pay any annual fee. Can You Get a Credit Card Without a Social Security Number? A final point on the math: Dont forget to consider interest charges. 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. More specifically, Additional Card Members are eligible to get either a $100 statement credit every four years for Global Entry or an $85 credit every four and a half years for TSA Pre, as long as the application fee is paid with the Platinum Card. By providing your email, you agree to the, One Thing Couples Should 'Never, Ever' Do With Their Money, According to Suze Orman, What Is Term Life Insurance? If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. Learn more. 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. Underwritten by AMEX Assurance Company. | BestCreditCard. Underwritten by AMEX Assurance Company. But aside from the benefits, be sure to evaluate your own spending prior to applying. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. An annual membership to the Delta SkyClub alone starts $545. You will receive complimentary Gold status benefits when you book directly at Hilton properties. However, many of the above values are estimates. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. I would like to subscribe to the NextAdvisor newsletter. 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. Related: Best credit cards for streaming services. 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. Find the right card for you. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. 2023 American Express. 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. That said, theres no denying that $695 is a lot of money. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Although many people avoid cards that charge an annual fee, cards with fees may be a savvy choice if you can make use of their benefits. Select one qualifying airline online , or by calling the number on the back of your card. All Rights Reserved. With a $395 annual fee, this is one of the less expensive premium credit cards available. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. 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. Here's what you need to know to decide whether this card is worth it to you.. A Complete Guide, How to Make the Most of Travel Credit Cards, Better Mortgage Lender Review 2023: Easy Online Preapproval Experience, Limited Menu, $200 hotel credit as an annual statement credit for prepaid Fine Hotels + Resorts or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel, $240 in annual statement credits (up to $20 per month) on purchases or subscriptions with Audible, The New York Times, SiriusXM and Peacock, $300 in annual statement credits (up to $25 per month) on eligible Equinox memberships or a digital subscriptions to Equinox+, an on-demand fitness app. That means you may have the $695 annual charge for the American Express Platinum Card removed. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. Compare the cost in points or miles to cash, and see which option is best. They are also eligible to earn 5 points per dollar on prepaid hotels booked on Amex Travel, including prepaid Amex Fine Hotels & Resorts bookings made online. At one end of the spectrum are cards branded for airlines or hotel chains these cards often charge annual fees of $95 and up. Underwritten by AMEX Assurance Company. 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. 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) . After all, you could always downgrade to Amex Platinum to a lower-fee card later on. Underwritten by New Hampshire Insurance Company, an AIG Company. The dollar amount you save can vary, but we found it to be about 12% in many test cases. 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). 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. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. $1,600 (Points are valued at 2 cents per point. You charge enough that the rewards you earn offset the fee. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. 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. You can downgrade your card to a different American Express card that doesnt have an annual fee. 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. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. The American Express Platinum Cards $695 annual fee works out to about $58 a month. We may receive compensation when you click on links to those products. 2023 American Express. 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. 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. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. We'd love to hear from you, please enter your comments. One of the card's other, newer benefits that can help you save time and stress at the airport is the annual statement credit for Clear membership of up to $189, which should cover the whole cost to join this program. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. The American Express Business Platinum card offers up to $200 annual airline fee credit. Cost includes $12.95 plus applicable local sales tax. 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. DEXSTA's VISA Platinum is just that type of card. 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. The Platinum Card from American Express still remains an excellent card for luxury travelers. 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). ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. 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. 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 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. 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. See. 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. How do I find and add Amex Offers to my Card? The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. Plus, the various other benefits of the card can be worth even more for most frequent travelers. 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. 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. Your email address will not be published. When does the annual fee kick in for the platinum? We want to help you make more informed decisions. No Annual Fee Credit Cards. Many middle-class households can make this work. Eligibility and Benefit level varies by Card. You will receive complimentary Gold Elite status benefits when you book directly at Marriott properties. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. These are provided as guidelines only and approval is not guaranteed. This site does not include all credit card companies or all available credit card offers. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 2% cash back at gas stations and some department stores. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. Please visit americanexpress.com/ benefitsguide for more details. The card has a $95 annual fee. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. Survey Findings: How Do Consumers Feel About Credit Cards? Terms apply to American Express benefits and offers. Terms apply to all benefits listed below1 and all offers listed are subject to change. 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. See offer terms for details. Sign up for our daily newsletter! Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. All rights reserved. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. Welcome bonus: 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. 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. You can qualify for 75,000 bonus miles when you spend $4,000 within the first three months of account opening. Commissions do not affect our editors' opinions or evaluations. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. 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. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. 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. (Enrollment is required for select benefits.). The welcome offer is also something to consider in your calculations, but only for the first year. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. A few months ago, we heard rumblings of an annual fee increase on The Platinum Card from American Express to $695 (See Rates & Fees) and today, those rumors are coming to fruition. 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. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers.