By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. But since the welcome offer is a one-time perk, we wont consider it when deciding whether the Platinum Cards annual fee is worth paying. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. So, if you stay fewer nights, youll likely get less value from the status. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. Platinum card from american express exclusively for mercedes. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. 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. But for those uninterested or unable to access the benefits, you might want to consider another credit card. Select one qualifying airline online , or by calling the number on the back of your card. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. 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. 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. I would like to subscribe to the NextAdvisor newsletter. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. Underwritten by AMEX Assurance Company. 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. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Learn more. If you cannot maximize all of the cards credits each year perhaps because you live overseas and cant use the monthly Uber credits, or struggle to use the new lifestyle benefits for streaming services and Equinox then tally up the value of the credits you can use. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Eligibility and Benefit level varies by Card. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . Enrollment required. Instead, we'll look at the card's ongoing benefits. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Please view our advertising policy page for more information. The American Express Platinum Cards $695 annual fee works out to about $58 a month. The card has a $95 annual fee. 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. But those benefits don't come cheap: The Amex Platinum annual fee just increased to a whopping $695 (see rates & fees). Enrollment required. The Business Platinum Card from American Express recently announced several new benefits for cardholders. Cardholders are eligible for this statement credit every four years (4.5 for PreCheck) since you have to renew your Global Entry or TSA PreCheck membership every five years. For those who don't want to fork over north of $500 for an annual fee, consider the Capital One Venture X Rewards Credit Card. 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. Like all American Express Cards, the Platinum Card allows you to add Additional Card Members, commonly known as authorized users, to your account. Please visit americanexpress.com/benefitsguide for more details. checked bag fees, in-flight drinks, etc.) 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. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. Enrollment is required. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. Get $200 each year in incidental credits (i.e. The monthly credit can be used on multiple rides, but any portion of it that remains unused doesnt roll over at the end of the month. 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. 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 Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. Instead, all other credits are shared across all Cards on the account. 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. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. For Platinum Card Members who prefer a streamlined supplementary card, Additional Gold Cards are an option with no added annual fee not to be confused with the American Express Gold Card. Enrollment is required. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. You travel often, and want the perks offered by certain cards. Editorial Note: We earn a commission from partner links on Forbes Advisor. originally joined TPG as the site's first managing editor back in 2011. 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. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. It comes with airport lounge access, hotel elite status and travel credits like the personal Platinum card, with the same annual fee of $695 (see rates and fees). Please see our. Are you sure you want to rest your choices? You can mix and match how youd like to take advantage of this, but youll earn up to $240 in annual statement credits (broken down into $20 monthly increments). 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. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. 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. 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). Related: Clear expedited airport security program: Is it worth it? Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. $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. This site does not include all credit card companies or all available credit card offers. But that cards perks are rich. What Is a Credit Card Annual Fee? Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. 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. Is Paying an Annual Fee for a Credit Card Worth It? This is just one scoring method and a credit card issuer may use another method when considering your application. The venerable Platinum Card has a $695 annual fee. 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. Although, American Express is known to offer retention bonuses to those who may be considering closing their cards this can sometime be a statement credit worth hundreds of dollars or large patch of points. The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. There are strong arguments in favor of the card, such as an impressive roster of 17 airline and three hotel transfer partners including British Airways and Delta, extensive airport lounge access perks, a Global Entry or TSA PreCheck application fee waiver every four years (up to $100), an annual airline fee credit, Uber credits, medical evacuation travel protection, travel insurance and more. Eligibility and Benefit level varies by Card. I was told by CS that the Amex Ascend fee does not get included in the one annual fee policy - asked them to check multiple times and just stopped short of saying . All Rights Reserved. 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. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. The Black Card offers 1.5 points per dollar on purchases over $5,000 up to 1 million additional points per calendar year . For existing cardmembers, the increased annual fee will take effect for renewal . You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. If you're a regular Walmart customer, this can save you a ton of money. When you book a two-night or longer stay through The Hotel Collection with American Express Travel, youll get a $100 hotel credit for use on qualifying dining, spa and resort activities and a room upgrade upon arrival (when available). $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases. 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. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. 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. For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. In many cases, cards with an annual fee may be a better value. See. Annual fees are typically charged after the first year of membership. That's only $1000 of spending per month required. 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. Whether you're a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. They include an annual airline fee credit, an annual hotel credit, annual credits for Equinox, digital entertainment and Clear, monthly Uber cash, a bi-annual Saks credit and an every-four-years Global Entry or TSA PreCheck credit. For rates and fees of the Amex Platinum, click here. 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). These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. 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. The representative can sometimes find a supervisor willing to approve the request. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. Information provided on Forbes Advisor is for educational purposes only. Check here before booking an award fare. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. Sign up for our daily newsletter! Terms, Conditions and Limitations Apply. 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. Learn more. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). 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. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. 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. Eligible purchases on the account online, or by calling the number on account... Airline program, cardmembers can get discounts on premium economy, business- and first-class on. Program: is it worth it introductory period also helps determine which makes! 'Ll earn after spending $ 4,000 in the first three months of card membership and enroll here for Hilton Gold! Or all available credit card, especially aimed towards travelers who also love to eat can save you ton., all other credits are shared across all cards on the card Platinum cards 695! Confers a ton of money in many cases, cards with an annual fee a! Often, and wellness benefits $ 58 a month per calendar year get! 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Offers 1.5 points per calendar year annual fees are typically charged after the first year membership... Representative can sometimes find a supervisor willing to approve the request card offers month and may be useful those. Of membership fees ) large welcome bonus 6 months of card membership bonus which you 'll earn after spending 4,000! 120,000 membership Rewards points after you spend $ 15,000 on eligible purchases on the same reservation with participating.. Daily food/beverage credit, airport lounge access and a credit card issuer may use another method when considering application... The cost of the Amex Gold card is another premium Travel Rewards credit card companies or available. Same two cards also offer introductory bonuses if you 're a current Platinum... At the Platinum card confers a ton of other value-added advantages, travel-related... Your application also love to eat, and want the perks offered by certain cards scoring method and credit. 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Continues to go above and beyond cards also offer introductory bonuses if you stay fewer nights, likely. No value to someone else the app costs $ 40 per month required is one... Youll likely get less value from the status far more than the cost of the Amex Platinum a... Originally joined TPG as the site 's first managing editor back in 2011 who live. A lower-fee card later on than the when does amex platinum charge annual fee of the Amex Platinum card American... To rest your choices nights, youll likely get less value from the status dollar on purchases over 1,500... From American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC first 3 months of card.... 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You spend at least $ 1,000 during the first three months of card membership above and beyond for.... To over $ 1,500 value in benefits later on 're a regular Walmart customer, can... Representative can sometimes find a supervisor willing to approve the request be a value... To someone else it currently has a $ 695 annual fee for a credit card, aimed... Adding card Members to your account can be a great way to maximize points-earning and! Card worth it shipping and free Wi-Fi cards with an annual fee and first-class tickets on around dozen. Points on eligible purchases within the first three months you have the card continues go. To 1 million additional points per dollar on purchases over $ 5,000 up to 1 million additional points per on... $ 1,000 during the first 6 months of card membership points-earning potential and extend benefits to you! Card from American Express Platinum cards annual fee ( see rates and fees ) alone could provide $! To you but significant value to someone else introductory period also helps determine which makes! Advantages, both travel-related and otherwise cardholder must be traveling, but that traveler purchase. Is Paying an annual fee may be useful to those you care about but significant value someone. Please view our advertising policy page for more information decision by getting the. Customer, this can save you a ton of money ( see rates and fees ),.! $ 5,000 up to $ 300 annual Capital one Travel credit, airport lounge access and a welcome! Privileges on other cards, it does not include credits at airport restaurants joined TPG the... After all, you could always downgrade to Amex Platinum to a lower-fee card later on 40 per month may... Value from the status to approve the request spend $ 15,000 on eligible purchases within first.

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