Learn all about finances in next to no time. This compensation comes from two main sources. 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. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. See rates & fees) has long been one of the most popular travel rewards cards available thanks to the usefulness of the Membership Rewards points it earns as well as an array of valuable perks. *Eligibility and Benefit level varies by Card. Underwritten by AMEX Assurance Company. Please visit americanexpress.com/benefitsguide for more details. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. This card shines for this use, but overall the star ratings may differ when compared to other cards. 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: If you dont, the no annual fee credit card may be the better choice for you. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. Running the Numbers on Travel Card Annual Fees. At NextAdvisor were firm believers in transparency and editorial independence. If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. A: No, American Express does not charge an annual fee immediately. 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. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. To view rates and fees for The Platinum Card from American Express please visit this page. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Platinum card from american express exclusively for mercedes. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. In the right hands, the classic status card's staggering annual fee is well justified. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. 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) . For rates and fees of The Platinum Card from American Express, click here. Please visit americanexpress.com/benefitsguide for more details. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. 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. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. The American Express Business Platinum card offers up to $200 annual airline fee credit. Terms apply to American Express benefits and offers. Cardmembers receive a $100 shipboard credit for inside and outside staterooms; a $200 shipboard credit for balcony, veranda and mini-suite staterooms; and a $300 shipboard credit for suites and other select staterooms on select cruise lines. Please visit americanexpress.com/benefitsguide for more details. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. She previously covered travel and credit cards as lifestyle. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. 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. 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. Select independently determines what we cover and recommend. 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. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. If you opened an Amex Platinum card prior to July 1, 2021, the new annual fee will take effect on your annual renewal date on or after January 1, 2022. If you opened an Amex Platinum card prior to July 1, 2021, the new annual fee will take effect on your annual renewal date on or after January 1, 2022. Earn Up to $150 Back When You Shop With PayPal. The Platinum Card has a $695 annual fee.1 Though the fee is paid once a year, the math works out to about $58 a month. Please view our advertising policy page for more information. (Enrollment required.). However, it still does not include baggage delay reimbursement. Enrollment is required. Annual fees on the American Express Platinum card are typically charged on the account anniversary date. Regardless of the amount, many people are reluctant to pay any annual fee. Check here before booking an award fare. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. Our points-obsessed staff uses a plethora of credit cards on a daily basis. Terms apply to the offers listed on this page. Visit americanexpress.com to learn more. 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 . I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. 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. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. 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. Another option is to instead apply for a different version of the Amex Platinum. The venerable Platinum Card has a $695 annual fee. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 We earn a commission from affiliate partners on many offers and links. 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. At one end of the spectrum are cards branded for airlines or hotel chains these cards often charge annual fees of $95 and up. 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. 2023 American Express. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. Plus, the various other benefits of the card can be worth even more for most frequent travelers. Get $200 each year in incidental credits (i.e. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. Underwritten by AMEX Assurance Company. The $200 . You have poor or limited credit history and cant qualify for a no annual fee credit card. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. Instead, you can consider how youll use the card and do the math. Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. 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. You will receive complimentary Gold status benefits when you book directly at Hilton properties. Please visit americanexpress.com/benefitsguide for more details. The Benefits of No Annual Fee Credit Cards. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Performance information may have changed since the time of publication. 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. Learn 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. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. 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. 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. Find the right card for you. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. Yes, there are some no annual fee credit cards designed for people in this situation. These days, consumers have no lack of choices when it comes to premium travel rewards cards. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. 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. But not everyone will extract that much value from Amex points. Photo by Isabelle Raphael/The Points Guy. 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. The Platinum Card from American Express still remains an excellent card for luxury travelers. Eligibility and Benefit level varies by Card. Theme: News Way by Themeansar. For more information, see. Comparing Annual vs. No Annual Fee Credit Cards. You can book up to three rooms and receive these benefits on each room. 5X per $1 booked directly with airlines or Amex Travel, up to $500,000 per year; 5X per $1 on prepaid hotels booked on AmexTravel.com; 1x per $1 on other purchases. The welcome offer is also something to consider in your calculations, but only for the first year. You can call American Express and ask to have the annual fee waived or reduced. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. The Amex Platinums main competitor, the Chase Sapphire Reserve, also has a high annual fee at $550, but comes with perks like a $300 annual travel credit, $100 Global Entry/TSA Precheck fee every four years. Terms, Conditions and Limitations Apply. 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. 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. 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. If you have questions, please consult your own professional legal, tax and financial advisors. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. 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). The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. Related: Key things to know before getting Global Entry. Hi, I recently opened up an Amex Platinum card but then I looked at my annual budget and there was no way I could save 20% and pay the $695 annual fee. 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. Compare the cost in points or miles to cash, and see which option is best. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. You can downgrade your card to a different American Express card that doesnt have an annual fee. Learn more. The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Both the The Platinum Card from American Express for Charles Schwab* and The Platinum Card from American Express exclusively for Morgan Stanley* offer credits toward the annual feebut only if you hold substantial assets at the corresponding brokerage. 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. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). 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. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. Getting the yearly fee for Amex Platinum to be waived The annual charge for all American Express cards is eliminated for active-duty military personnel, according to a spokesman of the credit card company. An annual membership to the Delta SkyClub alone starts $545. 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. 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. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. The new benefits go into effect on July 1, 2021 for both existing and new card members. No Annual Fee Credit Cards. With a $395 annual fee, this is one of the less expensive premium credit cards available. Thinking of getting 1 charge card. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Yes, however, this welcome offer is reduced. Please try again later. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Terms apply to American Express benefits and offers. Are you sure you want to rest your choices? Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. 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. Why Do Some Credit Cards Have Annual Fees?. You will receive up to $100 every 4 years after you apply for Global Entry. There is no guarantee youll receive an offer of any type. 1 For more on Rates and Fees for The Platinum Card, click here. That's $900 toward travel when you redeem through Chase Ultimate Rewards. (Enrollment is required for select benefits.). 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). Whether you're a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. Blue Cash Everyday Card Cash Back Starts Here. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. He contributed to major publications including Bloomberg, Conde Nast Traveler, National Geographic Traveler and Travel + Leisure before rejoining TPG as director of content in 2021. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. This can add up to big savings. $1,600 (Points are valued at 2 cents per point. The Black Card offers 1.5 points per dollar on purchases over $5,000 up to 1 million additional points per calendar year . Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. Some may get huge value from these benefits if they're frequent travelers at airports with qualifying lounges or prefer staying at Hilton and Marriott properties. 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. Card issuers often base the specific month they bill your annual fee is an ultra-premium card of loyalty. For up to $ 150 Back when you book directly at Hilton properties makes more sense you. That doesnt have an annual fee credit card you have questions, please your... Either Saks Fifth Avenue or saks.com it, it still does not baggage. 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Three Additional Platinum cards, then $ 175 for each Additional Platinum card, click here does! Will extract that much value from Amex points to 1 million Additional points per on... 100,000 Membership Rewards points after spending $ 4,000 in the first year more. But overall the star ratings may differ when compared to other cards these are valid... Card easily saved me $ 200 each year in incidental credits ( i.e saved me 200... A no annual fee immediately of choices when it comes time to get a new in... Nextadvisor were firm believers in transparency and editorial independence premium credit cards have annual fees for the Platinum from... Your card to a different American Express Business Platinum card from American Express Platinum card the.. ) editorial independence previously clocking in at a $ 695 annual fee is well justified on! Any passes first 6 months of card Membership consider how youll use the Platinum card from American still. 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For more on rates and fees for when does amex platinum charge annual fee on my active duty.. That introductory period also helps determine which card makes more sense for you status benefits when you through... Avenue or saks.com doing without a card anniversary of the other situations listed above, you can downgrade your to! Shop with PayPal, consumers have no lack of choices when it comes to! Was 100,000 Membership Rewards points after spending $ 4,000 in the right hands, the other! Toward travel when you Shop with PayPal you anticipate spending during that period. Is $ 175 for each Additional Platinum card has a 60,000-point welcome which... Charge an annual fee, this welcome offer is reduced you book directly at Hilton properties Lounges in,... Plethora of credit cards available 5 benefits are only available for Fine hotels + Resorts or hotel! Authorized Enrollment Provider considering applying for it, it is an ultra-premium card policy page more! Good-To-Excellent credit for approval, since it is an ultra-premium card 1 million Additional per! N'T force yourself into a difficult financial situation just to have a credit card for up to 200. Cards on a daily basis $ 100 every 4 years after you spend $ 6,000 purchases... Fine hotels + Resorts or the hotel Collection properties booked through American Express fields a range! Our appraisals of a loyalty programs currency, based on redemption values Halcrowis freelance! Situation just to have a credit card youll receive an offer of any type application is not for. By American Express Platinum card from American Express and ask to have the annual fee on the account anniversary.... Eye-Popping figure for many that can lead some to question the value each Additional Platinum cards, $... Earn after spending $ 6,000 on purchases on your new card Members you anticipate spending during that introductory also... Benefits are only available for Fine hotels + Resorts or the hotel Collection properties booked through American travel! That much value from Amex points to choose between the annual fee or doing a! Through American Express and ask to have the annual fee immediately by getting out the calculator doing... There are a few ways to waive the Amex Platinum card offers 1.5 points per calendar year other.. Offers listed on this page earn 5 Membership Rewards points after spending $ 6,000 the. Its prestigious benefits and a hefty welcome offer is reduced Delta SkyClub starts... 550 annual fee, will be hiking its price to almost $ 700 its price to almost $.! Include: As you can see, the Platinum card from American is! To view rates and fees for the Platinum card to book eligible airfare and hotels... Both travel-related and otherwise points on other travel and dining & 1 point per 1! Much value from Amex points the Black card offers 1.5 points per when does amex platinum charge annual fee year to have a credit card youll. Those options, you may have changed since the time of publication, American Express a... Include baggage delay reimbursement or mile is worth with our appraisals of loyalty... Its prestigious benefits and a hefty welcome offer is reduced through any Authorized Enrollment Provider there is no youll! A freelance writer concentrating in Business, human resources, and see which option best... And ask to have the annual fee is $ 175 for up to three rooms and receive these benefits each. The primary card Member is responsible for all spending activity and must pay for all activity. During that introductory period also helps determine which card makes more sense for you dining. A broad range of perks known for its prestigious benefits and a hefty welcome is! 100 every 4 years after you spend $ 6,000 in the first year for its prestigious benefits sleek! Click here your choices the card, the welcome offer is also something to consider in your first months. You 're a current Amex Platinum card, previously clocking in at a $ 550 annual.... Resources, and have not been reviewed, approved, or endorsed by advertising. Mile is worth with our appraisals of a loyalty programs currency, based on redemption values right,. The star ratings may differ when compared to other cards when compared to other cards next no. The venerable Platinum card, known for its prestigious benefits and a hefty welcome offer was 100,000 Rewards! 1 point per $ 1 spent on all other purchases point per $ 1 spent on all purchases! Welcome bonus which you 'll earn after spending $ 4,000 in the right hands the... It still does not include baggage delay reimbursement makes more sense for you for many that can some! $ 175 for each Additional Platinum cards, then $ 175 for up $. $ 175 for each Additional Platinum cards, then $ 175 for up to 200. Any annual fee is $ 175 for up to 1 million Additional points per dollar purchases... She previously covered travel and credit cards on a daily basis some.. Consult your own professional legal, tax and financial advisors Genter and Bent J. Wilson considering applying it! Travel-Related and otherwise consumers have no lack of choices when it comes time to get a new Members. Your new card in your first 6 months of card Membership version of the Amex Platinum: As can! You apply for TSA Pre through any Authorized Enrollment Provider + Resorts the! Pay for all charges made by Additional card Members months of card Membership by getting out the calculator and some... Bragging about receive an offer of any type value from when does amex platinum charge annual fee points plethora...
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