Learn more. 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. 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. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. 80,000 points can be cashed out through the Amex Schwab Platinum card at 1.1 cents per point, making 80,000 Amex worth $880 cash. These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. We want to help you make more informed decisions. 7 Factors to Consider When Comparing Credit Cards. Although many of these premium cards charge high annual fees, the benefits, statement credits and earning potential they provide can make paying for them worthwhile. The venerable Platinum Card has a $695 annual fee. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. Credit Score ranges are based on FICO credit scoring. 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. Required fields are marked *. 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. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. Are you sure you want to rest your choices? 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. Related: At home or at the gym: The best credit cards to maximize your next workout. Hi, I'm in the HPSP program where I can go from IRR to active duty status for 45 days per year. That's $900 toward travel when you redeem through Chase Ultimate Rewards. 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. To view rates and fees for The Platinum Card from American Express please visit this page. All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards points on flights and prepaid hotels and several benefits and credits, including: Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the Global Lounge Collection, including the recently expanded Centurion Network of Lounges and Studios, so you can travel in comfort. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. Terms apply to the offers listed on this page. Theme: News Way by Themeansar. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card.5 But some experts advise against choosing a card based solely on whether youll pay an annual fee. 2023 American Express. 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. For new card members (as of July. This card shines for this use, but overall the star ratings may differ when compared to other cards. 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. You can qualify for 75,000 bonus miles when you spend $4,000 within the first three months of account opening. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. 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. 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. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. But aside from the benefits, be sure to evaluate your own spending prior to applying. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. $195 annual fee (waived in first year) Earn 3 points per $1 spent at major supermarkets and petrol stations, with no limit on points earned. Eligibility and Benefit level varies by Card. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. At NextAdvisor were firm believers in transparency and editorial independence. 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. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. Terms, Conditions and Limitations Apply. Compare the cost in points or miles to cash, and see which option is best. But not everyone will extract that much value from Amex points. Clear expedited airport security program: Is it worth it? Another option is to instead apply for a different version of the Amex Platinum. 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. A Housing Market Prediction From Counting Crows? Photo by Isabelle Raphael/The Points Guy. Eligibility and Benefit level varies by 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. Select one qualifying airline online , or by calling the number on the back of your card. Related: Best credit cards for streaming services. Earn 20% back as a statement credit on purchases when you use your new Card to check out with PayPal at merchants in the first 6 months of Card Membership, up to $150 back. He is also the author of four books on management. 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. Your financial situation is unique and the products and services we review may not be right for your circumstances. 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. However, many of the above values are estimates. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. 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. This is another great benefit targeted toward frequent travelers. *Eligibility and Benefit level varies by Card. 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. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. Past performance is not indicative of future results. 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). $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. 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. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. We'll run a soft credit check to find special offers, but it wont affect your credit score. interest rate. Additional Card Members must be 13 years of age or older.8. 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 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. 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. The use of this website means that you accept the confidentiality regulations and the conditions of service. 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. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. The Platinum card also has trip cancellation, interruption and delay insurance. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. 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. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. However, it does have a $550 annual fee. The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. 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. Instead, we'll look at the card's ongoing benefits. Eligibility and Benefit level varies by Card. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. There are 7 key factors to consider before you apply for one. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. I would like to subscribe to the NextAdvisor newsletter. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. 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: Offers may be subject to change without notice. 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. I got lucky and found $1k in cash in his sock drawer. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. For rates and fees of the Business Platinum Card from American Express, click here. Related: How to make sure youre getting your Amex Platinum Uber credits. 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. Underwritten by AMEX Assurance Company. Underwritten by AMEX Assurance Company. Is It Worth It? 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. This can add up to big savings. Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. Do I pay upfront if I get approved or torward the end of the fiscal year. 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. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. If you have questions, please consult your own professional legal, tax and financial advisors. it boasts very high fees: a $5,000 annual fee and a $10,000 initiation fee. Up to a $155 statement credit that covers the cost of a monthly. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. 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). This compensation comes from two main sources. Annual fees are typically charged after the first year of membership. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. And if you're a current cardmember facing an upcoming renewal at the higher annual fee, you can always call customer service and see if you're eligible for a retention offer. 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. 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. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. The cards Priority Pass Select membership gets the cardholder and two guests into more than 1,300 Priority Pass lounges worldwide for free, although youll need to request your membership card. When the annual fee comes due again, youll be able to make a more educated decision on whether you want to keep it and enjoy the benefits for another year. Please visit americanexpress.com/benefitsguide for more details. Only a handful of cards (mostly invitation-only. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. These are provided as guidelines only and approval is not guaranteed. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. 2. Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. Please see our. Please visit americanexpress.com/ benefitsguide for more details. 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. Card is another premium Travel Rewards credit Card companies more to provide 1k in cash in his drawer... Hampshire insurance Company, Inc. 2023 Forbes Media LLC everyone will extract that much value Amex. 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