Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. 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. A final point on the math: Dont forget to consider interest charges. 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. originally joined TPG as the site's first managing editor back in 2011. That said, theres no denying that $695 is a lot of money. You might want to run the numbers on travel credit cards, too. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. But aside from the benefits, be sure to evaluate your own spending prior to applying. Terms, Conditions and Limitations Apply. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. 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. 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. 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. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. Your email address will not be published. Enrollment is required. However, it still does not include baggage delay reimbursement. (Enrollment is required for select benefits.). 1 For more on Rates and Fees for The Platinum Card, click here. When does the annual fee kick in for the platinum? 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. While you may or may not subscribe to the eligible services, it can certainly help offset the cost if you are already using one of the services listed above. Improve earnings, maximize rewards and track progress toward dream trips. 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. 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). Please try again later. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. With those credits and benefits, though, comes a price. Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. How do I Earn Membership Rewards Points? 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. Enrollment is required. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. 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. Macys American Express - 6400, 19,000. We do not cover every offer on the market. Please visit americanexpress.com/benefitsguide for more details. For more on the Offer & Benefit Terms listed above, All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards, Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the, Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the read full answer How do I get a credit card annual fee waived? Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. 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 also has trip cancellation, interruption and delay insurance. 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. 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. Amex Platinum annual fee increase from $550 to $695. 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. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. Barclay Arrival Mastercard - 7,000. Terms apply to all benefits listed below1 and all offers listed are subject to change. You can even use Pay With Points to purchase your tickets. 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. 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. Eligibility and Benefit level varies by Card. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. 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). It doesnt come with many travel perks, though, other than up to a $100 application fee credit towards Global Entry or TSA PreCheck every four years. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Youll also get an additional amenity like a bottle of wine on select cruise lines. At one end of the spectrum are cards branded for airlines or hotel chains these cards often charge annual fees of $95 and up. The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits. Plus Ups are excluded. 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. Whether you're a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. You will be charged the annual fee on your first statement after your account anniversary date. Save my name, email, and website in this browser for the next time I comment. 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. If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. Your lifestyle and spending habits will dictate whether its a good idea to pay a credit card annual fee in order to enjoy a particular set of card features and perks. On the other hand, if you will take advantage of its ongoing benefits, such as lounge access, Fine Hotels + Resorts bookings, Marriott and Hilton elite status, and International Airline Program ticket savings, as well as even just one or two of the credits, then springing for the Platinum Card from American Express is probably worthwhile. Related: Is the Amex Platinum worth the annual fee? American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. Please visit americanexpress.com/ benefitsguide for more details. The dollar amount you save can vary, but we found it to be about 12% in many test cases. Things To Do Before Canceling A Credit Card, Best Credit Cards: Reviews, Rewards & Offers, Chase Sapphire Preferred Credit Card Review, High reward potential on flights and hotels booked through American Express Travel, Multiple credits can help justify the fee, Luxury travel benefits and elite status with Hilton and Marriott with enrollment, Maximizing the statement credits takes some work and could be unworkable for many, Reward rate outside of travel is sub-par for a premium card. 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. NextAdvisor may receive compensation for some links to products and services on this website. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. Terms, Conditions and Limitations Apply. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. The new benefits go into effect on July 1, 2021 for both existing and new card members. Get $200 each year in incidental credits (i.e. 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. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. Given the byzantine nature of this perk and how much you have to spend to leverage it, though, we're not really considering it here. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. 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. Heres what you need to know to decide whether this card is worth it to you. The card's Saks Fifth Avenue credit is available in the form of two $50 statement credits per year. Please see our. Enrollment required. This included hundreds of dollars worth of annual statement credits one which can offset the price of Clear, a program that expedites your airport security experience. Please visit americanexpress.com/benefitsguide for more details. Terms apply to American Express benefits and offers. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. 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. Editorial Note: We earn a commission from partner links on Forbes Advisor. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. 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. Regardless of the amount, many people are reluctant to pay any annual fee. The card has a $95 annual fee. Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. 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. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. How do I find and add Amex Offers to my Card? This can help negate the cost of the $250 annual fee (See Rates & Fees). Annual fees are typically charged after the first year of membership. Please review. There's little question that The Platinum Card from American Express is one of the best travel cards for frequent travelers who want lounge access, hotel status, a huge points bonus, and other luxuries. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. Club Executive Avis Preferred and National Car Rental Emerald Club Executive poor credit therefore! Approved for those options, you may have to choose between the annual fee on first! Rewards credit card companies from which ThePointsGuy.com receives compensation the market for the. 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