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. 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. Enrollment is required. These are federal laws that provide certain protections to active duty military. (Enrollment required.). Your email address will not be published. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. 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. Please visit americanexpress.com/benefitsguide for more details. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. Learn more. Same Service, No Annual Fee. Photo by Isabelle Raphael/The Points Guy. In addition, take the time to figure out if you'll be able to use the credits. This site does not include all credit card companies or all available credit card offers. He is also the author of four books on management. But for those uninterested or unable to access the benefits, you might want to consider another credit card. 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. 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. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . 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. 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). All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. However, it does have a $550 annual fee. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military, for example. The $200 . Bottom line. . Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. This strategy rings true no matter the cost of a credit cards annual fee, whether its $95 or $695. We'll run a soft credit check to find special offers, but it wont affect your credit score. That's only $1000 of spending per month required. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. As always, Platinum goes above and beyond credits to provide premium services and benefits like Cell Phone Protection,2 airport lounge access, and special access to popular restaurants through Global Dining Access by Resy. This is a simple but nice benefit. 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. The Platinum Card from American Express still remains an excellent card for luxury travelers. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. Clear expedited airport security program: Is it worth it? To view rates and fees for The Platinum Card from American Express please visit this page. There are even more places your Platinum Card can get you complimentary entry and exclusive perks. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. 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. Please review. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. 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. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. How do I Earn Membership Rewards Points? By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. Also, earn 1.5X points (that's an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year. You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. 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. Theme: News Way by Themeansar. A: No, American Express does not charge an annual fee immediately. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. 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. Instead, you can consider how youll use the card and do the math. 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. Your email address will not be published. AMEX Platinum Charge members are entitled to two complimentary supplementary cards (a S$160.50 fee applies for the third card onwards), a benefit you should absolutely max out. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. Visit americanexpress.com to learn more. 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. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. Related: Clear expedited airport security program: Is it worth it? These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Our points-obsessed staff uses a plethora of credit cards on a daily basis. Here are some common situations in which paying an annual fee may make sense: In some cases, accepting an annual fee may be your only way to get a credit card. The venerable Platinum Card has a $695 annual fee. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. But those benefits don't come cheap: The Amex Platinum annual fee just increased to a whopping $695 (see rates & fees). Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. originally joined TPG as the site's first managing editor back in 2011. Here's what you need to know to decide whether this card is worth it to you.. 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. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). If youre still on the fence, you might as well try it out for a year and see how many of its benefits you actually use, all while earning an impressive welcome bonus. Information provided on Forbes Advisor is for educational purposes only. Blue Cash Everyday Card Cash Back Starts Here. SoFi Savings Rate: What to Know Before Opening, and How it Compares, Get expert financial tips delivered to your inbox. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. Select independently determines what we cover and recommend. The American Express Business Platinum card offers up to $200 annual airline fee credit. First, lets do quick rundown of the current benefits of the card. She's always looking for new ways to make travel easier, more memorable, and more affordable, particularly by using miles and points. The fee is charged most often in these two cases: 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 $253or as high as several thousand dollars.4 But there are also many no annual fee credit cards. That's $750 when you redeem through Chase Ultimate Rewards. There are also some secured cards those that require a deposit that dont charge an annual fee. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. Required fields are marked *. Terms, Conditions and Limitations Apply. Plus, your own feed of TPG content. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. Are you sure you want to rest your choices? When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. 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. Platinum card from american express exclusively for mercedes. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. Please visit americanexpress.com/benefitsguide for more details. Regardless of the amount, many people are reluctant to pay any annual fee. Purchase airline lounge day passes for future use. Yes, there are some no annual fee credit cards designed for people in this situation. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. 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. Related: At home or at the gym: The best credit cards to maximize your next workout. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. Underwritten by New Hampshire Insurance Company, an AIG Company. Plus Ups are excluded. Underwritten by AMEX Assurance Company. If you do use these services, as well as other perks that the card offers, you can easily offset the cost of the annual fee. 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. Read more in TPGs full guide on the Fine Hotels + Resorts Program. Enrollment may be required for some American Express benefits and offers. 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. You might be using an unsupported or outdated browser. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . This can help negate the cost of the $250 annual fee (See Rates & Fees). 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. An annual membership to the Delta SkyClub alone starts $545. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. This compensation comes from two main sources. For 12 months, you can get a 2.99% introductory APR on all borrowing. 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. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. Earn 10,000 Membership Rewards Points. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. A year ago, the Amex Platinum added an array of new perks for cardmembers and raised its annual fee to $695 (see rates and fees) in the process. You will be charged the annual fee on your first statement after your account anniversary date. Your financial situation is unique and the products and services we review may not be right for your circumstances. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. All rights reserved. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. This post contains references to products from one or more of our advertisers. The Platinum Card from American Express now carries a $695 annual fee, but for many travelers, the cards benefits will more than offset that charge. 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. Editors note: This is a recurring post, regularly updated with new information. Monthly membership costs $12.95 plus local sales tax, so the statement credits should cover most, if not all, of that. There are 7 key factors to consider before you apply for one. When does the annual fee kick in for the platinum? A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. We want to help you make more informed decisions. 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. Amex platinum when is annual fee charged? NextAdvisor may receive compensation for some links to products and services on this website. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . How do I find and add Amex Offers to my Card? With those credits and benefits, though, comes a price. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. That's enough to give almost anyone sticker shock. 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 and earn 5X Membership Rewards Points on prepaid hotels booked with American Express Travel. Terms, Conditions and Limitations Apply. Is It Worth It? Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. 3 weeks ago Seth. The venerable Platinum Card has a $695 annual fee. Call AMEX member services and ask about applying for the AMEX platinum card. 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. Do the Math! For new card members (as of July 1), the new fee will go into effect immediately. The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Annual fees are typically charged after the first year of membership. All Rights Reserved. Learn all about finances in next to no time. Check here before booking an award fare. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. Related: Key things to know before getting Global Entry. Offers may be subject to change without notice. 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. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. For instance, if you opened a card on April 5, 2020, you can expect to . At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. 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. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. Heres what you need to know to decide whether this card is worth it to you. 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. Learn more. Most Americans prefer no annual fee credit cards, but thats not always the smart move. 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 Forbes Advisor editorial team is independent and objective. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. 2023 American Express. 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. To decide whether this card is a high-end card that earns 2 Capital Venture. The Delta SkyClub alone starts $ 545 it worth it to you enough to almost... 200 annual airline fee credit cards designed for people in this situation $ 900 toward travel you... Select lounge membership, which gives you access to over 1,300 airport lounges around world. Express fields a broad range of perks rest your choices I agree to receive the credits. That 's $ 750 when you redeem through Chase Ultimate Rewards Hotel credit 695, up to $ 200 airline. A daily basis negate the cost of the date you opened a on... 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