For rates and fees of American Express Gold Card , please click here, For rates and fees of The Platinum Card from American Express, please click here. Underwritten by AMEX Assurance Company. 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. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. 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. 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. These days, consumers have no lack of choices when it comes to premium travel rewards cards. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Step 3. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. Almost S$2,000 for a credit card may seem expensive, but looking at the price tag alone does not tell you the value of an item. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. To be eligible, you must enroll in ShopRunner and use your Amex card for purchases through ShopRunner. 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. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. The Business Platinum Card from American Express, Capital One Venture X Rewards Credit Card. Underwritten by AMEX Assurance Company. In subsequent years, youll see the annual fee in the anniversary month of your account. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. You will receive complimentary Gold status benefits when you book directly at Hilton properties. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. There is no guarantee youll receive an offer of any type. Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. 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. The card has a $95 annual fee. Cardholders will also get more lifestyle and experience-based perks, including 40% off a membership for the Premium Private Jet Program with Wheels Up, as well as up to $2,000 in initial year flight credits to book private charter flights; and access to the Global Dining Access program by Resy, where cardholders can get exclusive tables at some of the worlds top restaurants. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. Purchase airline lounge day passes for future use. 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. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. 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. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. Many middle-class households can make this work. 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 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. All Rights Reserved. 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. Amex Platinum annual fee increase from $550 to $695. Eligibility and Benefit level varies by Card. Theme: News Way by Themeansar. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 21.99% p.a. Please try again later. | Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. Earn 5X total points on flights 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. Like all American Express Cards, the Platinum Card allows you to add Additional Card Members, commonly known as authorized users, to your account. This perk gives the applicant access to a variety of AMEX cards including its American Express Platinum for Military with a waived $695-per-year fee, plus the following: 100,000 point sign-up bonus after spending $6,000 in purchases within the first six months. That's only $1000 of spending per month required. Your email address will not be published. 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). Welcome offer: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new card in your first six months of card membership. 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. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). It also earns 3 points per dollar on dining, 5 points per dollar on travel purchased through Chase Ultimate Rewards and 2 points on all other travel. She previously covered travel and credit cards as lifestyle. First, lets do quick rundown of the current benefits of the card. An annual membership to the Delta SkyClub alone starts $545. If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. All rights reserved. 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. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. Annual fees are typically charged after the first year of membership. For instance, if you opened a card on April 5, 2020, you can expect to . The venerable Platinum Card has a $695 annual fee. You have poor or limited credit history and cant qualify for a no annual fee credit card. 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. 1 Credit Card Annual Fee Explained,The Balance, 2 Is Paying an Annual Fee for a Credit Card Worth It?, Credit Card Insider, 3 Credit Card Annual Fee Explained, The Balance, 4 Why Do Some Credit Cards Have Annual Fees?, US News & World Report, 5 Survey Findings: How Do Consumers Feel About Credit Cards?, Experian, 6 Is It Worth Paying an Annual Fee for a Credit Card?, NerdWallet. 2023 American Express. Opinions expressed here are the authors alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Heres a closer look to help you decide if its worth it to you to apply for the card and how it compares to some other travel cards with lower annual fees. You must check at least one of the boxes to proceed. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. We do not cover every offer on the market. You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. 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. That means you may have the $695 annual charge for the American Express Platinum Card removed. 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). 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. You have to ask yourself: Are these credits really worth their face value? Compare the cost in points or miles to cash, and see which option is best. Amex Just Increased the Platinum Cards Annual Fee to $695. That said, theres no denying that $695 is a lot of money. Cost includes $12.95 plus applicable local sales tax. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. 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. 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. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. 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. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. Use of this site constitutes acceptance of our Terms of Use, Privacy Policy (Your California Privacy Rights) and California Do Not Sell My Personal Information. Comparing Annual vs. No Annual Fee Credit Cards. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. . This is another great benefit targeted toward frequent travelers. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. Related: Clear expedited airport security program: Is it worth it? 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. But that is only valuable to you if you use them. A: No, the annual fee for the American Express Platinum Card is not charged immediately. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. A: No, American Express does not charge an annual fee immediately. 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 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. If you have questions, please consult your own professional legal, tax and financial advisors. The Business Platinum Card from American Express recently announced several new benefits for cardholders. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. At NextAdvisor were firm believers in transparency and editorial independence. The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits. it boasts very high fees: a $5,000 annual fee and a $10,000 initiation fee. For an explanation of our Advertising Policy, visit. Before we get into the details of the benefits on the Platinum Card from American Express, here is a look at the cards current welcome offer and ongoing perks. Is It Worth Paying an Annual Fee for a Credit Card. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 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. Select independently determines what we cover and recommend. 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. 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). Read more in TPGs full guide to the Cruise Privileges Program. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. Other related questions: Q: Does Amex charge annual fee immediately? Plus Ups are excluded. Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. 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. Insider values Amex points as worth 1.8 cents each, on . Editors note: This is a recurring post, regularly updated with new information.

Teacup Yorkie For Sale In Florida,