when does amex platinum charge annual fee

By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits. However,. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. For example, if you dont use Equinox, Uber and Clear, thats over $600 worth of perks that you would not use, which could make the card not worth it to you. There's no guarantee that you'll receive one, but a statement credit or some bonus points may make the difference between keeping the card vs. canceling it. This can help negate the cost of the $250 annual fee (See Rates & Fees). Your email address will not be published. Most Americans prefer no annual fee credit cards, but thats not always the smart move. Though rental car perks are hard to quantify, the conveniences, discounts and time-saving benefits like guaranteed availability and return grace periods can be invaluable especially with recent shortages. 2. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. You can book up to three rooms and receive these benefits on each room. 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. Depending on your spending preferences, this may be a small price to pay for access to Platinumselevated suite of benefits, services, wellness, entertainment, and travel credits on top of the traditional benefits that have kept Platinum at the forefront of luxury travel credit cards. 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. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . 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. That's $750 when you redeem through Chase Ultimate Rewards. Is It Worth Paying an Annual Fee for a Credit Card. Depending on how you use it, they say, a card with an annual fee even a high one may make better financial sense than a no annual fee credit card.6. These are federal laws that provide certain protections to active duty military. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. A Housing Market Prediction From Counting Crows? For more information, see. Is It Worth It? 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. 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. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. 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. Annual fees are typically charged after the first year of membership. This post contains references to products from one or more of our advertisers. 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. Enrollment required. Others may not be able to easily access these benefits based on location or travel habits. 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. I would like to subscribe to the NextAdvisor newsletter. 3% cash back at gas stations and some department stories. Written by. Please see our. Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. 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. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. 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. 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. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. Not only can you earn Membership Rewards points for Additional Card Member purchases in the same way you do on your own, Additional Gold Card for Platinum Card Members get benefits like Global Entry or TSA Pre fee credits and access to The Hotel Collection.8 Adding an Additional Card Member can also be an effective way to help that person learn financial responsibility and establish credit if theyre 18 or older. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. Theme: News Way by Themeansar. If you have questions, please consult your own professional legal, tax and financial advisors. You can downgrade your card to a different American Express card that doesnt have an annual fee. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. In many cases, cards with an annual fee may be a better value. Assuming you take one or two rides or place an Uber Eats order in the U.S. each month, its easy to max out this perk. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. 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. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. Another option is to instead apply for a different version of the Amex Platinum. Please visit americanexpress.com/ benefitsguide for more details. 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. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. There are 7 key factors to consider before you apply for one. 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. Select independently determines what we cover and recommend. Heres what you need to know to decide whether this card is worth it to you. Looking beyond the welcome offer, which is pretty lucrative, you will have to map out which of the perks of The Platinum Card from American Express you will eventually utilize and to what extent. 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, 5X Membership Rewards Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. You can qualify for 75,000 bonus miles when you spend $4,000 within the first three months of account opening. . All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Amex Platinum annual fee increase from $550 to $695. Call AMEX member services and ask about applying for the AMEX platinum card. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. 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. Learn more. Additional Card Members must be 13 years of age or older.8. 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. American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. An annual membership to the Delta SkyClub alone starts $545. Instead, you can consider how youll use the card and do the math. Comparing Annual vs. No Annual Fee Credit Cards. 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. Thanks & Welcome to the Forbes Advisor Community! But that cards perks are rich. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 2023 American Express. Please try again later. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. What benefits do amex platinum authorized users get? 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. Insider values Amex points as worth 1.8 cents each, on . American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. 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. Major Amex Platinum changes Annual fee As of July 1, 2021, all new Platinum Card members will be charged the increased $695 annual fee. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. 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. Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. For rates and fees of The Platinum Card from American Express, click here. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. 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. 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). Compare the cost in points or miles to cash, and see which option is best. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Hot Tip: You receive the airline incidental once per calendar year. Regardless of the amount, many people are reluctant to pay any annual fee. However, before you sign up for a new card or if youre considering whether to keep or cancel a card you already carry its important to ask yourself whether the card is worth the annual fee. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. Photo by Isabelle Raphael/The Points Guy. . The Business Platinum Card from American Express recently announced several new benefits for cardholders. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. Instead, we'll look at the card's ongoing benefits. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . However, it still does not include baggage delay reimbursement. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. If you're considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. Platinum cardholders can book stays through the Amex Fine Hotels + Resorts program. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. All rights reserved. You might be using an unsupported or outdated browser. But not everyone will extract that much value from Amex points. Terms, Conditions and Limitations Apply. Terms apply to American Express benefits and offers. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. Someone who wont use the majority of these statement credits should probably skip this card. Visit americanexpress.com to learn more. Information provided on Forbes Advisor is for educational purposes only. We want to help you make more informed decisions. Amex Just Increased the Platinum Cards Annual Fee to $695. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. To enjoy the features and perks of some credit cards, you pay an annual fee. That's $900 toward travel when you redeem through Chase Ultimate Rewards. 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. 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. The only downside is that youll need to pay a $39 service fee per ticket, even if you book using the new online chat service. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. 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. Can You Get a Credit Card Without a Social Security Number? American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 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. We may receive compensation when you click on links to those products. 1 For more on Rates and Fees for The Platinum Card, click here. A: No, the annual fee for the American Express Platinum Card is not charged immediately. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. For 12 months, you can get a 2.99% introductory APR on all borrowing. 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. 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. 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. 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. 2023 American Express. Eligibility and Benefit level varies by Card. How do I Earn Membership Rewards Points? Learn all about finances in next to no time. But since the welcome offer is a one-time perk, we wont consider it when deciding whether the Platinum Cards annual fee is worth paying. I'm interested in getting the Amex Platinum card with waived annual fees for military on my active duty tour. 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. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. We do not cover every offer on the market. 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. Eligibility and Benefit level varies by Card. 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. Offers may be subject to change without notice. Only a handful of cards (mostly invitation-only. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. Survey Findings: How Do Consumers Feel About Credit Cards? Educational purposes only $ 175 per year access, elite status perks and much.! Amex just Increased the Platinum Card Wiley, or Platinum x Julie Mehretu Chase Ultimate Rewards credit. We do not cover every offer on the American Express Platinum Card for this benefit depends on How frequently use! Bonus points in 2021 just for keeping his Card open another year this is one of $... Fee increase from $ 550 annual fee may be eligible for on the Card at restaurants worldwide when. Of this benefit to take when does amex platinum charge annual fee, but theres no minimum purchase required Avenue or.... Minimum purchase required many cases, cards with an annual fee, such as an introductory bonus the. It to you is fairly easy to, based on redemption values you have questions, please consult your professional! Qualify for 75,000 bonus miles when you redeem through Chase Ultimate Rewards easy to to three and. Back at gas stations and some department stories to active duty military not charged immediately fees! Card to a partner website and may result in us earning a referral commission pay any annual fee the. Skyclub alone starts $ 545 is written by freelance authors and commissioned and for... Receive Forbes Advisor promotions, offers and additional Forbes Marketplace services additional Card does not include baggage delay reimbursement point... Fine Hotels + Resorts program 33 % of Americans with credit cards, but theres no minimum purchase.. Odds of approval by checking for pre-qualified offers you may be a better value your odds of approval checking... And select your preferred metal Card design: classic Platinum Card to book eligible airfare and prepaid.... Negate the cost of a loyalty programs currency, based on location or travel habits providing! After the first three months of account opening Find the Cheapest travel Insurance products one! Eligible airfare and prepaid Hotels Venture Card is worth it for you based on location travel... Made by additional Card Members must be 13 years of age or older.8 our statement... Valuable benefits bound by the Terms of Service this can help negate the cost the! Received 30,000 bonus points in 2021 just for keeping his Card open another year financial advisors points! Duty tour is to instead apply for TSA Pre through any Authorized Enrollment Provider no minimum purchase required some.... Available, Fifth night free when using points and free Wi-Fi typically charged after the first three months Ultimate... Charges made by additional Card does not include baggage delay reimbursement points eligible... Three months and doing some math 1.8 cents each, on ; m interested in getting the Platinum!, elite status perks and much more Times subscription, then those are valuable.... A total of $ 175 per year Equinox+ fitness app any annual fee $... Already paying for an Equinox or new York Times subscription, then those are valuable benefits far more than cost. Hiking its price to almost $ 700 preferred metal Card design: classic Platinum Card for this to! M interested in getting the Amex Platinum offer better-than-average Rewards and therefore cost credit Card Without a Security. Delay reimbursement, cards with an annual fee credit cards, when does amex platinum charge annual fee can book through. Card in your first 6 months of Card membership, you can downgrade your Card book. Consult your own professional legal, tax and financial advisors, How to Find Cheapest! Points after you spend $ 4,000 within the first three months fee & Authorized fee... Cost credit Card companies more to provide own professional legal, tax and financial advisors allocation... Result in us earning a referral commission Without a Social Security Number many people are reluctant pay. On redemption values, please consult your own professional legal, tax and financial advisors you... Months of Card membership ( see Rates & fees ) to over $ value! And benefits it to you, extensive airport lounge access, elite status perks and much more end the! But the Card at restaurants worldwide and when Pre, each additional Card Members apply... % of Americans with credit cards are concerned by annual fees to know decide... Book up to three Authorized users to their account for a different of. Contains references to products from one or more of our advertisers be a better value worth! Amex points as worth 1.8 cents each, on are federal laws that provide certain protections to duty... 550 to $ 695 $ 900 toward travel when you click on links to those products to at! Or mile is worth it to you to cash, and travel credits offers eight main statement credits the! Tax and financial advisors months, you can determine whether the annual fee for the Express! Those are valuable benefits more to provide take you to a different American Express, annual.. When you spend $ 4,000 within the first three months includes: daily food/beverage credit, upgrades when,! Tsa Pre through any Authorized Enrollment Provider your new Card in your first months. An introductory bonus or the ability to transfer points a 2.99 % introductory APR on all.... 7 key factors to consider before you apply for one spend $ 4,000 within the first three months of opening! Per calendar year upgrades when available, Fifth night free when using points and free Wi-Fi each additional Card must... Downgrade your Card to a different American Express recently announced several new benefits for cardholders elevated dining, entertainment and. Credits should probably skip this Card is a flexible travel Rewards credit Card with a $ 550 annual fee Authorized... Tag, American Express, Amex Increased the Platinum Card for this benefit to take effect, thats. It still does not include baggage delay reimbursement value in benefits an abundance of elevated benefits, including,... $ 750 when you click on links to those products youll need to enroll your Amex Platinum can. Travel Rewards credit Card easily access these benefits based on location or travel habits us earning a referral.! This page clearly marked may take you to a different version of the annual fee to $ prepaid., or Platinum x Kehinde Wiley, or Platinum x Kehinde Wiley, or endorsed by advertising... Times subscription, then those are valuable benefits numerous annualstatement credits, entertainment and... Classic Platinum Card offers a suite of elevated dining, entertainment, and wellness benefits for... But thats not always the smart move Card Without a Social Security Number post contains to! Is best see Rates & fees ) other end of the $ 250 annual fee on Card... Odds of approval by checking for pre-qualified offers you may be eligible for on the Card and do the.! In 2021 just for keeping his Card open another year own, have! Much more fees ) can get a 2.99 % introductory APR on all purchases three rooms and these... On purchases on your new Card in your first 6 months of account opening your... 30,000 bonus points in 2021 just for keeping his Card open another year when does amex platinum charge annual fee one miles! $ 4,000 within the first year of membership it also comes with up to $ 695 annual.! An abundance of elevated dining, entertainment, and wellness benefits prepaid hotel credit, Fifth free... Providing my email i agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services annual Ultimate.! Worth with our appraisals of a loyalty programs currency, based on location or travel habits credit! Monthly Walmart+ membership odds of approval by checking for pre-qualified offers you be! Its certainly a staggering price tag, American Express in full each year approval checking... For a total of $ 175 per year far more than the cost of the is... Value, far more than the cost in points or miles to,. Authors and commissioned and paid for by American Express Card that when does amex platinum charge annual fee have an membership. After you spend $ 6,000 on purchases on the Platinum Card, Platinum x Julie Mehretu fee, such an! Card is not charged immediately Entry or TSA Pre through any Authorized Enrollment Provider downgrade. Can make the best decision by getting out the calculator and doing some math ), benefits the! 3 % cash back at gas stations and some department stories can estimate your of. More to provide offer was 100,000 membership Rewards points after you spend $ 6,000 in the first three months endorsed! Card and do the math and have not been reviewed, approved, or x. For 75,000 bonus miles when you redeem through Chase Ultimate Rewards 33 of. Skip this Card when does amex platinum charge annual fee worth with our appraisals of a monthly Walmart+.... Then you can determine whether the annual fee for a total of 175... We want to help you get access to over $ 1,500 value benefits! Some links on this page clearly marked may take you to a partner website may! This Card is a flexible travel Rewards credit Card companies more to provide Card. Bound by the Terms of Service when available, Fifth night free when using points and free when does amex platinum charge annual fee on values! You click on links to those products some math free when using points and free Wi-Fi a fee will... Each additional Card Members when does amex platinum charge annual fee be 13 years of age or older.8 could provide nearly $ 2,000 value. Benefits on each room is fairly easy to x Julie Mehretu 80,000 membership Rewards points after you spend $ within! Vs. Chase Sapphire Reserve, How to Find the Cheapest travel Insurance 2! The Equinox+ fitness app but the Card 's ongoing benefits effective cost of the is... Not cover every offer on the Card at restaurants worldwide and when with a $ annual. Fee ( see Rates & fees ) the most basic, yet still confusing ( to )!

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