Call AMEX member services and ask about applying for the AMEX platinum card. 10X miles on hotels and rental cars, 5X miles on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases, Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening. Step 3. Cost includes $12.95 plus applicable local sales tax. However, it does have a $550 annual fee. 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. If you can maximize all of its annual statement credits, youre looking at nearly $1,600 in value. The Forbes Advisor editorial team is independent and objective. That means you may have the $695 annual charge for the American Express Platinum Card removed. Official application link: The Platinum Card from American Express with 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. For instance, if you opened a card on April 5, 2020, you can expect to . Terms apply to the offers listed on this page. 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. Plus, you'll receive an automatic 10,000 mile bonus every year you keep your card open. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. Insider values Amex points as worth 1.8 cents each, on . $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Your email address will not be published. Do I pay upfront if I get approved or torward the end of the fiscal year. 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. You travel often, and want the perks offered by certain cards. Unfortunately, the Equinox and entertainment credits are more like coupons. $695 annual fee . The Business Platinum Card from American Express recently announced several new benefits for cardholders. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. Eligibility and Benefit level varies by Card. They include an annual airline fee credit, an annual hotel credit, annual credits for Equinox, digital entertainment and Clear, monthly Uber cash, a bi-annual Saks credit and an every-four-years Global Entry or TSA PreCheck credit. 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. The Platinum Card from American Express (Terms apply. The fee will only be waived during years when you are still on active duty and you can contact American Express for more information on how to obtain your fee waiver. Heres a rundown of Card 1: When you work out the math, you discover that even after paying the annual fee youll come out ahead if you usually spend at least $61 a week on groceries. You will receive complimentary Gold Elite status benefits when you book directly at Marriott properties. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. Whats most important here is that you take a close look at your travel habits, as well as your budget, to see if the perks align with your lifestyle. 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. This is just one scoring method and a credit card issuer may use another method when considering your application. (Enrollment required.). Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. When you book a two-night or longer stay through The Hotel Collection with American Express Travel, youll get a $100 hotel credit for use on qualifying dining, spa and resort activities and a room upgrade upon arrival (when available). Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. 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. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. 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. 7 Factors to Consider When Comparing Credit Cards. 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. $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. 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. Here are the best travel credit card welcome bonuses so you can save up to $750, The best luxury and premium credit cards if you want the best perks, Why the Fed raising rates could make your savings account more valuable and debt more expensive, How to get Super Bowl LVII tickets and VIP packages with points from multiple rewards programs, Last chance to get presale tickets to Taylor Swift's 'Eras Tour' through Capital One. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. 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. Note that the card also confers up to $300 in statement credits when purchasing one SoulCycle at-home bike (which retails for $2,500 apiece) on up to 15 bikes per calendar year. Some offers are no longer available. Please visit americanexpress.com/benefitsguide for more details. 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. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. Many of the benefits, like the entertainment and Equinox credits, are essentially forcing some customers to spend more money than they normally would defeating the purpose of the card saving you money. . 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. Please visit americanexpress.com/benefitsguide for more details. If you have questions, please consult your own professional legal, tax and financial advisors. But those benefits don't come cheap: The Amex Platinum annual fee just increased to a whopping $695 (see rates & fees). Amex Platinum annual fee increase from $550 to $695. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . 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: 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. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. It could be another American Express card, a business card if you are a business owner or a comparable travel credit card that may be a better option for you. Macys American Express - 6400, 19,000. Yes, there are some no annual fee credit cards designed for people in this situation. 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. This compensation comes from two main sources. With those credits and benefits, though, comes a price. You have to ask yourself: Are these credits really worth their face value? Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. Something went wrong. 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. Please review. 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. That's enough to give almost anyone sticker shock. For more information, see. 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. 2% cash back at gas stations and some department stores. Underwritten by AMEX Assurance Company. 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. Bank of America - 9,100. 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). You must check the box to agree to the terms and conditions. In the right hands, the classic status card's staggering annual fee is well justified. An even lower fee option includes the Chase Sapphire Preferred Card. If you dont, the no annual fee credit card may be the better choice for you. You have poor or limited credit history and cant qualify for a no annual fee credit card. If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. Only a handful of cards (mostly invitation-only. 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. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. 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. 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. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. Read more in TPGs full guide on the Fine Hotels + Resorts Program. At NextAdvisor were firm believers in transparency and editorial independence. It's not the only fee you need to worry about with The Platinum Card from American Express, either. Are more like coupons, you 'll receive an automatic 10,000 mile bonus every year you your. To worry about with the Platinum card removed 12.95 plus applicable local sales tax 's staggering annual fee card... 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