The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. Our points-obsessed staff uses a plethora of credit cards on a daily basis. Underwritten by AMEX Assurance Company. 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. Editorial disclaimer: 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. Photo by Isabelle Raphael/The Points Guy. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. $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. Best card for premium perks while traveling, Capital One Venture X Rewards Credit Card, The Business Platinum Card from American Express, Why you might pay more for your hotel than your tickets and flights for Super Bowl LVII, 6 easy strategies I use to earn over 500,000 points and miles a year, How to visit one of TPG's favorite Caribbean hotels using points and miles, Credit card comparison: United Club Infinite Card vs. Chase Sapphire Reserve. First, lets do quick rundown of the current benefits of the card. How do I Redeem Membership Rewards Points. 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. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. Eligibility and Benefit level varies by Card. Another option is to instead apply for a different version of the Amex Platinum. Yes, there are some no annual fee credit cards designed for people in this situation. Enrollment required. 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. Performance information may have changed since the time of publication. Running the Numbers on Travel Card Annual Fees. The American Express Platinum Cards $695 annual fee works out to about $58 a month. The Chase Sapphire Reserve is another premium travel card loaded with benefits, including a $300 travel credit, Priority Pass airport lounge membership, plus it earns 3X points on all travel and dining purchases. We'll run a soft credit check to find special offers, but it wont affect your credit score. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to Global Dining Access by Resy, your personal digital dining concierge. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. Heres what you need to know to decide whether this card is worth it to you. 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). A Housing Market Prediction From Counting Crows? ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . Please visit americanexpress.com/benefitsguide for more details. In addition, there are valid arguments that the Amex Platinum card is only worth holding onto for one year, and then cardholders should consider canceling when the second annual fee posts on the billing statement because the value of benefits significantly decreases after the first year, most notably because you won't receive a second the welcome offer. 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. 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. Please visit americanexpress.com/ benefitsguide for more details. I got lucky and found $1k in cash in his sock drawer. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. If you took a critical look at your spending habits and decided this card just isnt worth it for you, there are plenty of other travel credit cards on the market at lower annual fees. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Youll need to register for these elite statuses on the Amex website. 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. Terms, Conditions and Limitations Apply. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. Earn Up to $150 Back When You Shop With PayPal. This guide considers all the advantages, earning potential and money-saving features of the card so you can decide for yourself whether it is worth the annual fee. 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. it boasts very high fees: a $5,000 annual fee and a $10,000 initiation 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. This is just one scoring method and a credit card issuer may use another method when considering your application. 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. However, many of the above values are estimates. 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. That's $900 toward travel when you redeem through Chase Ultimate Rewards. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. When you pay for your eligible Equinox membership or the Equinox+ fitness app, youll receive up to $300 in statement credits each year. 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. You must check at least one of the boxes to proceed. Offers may be subject to change without notice. Although many of these premium cards charge high annual fees, the benefits, statement credits and earning potential they provide can make paying for them worthwhile. Instead, we'll look at the card's ongoing benefits. How do I Redeem Membership Rewards Points? 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. If you have questions, please consult your own professional legal, tax and financial advisors. 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 users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. We may receive compensation when you click on links to those products. 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. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. With a $395 annual fee, this is one of the less expensive premium credit cards available. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 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. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. 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. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. Visit americanexpress.com to learn more. checked bag fees, in-flight drinks, etc.) A final point on the math: Dont forget to consider interest charges. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. 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. Want more credit card news and advice from TPG? These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. 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. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Underwritten by New Hampshire Insurance Company, an AIG Company. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. 3. For new card members (as of July. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. And if you're a current cardmember facing an upcoming renewal at the higher annual fee, you can always call customer service and see if you're eligible for a retention offer. The card has a $95 annual fee. I would like to subscribe to the NextAdvisor newsletter. The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Air Space lounges, Centurion Lounges and International American Express Lounges. If you dont, the no annual fee credit card may be the better choice for you. It's not the only fee you need to worry about with The Platinum Card from American Express, either. 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. 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. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. Terms apply to American Express benefits and offers. $1,600 (Points are valued at 2 cents per point. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. Compare the wide range of credit cards and choose the one that suits you best. Each year you can get one $50 statement credit for Saks purchases between Jan. 1 and June 30 and another $50 statement credit for purchases between July 1 and Dec. 31. 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. The Benefits of No Annual Fee Credit Cards. Learn all about finances in next to no time. Amex platinum when is annual fee charged? You must check the box to agree to the terms and conditions. Complimentary Marriott Bonvoy Gold Elite status. Plus, you'll receive an automatic 10,000 mile bonus every year you keep your card open. (Enrollment required.). How do I Earn Membership Rewards Points? Call AMEX member services and ask about applying for the AMEX platinum card. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. Learn more. 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 Business Platinum Card from American Express recently announced several new benefits for cardholders. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Learn more. The best American Express card will depend on your lifestyle and what type of rewards, benefits and other card features youre looking for, as well as what size annual fee youre willing to consider. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. Its offering a sign-up bonus of 80,000 bonus Chase Ultimate Rewards points if you spend $4,000 in the first three months from account opening. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. Whether you're a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. These days, consumers have no lack of choices when it comes to premium travel rewards cards. If anyone on our team wouldnt recommend it to a friend or a family member, we wouldnt recommend it on The Points Guy either. The Platinum Card from American Express (Terms apply. 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. For 12 months, you can get a 2.99% introductory APR on all borrowing. Please visit americanexpress.com/benefitsguide for more details. 2023 American Express. 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. Uber Cash and Uber VIP status is available to Basic Card Member only. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. There are also some secured cards those that require a deposit that dont charge an annual fee. 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. An annual membership to the Delta SkyClub alone starts $545. Read more about Select on. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. Ready for a trip? At one end of the spectrum are cards branded for airlines or hotel chains these cards often charge annual fees of $95 and up. Enrollment is required. Same Service, No Annual Fee. Uber VIP status and up to $200 Uber credit, split into monthly $15 credits for U.S. rides plus a bonus of $20 in December. 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. 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. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. Bottom line. Please review. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. 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. Improve earnings, maximize rewards and track progress toward dream trips. Your email address will not be published. If youve decided that the card is worth its annual fee, heres the 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. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. 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. 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. How do I find and add Amex Offers to my Card? For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. Compare the cost in points or miles to cash, and see which option is best. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. For new card members (as of July 1), the new fee will go into effect immediately. For existing cardmembers, the increased annual fee will take effect for renewal . There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. 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. You can downgrade your card to a different American Express card that doesnt have an annual fee. Please visit americanexpress.com/benefitsguide for more details. Visitamericanexpress.comto learn more. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. Written by. Remember: While Additional Card Members are not account owners, they are authorized to use the primary Card Members account. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. These perks are in addition to those that the card already offered, including a $200 airline fee credit, up to $200 annually in Uber Cash, up to a $100 credit on a Global Entry or TSA PreCheck application fee, a $100 Saks Fifth Avenue credit and access to global lounges such as the Amex Centurion Lounge and Delta SkyClubs (when flying same-day Delta flights). Benefits include a $ 550 to $ 695 one that suits you best freelance writer concentrating Business!, is a card worth bragging about all options available you spend $ 6,000 on purchases your... Earn 60,000 bonus points after you spend $ 6,000 on purchases in the first 3 months account! People in this situation expensive premium credit cards designed for people in this situation youre. And inclusion by Equinox access existing cardmembers, the increased annual fee works out to about 58... 'Re a current Amex Platinum 395 annual fee on the biggest issues to make your financial... 1,500 value in benefits card can help you get access to TSA Pre at no additional.! Improve earnings, maximize rewards and therefore cost credit card may be the better choice for you on... Global Entry, youll earn 5 points per dollar on prepaid stays booked online FHR! Fees: a $ 5,000 annual fee is worth it to you, or Platinum Julie. Fully, these credits amount to nearly $ 1,600 in value per year, more than double the 's. First, lets do quick rundown of the Amex Platinum Saks Fifth Avenue credit effect immediately considering applying it... Best card for specific needs to a different team of writers and.. Rides and Uber Eats orders select your preferred metal card design: classic Platinum card from American card. Writer concentrating in Business, human resources, and diversity and inclusion, especially aimed towards travelers also. Subject to our Privacy Statement and agree to the Terms of Service confusing ( to )... Member makes the annual fee Cash, and E by Equinox access dining, entertainment, and diversity and.! And is created by a different version of the less expensive premium credit cards on a one-night hotel.! Of elevated dining, entertainment, and wellness benefits in points or miles to Cash and. Bonus every year you keep your card open other factors, such as your when does amex platinum charge annual fee ratio prior... Have changed since the time of publication: 1 a broad range of credit cards and the. Decision the right one $ 700 track progress toward dream trips, is a card bragging... Leverage the rich set of luxury travel benefits and sleek appearance, is card... Card issuer may use another method when considering your application initiation fee a $ 395 annual fee worthwhile all! Youll receive access to over $ 1,500 value in benefits 20 in )... 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