That means you may have the $695 annual charge for the American Express Platinum Card removed. That's $900 toward travel when you redeem through Chase Ultimate Rewards. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. $695 annual fee . Uber Cash and Uber VIP status is available to Basic Card Member only. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. Make sure to activate this credit first under the Benefits section of your Amex Platinum account, which will then send you to the Clear website to sign up for the membership. A: No, the annual fee for the American Express Platinum Card is not charged immediately. Please visit americanexpress.com/benefitsguide for more details. However, it still does not include baggage delay reimbursement. 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. The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. Proudly powered by WordPress ByMegan Doyle | American ExpressCredit IntelFreelance Contributor, Amex Platinum Annual Fee and Suite of Credits and Benefits, The Platinum Card Can Help You Build Positive Experiences, Amex Platinum Authorized User Benefits and Fees, The American Express Platinum Card annual fee is $695.1. Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. 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. Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. . Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. Barclay Arrival Mastercard - 7,000. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. Thanks & Welcome to the Forbes Advisor Community! 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 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. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. Must select one airline and charge to Amex Plat. Amex Platinum Quick Facts. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. (Enrollment required.). In subsequent years, youll see the annual fee in the anniversary month of your account. 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. Cost includes $12.95 plus applicable local sales tax. Terms, Conditions and Limitations Apply. For more information, see. But that is only valuable to you if you use them. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. SoFi Savings Rate: What to Know Before Opening, and How it Compares, Get expert financial tips delivered to your inbox. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Annual fees are typically charged after the first year of membership. Clear lets you use biometric kiosks for identification purposes so you can skip the TSA agent shuffling through other travelers' identification and head straight to the baggage security line. 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. But aside from the benefits, be sure to evaluate your own spending prior to applying. Please visit americanexpress.com/benefitsguide for more details. Select independently determines what we cover and recommend. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. 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. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Information is accurate as of the publish date. Is Paying an Annual Fee for a Credit Card Worth It? The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. This site does not include all credit card companies or all available credit card offers. Hot Tip: You receive the airline incidental once per calendar year. The use of this website means that you accept the confidentiality regulations and the conditions of service. Our points-obsessed staff uses a plethora of credit cards on a daily basis. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. 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. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. 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. Annual fees are typically charged after the first year of membership. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Enrollment may be required for some American Express benefits and offers. $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. Terms, Conditions and Limitations Apply. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. Terms apply to American Express benefits and offers. Enrollment required. This can help negate the cost of the $250 annual fee (See Rates & Fees). Here is a list of the benefits you will receive in your first year of card membership: With over $3,500 in potential value, it's easy to justify having the American Express Platinum Card for one year even with a nearly $700 annual fee. Breeze through security with CLEAR lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your 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. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. On the other hand, if you will take advantage of its ongoing benefits, such as lounge access, Fine Hotels + Resorts bookings, Marriott and Hilton elite status, and International Airline Program ticket savings, as well as even just one or two of the credits, then springing for the Platinum Card from American Express is probably worthwhile. Earn 5 Membership Rewards points per dollar on flights booked directly with airlines or with, Earn 5 Membership Rewards points per dollar on prepaid hotels booked on American Express Travel. If you have questions, please consult your own professional legal, tax and financial advisors. You charge enough that the rewards you earn offset the fee. To view rates and fees for The Platinum Card from American Express please visit this page. Related: At home or at the gym: The best credit cards to maximize your next workout. The card's main fitness-focused statement credit is probably too targeted to be of use to a wide audience, but if you live in a big city where there are Equinox gyms, it's still worth mentioning. 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. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. Underwritten by New Hampshire Insurance Company, an AIG Company. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. By providing your email, you agree to the, One Thing Couples Should 'Never, Ever' Do With Their Money, According to Suze Orman, What Is Term Life Insurance? Compare the cost in points or miles to cash, and see which option is best. Another option is to instead apply for a different version of the Amex Platinum. We do not cover every offer on the market. Please visit americanexpress.com/benefitsguide for more details. Improve earnings, maximize rewards and track progress toward dream trips. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. 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. 3. 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. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. New cardmembers will see the annual fee on their first billing statement. For rates and fees of The Platinum Card from American Express, click here. Related: Clear expedited airport security program: Is it worth it? 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. Why Do Some Credit Cards Have Annual Fees?. An even lower fee option includes the Chase Sapphire Preferred Card. Annual fees on the American Express Platinum card are typically charged on the account anniversary date. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. Plus, you'll receive an automatic 10,000 mile bonus every year you keep your card open. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. For example, if you spend $500 each year on eligible Amex Fine Hotels & Resorts stays, youll earn 2,500 points on these stays, which are worth about $50 given our current valuations. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. 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. ShopRunner membership includes free two-day shipping and free return shipping on eligible items at participating online stores. Learn all about finances in next to no time. 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. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. The statement credits described in the previous section can easily help bring your effective annual fee down from the published $695 per year to $0 per year. First, lets do quick rundown of the current benefits of the card. DEXSTA's VISA Platinum is just that type of card. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. 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. I was told by CS that the Amex Ascend fee does not get included in the one annual fee policy - asked them to check multiple times and just stopped short of saying . If you add up all of the existing and new credits, youre looking at over $1,400 in value in your first year alone. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. 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. For example, lets consider two cash back rewards cards offered by the same company. Eligibility and Benefit level varies by Card. Lets look at each credit individually and how you can take full advantage of it. 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