Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. 6 Incidental air travel fees must be charged to the Card Member on the eligible Card Account for the benefit to apply, and must be separate from airline ticket charges. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. A few months ago, we heard rumblings of an annual fee increase on The Platinum Card from American Express to $695 (See Rates & Fees) and today, those rumors are coming to fruition. Blue Cash Everyday Card Cash Back Starts Here. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. Plus, the various other benefits of the card can be worth even more for most frequent travelers. In the right hands, the classic status card's staggering annual fee is well justified. 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. Related: How to make sure youre getting your Amex Platinum Uber credits. At 80,000 points, the welcome offer alone is worth around $1,600 by our latest estimates thanks to how versatile American Express Membership Rewards points are. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. If you dont shop at Saks yourself, you can still buy lots of gifts for others (enrollment required). Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. Learn more. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . $695 annual fee . That's only $1000 of spending per month required. In addition, unlike the Priory Pass privileges on other cards, it does not include credits at airport restaurants. 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. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. 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. What benefits do amex platinum authorized users get? 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. Cost includes $12.95 plus applicable local sales tax. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the 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. To enjoy the features and perks of some credit cards, you pay an annual fee. By doing so, youll get elite-like benefits including noon check-in (based on availability), room upgrades (when available), daily breakfast for two people, complimentary Wi-Fi, guaranteed 4 p.m. late checkout and a unique property amenity valued at $100 or more. 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. 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. For new card members (as of July 1), the new fee will go into effect immediately. 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. How do I Earn Membership Rewards Points? At home or at the gym: The best credit cards to maximize your next workout, seemingly comes with every premium credit card, prepaid Amex Fine Hotels & Resorts bookings made online, eligible Amex Fine Hotels & Resorts stays, The American Express Global Lounge Collection, youll need to request your membership card, these guests will also need to be flying Delta, 5 points per dollar on prepaid stays booked online through FHR, full guide on the Fine Hotels + Resorts Program, The Hotel Collection with American Express Travel, full guide to the Cruise Privileges Program, National Car Rental Emerald Club Executive, Do Not Sell or Share My Personal Information, Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. In addition, take the time to figure out if you'll be able to use the credits. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. You can book up to three rooms and receive these benefits on each room. Annual fees are typically charged after the first year of membership. Information provided on Forbes Advisor is for educational purposes only. Other related questions: Q: Does Amex charge annual fee immediately? I got lucky and found $1k in cash in his sock drawer. 7 Card Members must link their Platinum Card to their Uber app. By providing my email I agree to receive Forbes Advisor promotions, offers and additional Forbes Marketplace services. it boasts very high fees: a $5,000 annual fee and a $10,000 initiation fee. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. Please visit americanexpress.com/benefitsguide for more details. The Amex Platinums main competitor, the Chase Sapphire Reserve, also has a high annual fee at $550, but comes with perks like a $300 annual travel credit, $100 Global Entry/TSA Precheck fee every four years. Nordstrom - 15,000. The dollar amount you save can vary, but we found it to be about 12% in many test cases. Your email address will not be published. You travel often, and want the perks offered by certain cards. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. 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. Please visit americanexpress.com/benefitsguide for more details. (Enrollment is required for Priority Pass.). interest rate. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . However, it still does not include baggage delay reimbursement. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. 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. 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. You can downgrade your card to a different American Express card that doesnt have an annual fee. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . 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. 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. We'd love to hear from you, please enter your comments. 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. 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. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. Macys American Express - 6400, 19,000. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). 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. Youll need to register for these elite statuses on the Amex website. 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. | BestCreditCard. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. 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. How do I Earn Membership Rewards Points? Find the right card for you. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. That's $900 toward travel when you redeem through Chase Ultimate Rewards. But not everyone will extract that much value from Amex points. 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. For rates and fees of the Business Platinum Card from American Express, click here. When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. 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. 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. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum 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. He contributed to major publications including Bloomberg, Conde Nast Traveler, National Geographic Traveler and Travel + Leisure before rejoining TPG as director of content in 2021. You must check the box to agree to the terms and conditions. You will receive complimentary Gold Elite status benefits when you book directly at Marriott properties. Only a handful of cards (mostly invitation-only. 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. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. (Enrollment is required for select benefits.). However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Terms, Conditions and Limitations Apply. Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. This can help negate the cost of the $250 annual fee (See Rates & Fees). Descended from the first-ever travel and dining credit card, the American Express Platinum Cardhas long been at the forefront of luxury travel, with high points multipliers and strong benefits. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. 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. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. You can even use Pay With Points to purchase your tickets. 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. 2. Please visit americanexpress.com/benefitsguide for more details. To get an Amex annual fee refund after closing an account, call customer service at (800) 528-4800 within 30 days to request a refund check. 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. The Benefits of No Annual Fee Credit Cards. You charge enough that the rewards you earn offset the fee. Others may not be able to easily access these benefits based on location or travel habits. Hot Tip: You receive the airline incidental once per calendar year. 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. Photo by Isabelle Raphael/The Points Guy. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military, for example. Personalized offers viaCardMatch to agree to receive Forbes Advisor is for educational purposes only monthly basis, from. 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