(Enrollment is required for select benefits.). That's only $1000 of spending per month required. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 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. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. . The welcome offer is also something to consider in your calculations, but only for the first year. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. 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. All Rights Reserved. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. $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. It's not the only fee you need to worry about with The Platinum Card from American Express, either. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. Youll need to register for these elite statuses on the Amex website. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Both the The Platinum Card from American Express for Charles Schwab* and The Platinum Card from American Express exclusively for Morgan Stanley* offer credits toward the annual feebut only if you hold substantial assets at the corresponding brokerage. 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. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. You will get $20 back each month for one or more of the following services: Peacock, The New York Times, Audible, Sirius XM, Hulu, ESPN, The Disney Bundle, Disney+ (enrollment required). 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. All rights reserved. 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. 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. Terms apply to American Express benefits and offers. Eligibility and Benefit level varies by Card. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. Plus Ups are excluded. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Is a Credit Card with an Annual Fee Worth It? Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. Terms, Conditions and Limitations Apply. Depending on how airlines code certain purchases, however, it is also sometimes possible to purchase airline gift cards to use toward tickets and be reimbursed via the credit (note that this can change unexpectedly). Must select one airline and charge to Amex Plat. Becky Pokora is an avid traveler with a particular love for the outdoors. 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. Others may not be able to easily access these benefits based on location or travel habits. But, if you spend $5,000 each year on eligible airfare and prepaid hotel bookings, youll earn 25,000 points on these purchases, which is worth about $500. In addition, take the time to figure out if you'll be able to use the credits. Please visit americanexpress.com/benefitsguide for more details. Please review. 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. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. 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. In addition to hotel elite status, cardholders can enroll for status with several car rental programs, including Avis Preferred, Hertz Gold Plus Rewards and National Car Rental Emerald Club Executive. The representative can sometimes find a supervisor willing to approve the request. Complimentary Marriott Bonvoy Gold Elite status. A final point on the math: Dont forget to consider interest charges. Its not a cash equivalent if you dont use a credit and in many cases youll need to make a special effort to earn them. Given the byzantine nature of this perk and how much you have to spend to leverage it, though, we're not really considering it here. Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel. These same two cards also offer introductory bonuses if you spend at least $1,000 during the first three months you have the card. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. If you can maximize all of its annual statement credits, youre looking at nearly $1,600 in value. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. Amex Just Increased the Platinum Cards Annual Fee to $695. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. Terms, Conditions and Limitations Apply. 2023 American Express. 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. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. How do I Redeem Membership Rewards Points? One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers Civil Relief Act. Most Americans prefer no annual fee credit cards, but thats not always the smart move. 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. 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. Your lifestyle and spending habits will dictate whether its a good idea to pay a credit card annual fee in order to enjoy a particular set of card features and perks. 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. Unfortunately, the Equinox and entertainment credits are more like coupons. This site does not include all credit card companies or all available credit card offers. We want to help you make more informed decisions. 7 Card Members must link their Platinum Card to their Uber app. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. Earn 10,000 Membership Rewards Points. The Business Platinum Card from American Express recently announced several new benefits for cardholders. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. Don't forget to check the CardMatch tool to see if youre targeted for a 125,000 or 150,000-point Platinum card offer (after meeting minimum spending requirements). But those benefits don't come cheap: The Amex Platinum annual fee just increased to a whopping $695 (see rates & 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. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. Offers may be subject to change without notice. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. 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. The venerable Platinum Card has a $695 annual fee. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. 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. Enrollment required. You can even use Pay With Points to purchase your tickets. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . 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: That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. 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? 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. Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. Amex platinum when is annual fee charged? 21.99% p.a. Step 3. With those credits and benefits, though, comes a price. Also, earn 1.5X points (that's an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. Read more about Select on. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. Lets look at each credit individually and how you can take full advantage of it. First, lets do quick rundown of the current benefits of the card. 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. Most people will need to pay the $695 annual fee on The Platinum Card from American Express in full each year. You will receive up to $189 per year in statement credit to apply for CLEAR, a biometric security program located at airports and stadiums across the U.S. We only value this at $100 because members of select airline loyalty programs can apply for CLEAR at a discounted rate. 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. They are also eligible to earn 5 points per dollar on prepaid hotels booked on Amex Travel, including prepaid Amex Fine Hotels & Resorts bookings made online. 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