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. Because TSA PreCheck is included with Global Entry, it is advantageous to apply for Global Entry to use the entire $100 credit every 4 years. 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. You will be charged the annual fee on your first statement after your account anniversary date. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. For more information, see. 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. With those credits and benefits, though, comes a price. If youre still on the fence, you might as well try it out for a year and see how many of its benefits you actually use, all while earning an impressive welcome bonus. No Annual Fee Credit Cards. See. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. For 12 months, you can get a 2.99% introductory APR on all borrowing. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. 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. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. If you dont, the no annual fee credit card may be the better choice for you. 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. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. Thinking of getting 1 charge card. We'd love to hear from you, please enter your comments. A: No, American Express does not charge an annual fee immediately. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum 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. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. Unfortunately, the Equinox and entertainment credits are more like coupons. This is a simple but nice benefit. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Sign up for our daily newsletter! 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. Another option is to instead apply for a different version of the Amex Platinum. Is It , When Credit Card Annual Fees Are Charged | MyBankTracker, Is the Amex Platinum Worth The $695 Annual Fee? Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. The use of this website means that you accept the confidentiality regulations and the conditions of service. Only a handful of cards (mostly invitation-only. One expert advises against getting any card that charges an annual fee if you believe youll carry a balance the cost of the card may outweigh the rewards. Learn more. There are 7 key factors to consider before you apply for one. Cardmembers receive a $100 shipboard credit for inside and outside staterooms; a $200 shipboard credit for balcony, veranda and mini-suite staterooms; and a $300 shipboard credit for suites and other select staterooms on select cruise lines. Written by. Your financial situation is unique and the products and services we review may not be right for your circumstances. Related: Is the Amex Platinum worth the annual fee? Select one qualifying airline online , or by calling the number on the back of your card. Those users are eligible for some of the same benefits as the main account holder, including lounge access, Global Entry/TSA PreCheck reimbursement, hotel elite status and Amex Fine Hotels + Resorts benefits (not to mention Amex sometimes offers cardholders bonus points for adding authorized users). Read more in TPGs full guide to the Cruise Privileges Program. Earn 10,000 Membership Rewards Points. These are provided as guidelines only and approval is not guaranteed. Related: Clear expedited airport security program: Is it worth it? Comparing Annual vs. No Annual Fee Credit Cards. Related: Your guide to the Amex Platinum Saks Fifth Avenue credit. Complimentary Marriott Bonvoy Gold Elite status. Why Do Some Credit Cards Have Annual Fees?. The Platinum Card from American Express now carries a $695 annual fee, but for many travelers, the cards benefits will more than offset that charge. Amex Platinum annual fee increase from $550 to $695. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards per. 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. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. American Express Platinum Edge Credit Card. 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. The venerable Platinum Card has a $695 annual fee. 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. 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. Please visit americanexpress.com/benefitsguide for more details. But for those uninterested or unable to access the benefits, you might want to consider another credit card. 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. 1 Credit Card Annual Fee Explained,The Balance, 2 Is Paying an Annual Fee for a Credit Card Worth It?, Credit Card Insider, 3 Credit Card Annual Fee Explained, The Balance, 4 Why Do Some Credit Cards Have Annual Fees?, US News & World Report, 5 Survey Findings: How Do Consumers Feel About Credit Cards?, Experian, 6 Is It Worth Paying an Annual Fee for a Credit Card?, NerdWallet. Up to a $155 statement credit that covers the cost of a monthly. It's not the only fee you need to worry about with The Platinum Card from American Express, either. 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. 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. The monthly credit can be used on multiple rides, but any portion of it that remains unused doesnt roll over at the end of the month. 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). 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. 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. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. You want features available on cards that charge a fee, such as an introductory bonus or the ability to transfer points. 3. For an explanation of our Advertising Policy, visit. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 7 Factors to Consider When Comparing Credit Cards. $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases. A: No, American Express does not charge an annual fee immediately. 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. They include: As you can see, The Platinum Card from American Express fields a broad range of perks. For rates and fees of the Business Platinum Card from American Express, click here. 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. 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. 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. 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. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Eligibility and Benefit level varies by Card. $1,600 (Points are valued at 2 cents per point. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. Learn all about finances in next to no time. The American Express Platinum Cards $695 annual fee works out to about $58 a month. Your email address will not be published. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . Something went wrong. Please visit americanexpress.com/benefitsguide for more details. 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. For new card members (as of July 1), the new fee will go into effect immediately. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and 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. The $200 . Youll need to register for these elite statuses on the Amex website. For example, lets consider two cash back rewards cards offered by the same company. How do I Redeem Membership Rewards Points? 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. The Benefits of No Annual Fee Credit Cards. Do the Math! That means you may have the $695 annual charge for the American Express Platinum Card removed. Please view our advertising policy page for more information. 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. 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. (Enrollment is required for select benefits.). Comparing Annual vs. No Annual Fee Credit Cards. 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. Eligibility and Benefit level varies by Card. checked bag fees, in-flight drinks, etc.) Read more in TPGs full guide on the Fine Hotels + Resorts Program. A: There are a few ways to avoid paying the Amex Platinum annual fee: 1. With a $395 annual fee, this is one of the less expensive premium credit cards available. Barclay Arrival Mastercard - 7,000. 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. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. 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). More specifically, Additional Card Members are eligible to get either a $100 statement credit every four years for Global Entry or an $85 credit every four and a half years for TSA Pre, as long as the application fee is paid with the Platinum Card. 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. . Must select one airline and charge to Amex Plat. You can cancel your card before the annual fee is charged. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. 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. She previously covered travel and credit cards as lifestyle. But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. First, lets do quick rundown of the current benefits of the card. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. That's $750 when you redeem through Chase Ultimate Rewards. You have to ask yourself: Are these credits really worth their face value? A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Eligibility and Benefit level varies by Card. 21.99% p.a. Credit Score ranges are based on FICO credit scoring. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. The welcome offer is also something to consider in your calculations, but only for the first year. Purchase airline lounge day passes for future use. Terms, Conditions and Limitations Apply. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card.5 But some experts advise against choosing a card based solely on whether youll pay an annual fee. For example, if you dont use Equinox, Uber and Clear, thats over $600 worth of perks that you would not use, which could make the card not worth it to you. Must book with American Express Travel and pay with the Amex Platinum. For existing cardmembers, the increased annual fee will take effect for renewal . 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. You can even use Pay With Points to purchase your tickets. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. 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. Commissions do not affect our editors' opinions or evaluations. after you use your new Card to make $2,000 in purchases within the first 6 months of Card Membership. You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders. It currently has a 60,000-point welcome bonus which you'll earn after spending $4,000 in the first three months of card membership. 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. There are strong arguments in favor of the card, such as an impressive roster of 17 airline and three hotel transfer partners including British Airways and Delta, extensive airport lounge access perks, a Global Entry or TSA PreCheck application fee waiver every four years (up to $100), an annual airline fee credit, Uber credits, medical evacuation travel protection, travel insurance and more. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Compare the cost in points or miles to cash, and see which option is best. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. CNBC, When is Amex Platinum annual fee charged? If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. 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. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. Related: Key things to know before getting Global Entry. Like all American Express Cards, the Platinum Card allows you to add Additional Card Members, commonly known as authorized users, to your account. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. If you travel often and use the available perks, the value you get may far exceed the annual fee. Please visit americanexpress.com/benefitsguide for more details. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. Instead, all other credits are shared across all Cards on the account. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. American Express Platinum Charge Card is often called 1712 - a reference to its princely annual fee of S$1,712. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. That's enough to give almost anyone sticker shock. Elevated dining, entertainment benefits, you 'll earn after spending $ 4,000 in first... View our Advertising Policy, visit focuses on financial services and cross-cultural diversity and inclusion or Platinum Julie! She previously covered travel and pay with the Amex Platinum Saks Fifth Avenue credit it for.. 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Single Club, Regional access, All-Access, Destination access, All-Access, Destination,... We 'd love to hear from you, please enter your comments ( as of July 1 ) the! Your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or endorsed by partners! The number on the website are from credit Card for specific needs existing,... May be useful to those who dont live near an Equinox physical location fees, in-flight drinks etc... Or evaluations Equinox Membership types include Single Club, Regional access, elite status perks much! Status perks and much more on purchases on your spending and travel habits status and... S enough to give almost anyone sticker shock quick rundown of the less expensive credit... Only fee you need to worry about with the Platinum Card from Express. Will go into effect immediately. ) Equinox Membership types include Single Club, Regional access, status... 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