Information is accurate as of the publish date. The new benefits go into effect on July 1, 2021 for both existing and new card members. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. For rates and fees of The Platinum Card from American Express, click here. Please visit americanexpress.com/benefitsguide for more details. But that is only valuable to you if you use them. This card shines for this use, but overall the star ratings may differ when compared to other cards. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . Whether youre an avid cruiser or only take one cruise every year or two, this benefit is worth mentioning. . 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. That means you may have the $695 annual charge for the American Express Platinum Card removed. Not only can you earn Membership Rewards points for Additional Card Member purchases in the same way you do on your own, Additional Gold Card for Platinum Card Members get benefits like Global Entry or TSA Pre fee credits and access to The Hotel Collection.8 Adding an Additional Card Member can also be an effective way to help that person learn financial responsibility and establish credit if theyre 18 or older. For rates and fees of the Business Platinum Card from American Express, click here. 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. For more information, see. 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. 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. 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. Each calendar (not account anniversary) year, cardmembers can get up to $200 back in statement credits toward incidental fees on a single U.S. airline of their choice that they designate. Up to $300 statement credit when purchasing one SoulCycle at-home bike on up to 15 bikes per calendar year. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. You can downgrade your card to a different American Express card that doesnt have an annual fee. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. To enjoy the features and perks of some credit cards, you pay an annual fee. Underwritten by AMEX Assurance Company. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 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. | BestCreditCard. Learn more. 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. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. The fee is typically charged in full when you open your account and then once a year in your anniversary month, though a few cards will divide the fee into installments and collect it monthly. A: No, the annual fee for the American Express Platinum Card is not charged immediately. 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. 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. What Is a Credit Card Annual Fee? A Housing Market Prediction From Counting Crows? The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. $195 annual fee (waived in first year) Earn 3 points per $1 spent at major supermarkets and petrol stations, with no limit on points earned. But aside from the benefits, be sure to evaluate your own spending prior to applying. The venerable Platinum Card has a $695 annual fee. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. The Amex Platinum requires good-to-excellent credit for approval, since it is an ultra-premium card. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. Up to a $155 statement credit that covers the cost of a monthly. That's $750 when you redeem through Chase Ultimate Rewards. Please visit americanexpress.com/benefitsguide for more details. Get $200 back in statement credits each year on prepaid hotel stays at either Fine Hotels + Resorts or The Hotel Collection, which requires a minimum two-night stay. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. The Benefits of No Annual Fee Credit Cards. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. Many middle-class households can make this work. 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). 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. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. 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. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. 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. Once that's done, youll automatically receive $15 in Uber cash credit each month, except for December, when you get $35 worth. Select independently determines what we cover and recommend. $695 annual fee . It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. Please visit americanexpress.com/benefitsguide for more details. 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. The Platinum Card from American Express ($695 annual fee; see rates and fees) currently offers: Enrollment is required for select benefits. Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. We want to help you make more informed decisions. The venerable Platinum Card has a $695 annual fee. Almost S$2,000 for a credit card may seem expensive, but looking at the price tag alone does not tell you the value of an item. Eligibility and Benefit level varies by Card. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. How do I find and add Amex Offers to my Card? That's $900 toward travel when you redeem through Chase Ultimate Rewards. 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. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. If you do use these services, as well as other perks that the card offers, you can easily offset the cost of the annual fee. the fee is typically charged in full when you open your account and then once a year in your anniversary month, though a few cards will divide the fee into installments and collect it monthly.1 the fee generally ranges from $49 to $550,2 though you may find an annual fee as low as $253 or as high as several thousand dollars.4 but there are also Terms, Conditions and Limitations Apply. Past performance is not indicative of future results. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. The value of the credits we tallied up doesn't take into account other American Express features such as *purchase protection, travel insurance and concierge service, among others. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. It is offering a welcome offer of 60,000 points when you spend $4,000 on eligible purchases within six months of card membership, and earns 4 points per dollar on dining and at U.S. supermarkets (up to $25,000 per calendar year, then 1 point per dollar), as well as 3 points per dollar on airfare booked directly with airlines or through Amex Travel and 1 point on everything else. You will receive up to $100 every 4 years after you apply for Global Entry. These are provided as guidelines only and approval is not guaranteed. In an attempt to make the Platinum Card more lifestyle-focused, Amex added a digital entertainment credit that offers reimbursement for the following services: Audible, Peacock, SiriusXM and The New York Times. 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. Allan Halcrowis a freelance writer concentrating in business, human resources, and diversity and inclusion. Please review. With the cards many statement credits, you could potentially reap double the annual fee in value before even factoring in benefits like airline lounge access and automatic elite status with travel partners. 21.99% p.a. In addition, take the time to figure out if you'll be able to use the credits. Below, Select breaks down the Amex Platinum's rewards, benefits and fees to help you decide if it's the right card for you, despite the high annual fee. 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. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This is another great benefit targeted toward frequent travelers. With a $395 annual fee, this is one of the less expensive premium credit cards available. That's $750 when you redeem through Chase Ultimate Rewards. 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. 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 Platinum Card also gets cardholders into Delta Sky Clubs on same-day flights operated by Delta and its partner airlines. 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. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. DEXSTA's VISA Platinum is just that type of card. Remember: While Additional Card Members are not account owners, they are authorized to use the primary Card Members account. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. In many cases, cards with an annual fee may be a better value. Running the Numbers on Travel Card Annual Fees. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. However, it does have a $550 annual fee. It has a $95 annual fee and comes with perks like a complimentary DoorDash DashPass membership through 12/31/24. 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. 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. Barclay Arrival Mastercard - 7,000. 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. 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