We earn a commission from affiliate partners on many offers and links. Call AMEX member services and ask about applying for the AMEX platinum card. 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. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. Note that the card also confers up to $300 in statement credits when purchasing one SoulCycle at-home bike (which retails for $2,500 apiece) on up to 15 bikes per calendar year. NextAdvisor may receive compensation for some links to products and services on this website. Related: Clear expedited airport security program: Is it worth it? Like all American Express Cards, the Platinum Card allows you to add Additional Card Members, commonly known as authorized users, to your account. 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. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the read full answer How do I get a credit card annual fee waived? However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. 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: Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. We'd love to hear from you, please enter your comments. Is Paying an Annual Fee for a Credit Card Worth It? Must book with American Express Travel and pay with the Amex Platinum. Comparing Annual vs. No Annual Fee Credit Cards. 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. The Amex Platinum Card confers a ton of other value-added advantages, both travel-related and otherwise. 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. 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. Another option is to instead apply for a different version of the Amex Platinum. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. Heres a look at the Platinum Cards annual fee and how the Card continues to go above and beyond. 3 Card Members must pay monthly Equinox membership fees with their Card to receive the statement credit. There is no guarantee youll receive an offer of any type. Enrollment required. Your email address will not be published. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. In addition, take the time to figure out if you'll be able to use the credits. Ready for a trip? Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Our points-obsessed staff uses a plethora of credit cards on a daily basis. 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. Enrollment is required. The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. This can help negate the cost of the $250 annual fee (See Rates & Fees). These offers are not extended to everyone and may depend on your purchasing and payment behaviors, but may include statement credits or Membership Rewards to offset the cost of the annual fee. Is It Worth Paying an Annual Fee for a Credit Card. Find the right card for you. Offers may be subject to change without notice. You will be charged the annual fee on your first statement after your account anniversary date. Please try again later. It doesnt come with many travel perks, though, other than up to a $100 application fee credit towards Global Entry or TSA PreCheck every four years. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. Others may not be able to easily access these benefits based on location or travel habits. Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. DEXSTA's Visa Platinum Card Offers A 2.99% Introductory Rate For Borrowers. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? It's not the only fee you need to worry about with The Platinum Card from American Express, either. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. If you have questions, please consult your own professional legal, tax and financial advisors. 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. First, lets do quick rundown of the current benefits of the card. Whats more, Additional Card Members will receive benefits including but not limited to Global Entry or TSA Pre fee credits. Terms apply to the offers listed on this page. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Credit Score ranges are based on FICO credit scoring. 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. 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. For example, suppose you have poor credit. 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. Same Service, No Annual Fee. Annual fees are typically charged after the first year of membership. DEXSTA's VISA Platinum is just that type of card. 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. But that cards perks are rich. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American. 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. Uber Cash and Uber VIP status is available to Basic Card Member only. 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. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. A final point on the math: Dont forget to consider interest charges. (Enrollment required.). Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. Uber Cash and Uber VIP status is available to Basic Card Member only. All Rights Reserved. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. How do I find and add Amex Offers to my Card? To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. 2 Coverage is provided by New Hampshire Insurance Company, an AIG Company. What Is a Credit Card Annual Fee? Blue Cash Everyday Card Cash Back Starts Here. Must select one airline and charge to Amex Plat. When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. Written by. 5 Passive Income Ideas That Will Make You Money in 2023, TD Bank: Review on Home Equity Loans and HELOCs. Theres a limit of one benefit package per stateroom and a three-stateroom limit per cardmember per sailing. Instead, all other credits are shared across all Cards on the account. Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. When you book a two-night or longer stay through The Hotel Collection with American Express Travel, youll get a $100 hotel credit for use on qualifying dining, spa and resort activities and a room upgrade upon arrival (when available). They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. Official application link: The Platinum Card from American Express with 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. AMEX Platinum Charge members are entitled to two complimentary supplementary cards (a S$160.50 fee applies for the third card onwards), a benefit you should absolutely max out. 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. 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). 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. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. 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. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. Related: Best credit cards for streaming services. 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. Purchase airline lounge day passes for future use. The dollar amount you save can vary, but we found it to be about 12% in many test cases. Get all of our latest home-related storiesfrom mortgage rates to refinance tipsdirectly to your inbox once a week. 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. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. How do I find and add Amex Offers to my Card? Whether youre an avid cruiser or only take one cruise every year or two, this benefit is worth mentioning. Some offers are no longer available. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. Editors note: This is a recurring post, regularly updated with new information. Read more in TPGs full guide on the Fine Hotels + Resorts Program. 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. You can call American Express and ask to have the annual fee waived or reduced. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. Terms apply to American Express benefits and offers. Please visit americanexpress.com/benefitsguide for more details. $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. The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Air Space lounges, Centurion Lounges and International American Express Lounges. Learn all about finances in next to no time. For more information, see. Complimentary Marriott Bonvoy Gold Elite status. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. If you're a regular Walmart customer, this can save you a ton of money. 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. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. When you pay for the $100 Global Entry application fee or the $85 TSA PreCheck fee using your card, it will be refunded to you as a statement credit. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. 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. 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