Someone who wont use the majority of these statement credits should probably skip this card. 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. 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). Read more about Select on. Eligibility and Benefit level varies by Card. 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. Capital One Venture X Vs. Chase Sapphire Reserve, How To Find The Cheapest Travel Insurance. The Platinum Card from American Express, 17 airline and three hotel transfer partners, $200 annual airline fee statement credits, Global Entry or an $85 fee credit for TSA PreCheck, American Express Global Lounge Collection, Gold Elite status in the Marriott Bonvoy program, purchase airline gift cards to use toward tickets, How to make sure youre getting your Amex Platinum Uber credits, enroll your Amex Platinum Card for this benefit to take effect, Your guide to the Amex Platinum Saks Fifth Avenue credit, Key things to know before getting Global Entry, How the Amex Platinum card easily saved me $200 on a one-night hotel stay. In many cases, cards with an annual fee may be a better value. 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? Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value. The $200 . 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. 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. 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. 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. Enrollment may be required for some American Express benefits and offers. Up to a $155 statement credit that covers the cost of a monthly. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. $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. Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. Most Americans prefer no annual fee credit cards, but thats not always the smart move. For new card members (as of July. For instance, if you opened a card on April 5, 2020, you can expect to . From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. Insider values Amex points as worth 1.8 cents each, on . She previously covered travel and credit cards as lifestyle. Please review. 21.99% p.a. 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. Now, the card has more statement credits than ever before, with opportunities to earn credits for purchases like airline incidental fees, hotel reservations and even subscriptions to digital entertainment services. 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. Comparing Annual vs. No Annual Fee Credit 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. Additional reporting by Stella Shon, Katie Genter and Bent J. Wilson. The welcome offer is also something to consider in your calculations, but only for the first year. Compare the cost in points or miles to cash, and see which option is best. Enrollment is required. Annual fees are typically charged after the first year of membership. Some cardholders tend to forget about the hotel elite status that comes with the Platinum Card. 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. Check here before booking an award fare. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. That's $900 toward travel when you redeem through Chase Ultimate Rewards. Many of the benefits, like the entertainment and Equinox credits, are essentially forcing some customers to spend more money than they normally would defeating the purpose of the card saving you money. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. This is just one scoring method and a credit card issuer may use another method when considering your application. Cardholders are eligible for this statement credit every four years (4.5 for PreCheck) since you have to renew your Global Entry or TSA PreCheck membership every five years. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Written by. 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. Eligibility and Benefit level varies by 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. No Annual Fee Credit Cards. This card shines for this use, but overall the star ratings may differ when compared to other cards. 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). 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. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. 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. But most importantly, don't force yourself into a difficult financial situation just to have a credit card. 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. Thankfully, the up to $200 prepaid hotel credit is fairly easy to . The new benefits go into effect on July 1, 2021 for both existing and new card members. Although many people avoid cards that charge an annual fee, cards with fees may be a savvy choice if you can make use of their benefits. 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. However, there are a few ways to waive the Amex Platinum annual fee if youre eligible. 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. For an explanation of our Advertising Policy, visit. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. Plus Ups are excluded. 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. 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. The fee is charged most often in these two cases: 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 $253or as high as several thousand dollars.4 But there are also many no annual fee credit cards. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. How do I Earn Membership Rewards Points? 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. Uber Cash and Uber VIP status is available to Basic Card Member only. An annual membership to the Delta SkyClub alone starts $545. Editors note: This is a recurring post, regularly updated with new information. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. These new perks, credits and discounts are accompanied by a new higher annual fee on the Amex Platinum. Sign up for our daily newsletter! What Is a Credit Card Annual Fee? Plus, your own feed of TPG content. 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. That's only $1000 of spending per month required. Before we get into the details of the benefits on the Platinum Card from American Express, here is a look at the cards current welcome offer and ongoing perks. A: No, American Express does not charge an annual fee immediately. The venerable Platinum Card has a $695 annual fee. 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. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. 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: How do I find and add Amex Offers to my Card? You have to ask yourself: Are these credits really worth their face value? Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. 3% cash back at gas stations and some department stories. Credit Score ranges are based on FICO credit scoring. Barclay Arrival Mastercard - 7,000. We want to help you make more informed decisions. 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). Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of credits. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. That said, maximizing each and every one of them requires an "extreme couponing" mindset that many cardmembers might not be able to muster. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. He is also the author of four books on management. 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. When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. Find the right card for you. This is another great benefit targeted toward frequent travelers. To view rates and fees for The Platinum Card from American Express please visit this page. You must check the box to agree to the terms and conditions. If you want similar travel perks to the Amex Platinum and you run a business, consider The Business Platinum Card from American Express. Our points-obsessed staff uses a plethora of credit cards on a daily basis. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. 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. To take advantage of this benefit, you must link your Platinum Card to your Uber account. Please visit americanexpress.com/benefitsguide for more details. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. If youre eligible to three Additional Platinum cards, then $ 175 for each Additional cards! Be a good deal great benefit targeted toward frequent travelers a no annual fee agree to be bound when does amex platinum charge annual fee Terms. Charged yearly on the Amex Platinum card to your Uber account no annual immediately! Memberships include complimentary access to the brand, the annual fee regularly updated with information. 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