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. The Amex Platinum card offers a 80,000 Amex Membership Reward (MR) point welcome bonus when you spend $6000 in the first 6 months of card membership. You can downgrade your card to a different American Express card that doesnt have an annual fee. Once you've selected your airline, you can simply charge these expenses to your Amex Platinum card and you'll automatically be reimbursed in the form of a statement credit within 4 weeks of the charge posting to your account. One airline-branded card, for example, offers a free checked bag for the cardholder and a companion. The Platinum Card has the best lounge access benefits of almost any rewards card out there thanks to The American Express Global Lounge Collection. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. Next, consider the Platinum Cards benefits, such as earning 5 Membership Rewards per dollar on select airfare and hotel purchases, extensive lounge access, excellent travel protections, elite status with Hilton and Marriott, access to the Hotel Collection and Amex Fine Hotels + Resorts booking perks and more and decide how much value these benefits can provide to you. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile. Please see our. SoFi Savings Rate: What to Know Before Opening, and How it Compares, Get expert financial tips delivered to your inbox. Call AMEX member services and ask about applying for the AMEX platinum card. Please view our advertising policy page for more information. 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. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. $1,600 (Points are valued at 2 cents per point. 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 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. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. NextAdvisor may receive compensation for some links to products and services on this website. Let's get the bad news out of the way up front the Amex Platinum 's annual fee has increased from $550 to $695 ( Rates & Fees ): The $695 annual fee applies for new accounts opened as of July 1, 2021. The American Express Platinum Cards $695 annual fee works out to about $58 a month. That's only $1000 of spending per month required. In the right hands, the classic status card's staggering annual fee is well justified. A Housing Market Prediction From Counting Crows? Credit Score ranges are based on FICO credit scoring. If your application is not approved for those options, you may have to choose between the annual fee or doing without a card. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. 2% cash back at gas stations and some department stores. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. Earn 5X total points on flights 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. Underwritten by AMEX Assurance Company. 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. Photo by Isabelle Raphael/The Points Guy. For an explanation of our Advertising Policy, visit. Adding Card Members to your account can be a great way to maximize points-earning potential and extend benefits to those you care about. What benefits do amex platinum authorized users get? 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. 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. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. 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. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. You will be charged the annual fee on your first statement after your account anniversary date. 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. Is It Worth Paying an Annual Fee for a Credit Card. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Eligibility and Benefit level varies by Card. Related: How to make sure youre getting your Amex Platinum Uber credits. 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. I got lucky and found $1k in cash in his sock drawer. You will receive complimentary Gold status benefits when you book directly at Hilton properties. Visitamericanexpress.comto learn more. You might want to run the numbers on travel credit cards, too. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Please review. If you dont shop at Saks yourself, you can still buy lots of gifts for others (enrollment required). 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). Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. 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. Annual fees are typically charged after the first year of membership. For more information, see. Note that if youre booking through The Hotel Collection, theres a minimum stay requirement of two nights. Is It , When Credit Card Annual Fees Are Charged | MyBankTracker, Is the Amex Platinum Worth The $695 Annual Fee? 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. Find the right card for you. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. 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. Most Americans prefer no annual fee credit cards, but thats not always the smart move. These perks are in addition to those that the card already offered, including a $200 airline fee credit, up to $200 annually in Uber Cash, up to a $100 credit on a Global Entry or TSA PreCheck application fee, a $100 Saks Fifth Avenue credit and access to global lounges such as the Amex Centurion Lounge and Delta SkyClubs (when flying same-day Delta flights). Comparing Annual vs. No Annual Fee Credit Cards. 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. All Credit Intelcontent is written by freelance authors and commissioned and paid for by American Express. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025, Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 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. You must check at least one of the boxes to proceed. Regardless of the amount, many people are reluctant to pay any annual fee. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. Something went wrong. For new card members (as of July 1), the new fee will go into effect immediately. 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. Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. 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. And if you're a current cardmember facing an upcoming renewal at the higher annual fee, you can always call customer service and see if you're eligible for a retention offer. A Complete Guide, How to Make the Most of Travel Credit Cards, Better Mortgage Lender Review 2023: Easy Online Preapproval Experience, Limited Menu, $200 hotel credit as an annual statement credit for prepaid Fine Hotels + Resorts or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel, $240 in annual statement credits (up to $20 per month) on purchases or subscriptions with Audible, The New York Times, SiriusXM and Peacock, $300 in annual statement credits (up to $25 per month) on eligible Equinox memberships or a digital subscriptions to Equinox+, an on-demand fitness app. 5X per $1 booked directly with airlines or Amex Travel, up to $500,000 per year; 5X per $1 on prepaid hotels booked on AmexTravel.com; 1x per $1 on other purchases. Amex Platinum Quick Facts. You travel often, and want the perks offered by certain cards. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. 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. 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. 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