The Forbes Advisor editorial team is independent and objective. How do I Earn Membership Rewards Points? In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. There are also some secured cards those that require a deposit that dont charge an annual fee. 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. All Credit Intelcontent is written by freelance authors and commissioned and paid for by 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. The only downside is that youll need to pay a $39 service fee per ticket, even if you book using the new online chat service. Past performance is not indicative of future results. By doing so, youll get elite-like benefits including noon check-in (based on availability), room upgrades (when available), daily breakfast for two people, complimentary Wi-Fi, guaranteed 4 p.m. late checkout and a unique property amenity valued at $100 or more. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. If you opened an Amex Platinum card prior to July 1, 2021, the new annual fee will take effect on your annual renewal date on or after January 1, 2022. Its important to note that other than Global Entry or TSA Pre, each Additional Card does not get its own allocation of 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. Running the Numbers on Travel Card Annual Fees. Purchase airline lounge day passes for future use. Eligibility and Benefit level varies by Card. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases. 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. Learn more. The Benefits of No Annual Fee Credit Cards. Like all American Express Cards, the Platinum Card allows you to add Additional Card Members, commonly known as authorized users, to your account. 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. Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. Youll also receive a complimentary Priority Pass Select lounge membership, which gives you access to over 1,300 airport lounges around the world. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. Do I pay upfront if I get approved or torward the end of the fiscal year. Card Members can apply for TSA Pre through any Authorized Enrollment Provider. To take advantage of this benefit, you must link your Platinum Card to your Uber account. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Youll need to enroll your Amex Platinum Card for this benefit to take effect, but theres no minimum purchase required. Breeze through security with CLEAR lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. 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. Please view our advertising policy page for more information. Barclay Arrival Mastercard - 7,000. 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. Equinox is a pricey fitness club with limited locations, and the entertainment credit is limited to just a handful of subscription services, these benefits deliver questionable value when justifying the annual fee. Plus Ups are excluded. Platinum cardholders can book stays through the Amex Fine Hotels + Resorts program. Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. In many cases, cards with an annual fee may be a better value. 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. You charge enough that the rewards you earn offset the fee. 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. 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. You will be charged the annual fee on your first statement after your account anniversary date. Improve earnings, maximize rewards and track progress toward dream trips. If you cannot maximize all of the cards credits each year perhaps because you live overseas and cant use the monthly Uber credits, or struggle to use the new lifestyle benefits for streaming services and Equinox then tally up the value of the credits you can use. For more on the Offer & Benefit Terms listed above, All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards, Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the, Whats more, Platinum also helps get you exclusive access to sought-after restaurants around the globe thanks to. 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. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. 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. 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. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Learn more. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. To view rates and fees for The Platinum Card from American Express please visit this page. Comparing Annual vs. No Annual Fee Credit Cards. Amex Platinum annual fee increase from $550 to $695. 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 even use Pay With Points to purchase your tickets. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. Someone who wont use the majority of these statement credits should probably skip this card. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. 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. Lastly, beginning with your second year of card membership, you can contact American Express to inquire if youre eligible for any retention offers. 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. Save my name, email, and website in this browser for the next time I comment. So, if you stay fewer nights, youll likely get less value from the status. Related: At home or at the gym: The best credit cards to maximize your next workout. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . Is Paying an Annual Fee for a Credit Card Worth It? While this won't directly offset my out-of-pocket cost for keeping the card, 55,000 Amex points can be worth far more than the annual fee. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. 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. 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. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. Both the The Platinum Card from American Express for Charles Schwab* and The Platinum Card from American Express exclusively for Morgan Stanley* offer credits toward the annual feebut only if you hold substantial assets at the corresponding brokerage. Eligibility and Benefit level varies by Card. We'll run a soft credit check to find special offers, but it wont affect your credit score. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses. 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. Hot Tip: You receive the airline incidental once per calendar year. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. American Express Platinum card Fees Annual Fee: $695 Cash Advance Fee: 5% (min $10) Foreign Fee: 0% Max Late Fee: $40 But that cards perks are rich. 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. 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). This compensation comes from two main sources. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. Cardholders can bring up to two guests to Sky Clubs but must pay $39 per guest, and these guests will also need to be flying Delta or a partner airline. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. Eligibility and Benefit level varies by Card. There's no guarantee that you'll receive one, but a statement credit or some bonus points may make the difference between keeping the card vs. canceling it. Platinum annual fee increase from $ 550 Amexs International Airline program, cardmembers can get discounts premium... 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