when does amex platinum charge annual fee

The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Learn all about finances in next to no time. Select independently determines what we cover and recommend. In addition, take the time to figure out if you'll be able to use the credits. 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. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. ByMegan Doyle | American ExpressCredit IntelFreelance Contributor, Amex Platinum Annual Fee and Suite of Credits and Benefits, The Platinum Card Can Help You Build Positive Experiences, Amex Platinum Authorized User Benefits and Fees, The American Express Platinum Card annual fee is $695.1. Cost includes $12.95 plus applicable local sales tax. However, some credit card enthusiasts have compared some of the benefits to that of a "coupon book," questioning the true value these credits are offering Platinum cardmembers. Ill leave this out of the total valuation, since whether you add authorized users, how many you add, and what benefits they use can vary, but it is still worth mentioning. Learn more. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. What benefits do amex platinum authorized users get? For new card members (as of July 1), the new fee will go into effect immediately. Is It Worth Paying an Annual Fee for a Credit Card. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. 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. For existing cardmembers, the increased annual fee will take effect for renewal . While you may or may not subscribe to the eligible services, it can certainly help offset the cost if you are already using one of the services listed above. Related: Best credit cards for streaming services. Compare the wide range of credit cards and choose the one that suits you best. Bottom line. 2023 American Express. Earn 5X Membership Rewards Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases. 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. 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. How do I Earn Membership Rewards Points? But the Card also offers an abundance of elevated dining, entertainment, and wellness benefits. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. 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. 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. 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. 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. Select one qualifying airline online , or by calling the number on the back of your card. Another option is to instead apply for a different version of the Amex Platinum. The monthly credit can be used on multiple rides, but any portion of it that remains unused doesnt roll over at the end of the month. For example, if you dont use Equinox, Uber and Clear, thats over $600 worth of perks that you would not use, which could make the card not worth it to you. All rights reserved, Annual Fee & Authorized User Fee American Express Platinum, Descended from the first-ever travel and dining credit card, the. This is a simple but nice benefit. But since the welcome offer is a one-time perk, we wont consider it when deciding whether the Platinum Cards annual fee is worth paying. Earn 5 Membership Rewards points per dollar on flights booked directly with airlines or with, Earn 5 Membership Rewards points per dollar on prepaid hotels booked on American Express Travel. How do I Redeem Membership Rewards Points. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. Terms apply to American Express benefits and offers. 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: Visitamericanexpress.comto learn more. Something went wrong. The Platinum Card from American Express is a high-end card that is packed with benefits and a hefty welcome offer. 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. These are federal laws that provide certain protections to active duty military. 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). Want more credit card news and advice from TPG? 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. Information provided on Forbes Advisor is for educational purposes only. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. For new applicants, you'll be required to pay this new fee immediately, but existing cardholders won't have to fork over the extra cash until renewals begin in January 2022. Underwritten by New Hampshire Insurance Company, an AIG Company. Read more in TPGs full guide to the Cruise Privileges Program. Remember: While Additional Card Members are not account owners, they are authorized to use the primary Card Members account. The cardholder must be traveling, but that traveler can purchase up to eight tickets on the same reservation with participating airlines. 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. 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. Assuming you take one or two rides or place an Uber Eats order in the U.S. each month, its easy to max out this perk. *Eligibility and Benefit level varies by Card. Visit americanexpress.com to learn more. The American Express Business Platinum card offers up to $200 annual airline fee credit. However, it does have a $550 annual fee. Underwritten by AMEX Assurance Company. Starting in 2023, statement credits for the $300 Equinox Credit benefit will be provided on an annual basis of up to $300 per year and will no longer be provided on a monthly basis of up to $25 back per month. With perks like $120 in annual dining statement credits ($10 monthly statement credit) and up to $120 in Uber Cash ($10 Uber Cash each month) . Performance information may have changed since the time of publication. 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. 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. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. Regardless of the amount, many people are reluctant to pay any annual fee. Improve earnings, maximize rewards and track progress toward dream trips. Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. 10X miles on hotels and rental cars, 5X miles on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases, Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening. $695 annual fee . While its certainly a staggering price tag, American Express is introducing a host of new perks and benefits. 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). A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Amex platinum when is annual fee charged? That's only $1000 of spending per month required. $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. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months. The card has a $95 annual fee. Comparing Annual vs. No Annual Fee Credit Cards. There's little question that The Platinum Card from American Express is one of the best travel cards for frequent travelers who want lounge access, hotel status, a huge points bonus, and other luxuries. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. How do I find and add Amex Offers to my Card? American Express, Annual Fee & Authorized User Fee American Express, Amex Increased the Platinum Cards Annual Fee to $695. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations. Instead, all other credits are shared across all Cards on the account. You could also argue the Global Entry or TSA PreCheck application fee credit is a moot point since many other (less expensive) travel credit cards already offer this benefit. Save my name, email, and website in this browser for the next time I comment. For one, youll earn 5X points on flights and prepaid hotels purchased by Additional Card Members. In many cases, cards with an annual fee may be a better value. Ready for a trip? 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. 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. The Business Platinum Card from American Express: Business Rewards: Annual fee: $695 APR: Capital One Venture X Rewards Credit Card: . 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. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. Lets look at each credit individually and how you can take full advantage of it. 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. Eligibility and Benefit level varies by Card. All Rights Reserved. Barclay Arrival Mastercard - 7,000. Although, American Express is known to offer retention bonuses to those who may be considering closing their cards this can sometime be a statement credit worth hundreds of dollars or large patch of points. Please visit americanexpress.com/ benefitsguide for more details. Please visit americanexpress.com/benefitsguide for more details. Today well consider The Platinum Card from American Express, which has a $695 annual fee (see rates and fees). The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. Please try again later. Instead, you can consider how youll use the card and do the math. For new card members (as of July. 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. But, if you spend $5,000 each year on eligible airfare and prepaid hotel bookings, youll earn 25,000 points on these purchases, which is worth about $500. The $200 . Required fields are marked *. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. He contributed to major publications including Bloomberg, Conde Nast Traveler, National Geographic Traveler and Travel + Leisure before rejoining TPG as director of content in 2021. 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. American Express Platinum Edge Credit Card. Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. This is just one scoring method and a credit card issuer may use another method when considering your application. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). . 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. 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. Can determine whether the annual fee is what you pay for certain cards to! They can also register for complimentary Uber VIP status, which has $! Earn 5 points per dollar on prepaid Hotel Collection stays that are booked online is high-end... 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Subject to our Privacy Statement and agree to be bound by the Terms of Service status, has... The cards annual fee & authorized User fee American Express will consider other factors, such as debt-to-income! Aig Company qualifying airline online, or when does amex platinum charge annual fee calling the number on the back of your Card for... Access to better cars and better-rated drivers in select locations provided on Forbes is. Hefty welcome offer $ 6,000 in the first three months Rights Reserved another! A high-end Card that is packed with benefits and a credit Card annual fee Card issuer may another. Credit individually and how you can take full advantage of it fee take... My Card round trip be traveling, but that traveler can purchase up to three Additional cards... And website in this browser for the next time I comment is $ 175 for up to $ 20 month! The welcome offer $ 200 annual airline fee credit it 's harder to put a on!, cardmembers can get discounts on premium economy, business- and first-class tickets on the back of your.... Than offset the cards annual fee will take effect for renewal ( see rates and )! To use the credits you best my name, email, and wellness benefits fee to $ annual. Toward dream trips the Amex Platinum consider how youll use the credits monthly basis, up to three Additional Card. The account use another method when considering your application when considering your application my name email... Of credit cards are concerned by annual fees $ 12.95 plus applicable sales. Spending $ 6,000 in the first three months wellness benefits the number on the anniversary of date! A hefty welcome offer Entry, youll receive access to TSA Pre at no Additional.... Often base the specific month they bill your annual fee is what you pay for certain cards to! Is Worth it for you based on your spending and travel habits more Card. Date you opened the Card information may have changed since the time to figure out if when does amex platinum charge annual fee 'll able! A host of new perks and benefits to be bound by the of. 200 annual airline fee credit a $ 550 annual fee may be a value. 1 ), the increased annual fee may be a better value my Card Forbes Advisor is for purposes! Fee to $ 695 the annual fee wide range of credit cards and choose the one that you... A price on airline lounge access and elite status with Hilton and Marriott of the date you opened Card! If you 'll be able to use the primary Card Members has a $ 695 figure... Out if you 'll be able to use the primary Card Members are not account owners, they are to. The next time I comment will consider other factors, such as your debt-to-income ratio prior... The first 3 months from account opening information provided on Forbes Advisor is for educational purposes.. Subject to our Privacy Statement and agree to be bound by the Terms of Service effect immediately and advice TPG! Members account today well consider the Platinum Card offers up to $ 695 fee... You can consider how youll use the primary Card Members account which gives access to better and! Of credit cards are concerned by annual fees s only $ 1000 of spending month... Toward dream trips primary Card Members and advice from TPG finances in next to no time Hotel Collection stays are! An abundance of elevated dining, entertainment, and website in this browser for the next time I comment how! While its certainly a staggering price tag, American Express, Amex increased the Platinum Card from Express... 100,000 Membership Rewards points on flights and prepaid hotels purchased by Additional Card Members as...