We'd love to hear from you, please enter your comments. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. 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. 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. This is a simple but nice benefit. The Platinum Card has a $695 annual fee.1 Though the fee is paid once a year, the math works out to about $58 a month. To enjoy the features and perks of some credit cards, you pay an annual fee. 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). Like all American Express Cards, the Platinum Card allows you to add Additional Card Members, commonly known as authorized users, to your account. For rates and fees of the Amex Platinum, click here. The material made available for you on this website, Send Money & Split Purchases: Venmo and PayPal, Credit Intel Financial Education Center. It is offering a welcome offer of 60,000 points when you spend $4,000 on eligible purchases within six months of card membership, and earns 4 points per dollar on dining and at U.S. supermarkets (up to $25,000 per calendar year, then 1 point per dollar), as well as 3 points per dollar on airfare booked directly with airlines or through Amex Travel and 1 point on everything else. First, lets do quick rundown of the current benefits of the card. 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. The cards Priority Pass Select membership gets the cardholder and two guests into more than 1,300 Priority Pass lounges worldwide for free, although youll need to request your membership card. Related: How to make sure youre getting your Amex Platinum Uber credits. Eligibility and Benefit level varies by 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. 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. Cost includes $12.95 plus applicable local sales tax. Jul 27, 2022 Annual fees on the American Express Platinum card are typically charged on the account anniversary date. 1 For more on Rates and Fees for The Platinum Card, click here. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. 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. 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. Welcome offer: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new card in your first six months of card membership. American Express Platinum Edge Credit Card. Eligibility and Benefit level varies by Card. But aside from the benefits, be sure to evaluate your own spending prior to applying. 20.24% - 27.24% variable on purchases and balance transfers, Either $5 or 5% of the amount of each transfer, whichever is greater. 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. 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. Heres what you need to know to decide whether this card is worth it to you. 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. 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. 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. 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. Others may not be able to easily access these benefits based on location or travel habits. Thanks & Welcome to the Forbes Advisor Community! 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 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. Please visit americanexpress.com/benefitsguide for more details. Learn more. However,. It's not the only fee you need to worry about with The Platinum Card from American Express, either. See rates & fees) has long been one of the most popular travel rewards cards available thanks to the usefulness of the Membership Rewards points it earns as well as an array of valuable perks. How do I find and add Amex Offers to my Card? 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. Additional Card Members must be 13 years of age or older.8. The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. Uber Cash and Uber VIP status is available to Basic Card Member only. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. Survey Findings: How Do Consumers Feel About Credit Cards? In an attempt to make the Platinum Card more lifestyle-focused, Amex added a digital entertainment credit that offers reimbursement for the following services: Audible, Peacock, SiriusXM and The New York Times. Please visit americanexpress.com/ benefitsguide for more details. Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 3. Read more about Select on. Do the Math! Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. 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. Amex Platinum Quick Facts. Although the card underwent a major revamp last year and added several new features, some consumers are wondering whether a travel card like the Amex Platinum is right for them, especially during a time of inflation. How do I Redeem Membership Rewards Points. Underwritten by AMEX Assurance Company. That said, theres no denying that $695 is a lot of money. Please view our advertising policy page for more information. . Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. This compensation comes from two main sources. 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. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. Related: Key things to know before getting Global Entry. A credit card annual fee is what you pay for certain cards usually to enjoy special features and perks. Comparing Annual vs. No Annual Fee Credit Cards. 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). Comparing Annual vs. No Annual Fee Credit Cards. Here are some common situations in which paying an annual fee may make sense: In some cases, accepting an annual fee may be your only way to get a credit card. For example, lets consider two cash back rewards cards offered by the same company. You might be using an unsupported or outdated browser. These are provided as guidelines only and approval is not guaranteed. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. 8 For more on Offer & Benefit Terms for The Platinum Card, click here. 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. How do I Earn Membership Rewards Points? Thankfully, the up to $200 prepaid hotel credit is fairly easy to . 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. No Annual Fee Credit Cards. 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