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. Welcome bonus: 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. 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. If you want similar travel perks to the Amex Platinum and you run a business, consider The Business Platinum Card from American Express. By providing your email, you agree to the, One Thing Couples Should 'Never, Ever' Do With Their Money, According to Suze Orman, What Is Term Life Insurance? You can mix and match how youd like to take advantage of this, but youll earn up to $240 in annual statement credits (broken down into $20 monthly increments). For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. Starting July 1, 2021, the card will have an annual fee of $695, up from the previous $550 . The primary Card Member is responsible for all spending activity and must pay for all charges made by Additional Card Members. The representative can sometimes find a supervisor willing to approve the request. These are often valid for one year from purchase, but be sure to check the exact terms before buying any passes. Past performance is not indicative of future results. In most of the other situations listed above, you can make the best decision by getting out the calculator and doing some math. Earn 120,000 Membership Rewards points after you spend $15,000 on eligible purchases within the first 3 months of card membership. All rights reserved. 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. The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. This compensation comes from two main sources. $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchases. That's enough to give almost anyone sticker shock. It also earns 3 points per dollar on dining, 5 points per dollar on travel purchased through Chase Ultimate Rewards and 2 points on all other travel. Its not a cash equivalent if you dont use a credit and in many cases youll need to make a special effort to earn them. Enrollment may be required for some American Express benefits and offers. Megan Doyleis a business technology writer and researcher whose work focuses on financial services and cross-cultural diversity and inclusion. Please review. First, lets do quick rundown of the current benefits of the card. 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. Eligibility and Benefit level varies by Card. 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. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More. $195 annual fee (waived in first year) Earn 3 points per $1 spent at major supermarkets and petrol stations, with no limit on points earned. 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. 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). 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. American Express Platinum card's $695 annual fee is higher than the average annual fee among new credit card offers right now. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. All of this is on top of the many perks Platinum has been known for, including 5X Membership Rewards points on flights and prepaid hotels and several benefits and credits, including: Platinum goes the extra mile to replace lifes hassles with everyday adventure through perks and services like access to the Global Lounge Collection, including the recently expanded Centurion Network of Lounges and Studios, so you can travel in comfort. Nordstrom - 15,000. Some of the Amex Platinum's benefits discussed below may provide no value to you but significant value to someone else. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. You will be charged the annual fee on your first statement after your account anniversary date. 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. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners. Please visit americanexpress.com/benefitsguide for more details. There are 7 key factors to consider before you apply for one. Uber VIP status and up to $200 Uber credit, split into monthly $15 credits for U.S. rides plus a bonus of $20 in December. Cardmembers receive up to $200 in statement credits each calendar year when booking a prepaid stay via Amex Fine Hotels + Resorts or The Hotel Collection on Amex Travel. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. $1,600 (Points are valued at 2 cents per point. But aside from the benefits, be sure to evaluate your own spending prior to applying. Then use your card to pay for eligible incidental fees from that airline and receive a statement covering those fees, usually 2-4 weeks after you pay for them. We valued Amex points at 2 cents apiece, which is possible if you're transferring them to airline partners. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. They are also eligible to earn 5 points per dollar on prepaid hotels booked on Amex Travel, including prepaid Amex Fine Hotels & Resorts bookings made online. $155 Walmart+ Credit: 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. Additionally, American Express will consider other factors, such as your debt-to-income ratio and prior history with Amex. Commissions do not affect our editors' opinions or evaluations. Please visit americanexpress.com/benefitsguide for more details. Eligibility and Benefit level varies by Card. 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. We may receive compensation when you click on links to those products. Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay. *Eligibility and Benefit level varies by Card. 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 $253 or as high as several thousand dollars.4 but there are also At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 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: For example, the Platinum Card offers the following elevated credits and benefits: For more on the Offer & Benefit Terms listed above, click here. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. 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. Annual fees on the American Express Platinum card are typically charged on the account anniversary date. 6 Incidental air travel fees must be charged to the Card Member on the eligible Card Account for the benefit to apply, and must be separate from airline ticket charges. Terms apply to American Express benefits and offers. 1 For more on Rates and Fees for The Platinum Card, click here. $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. 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. Insider values Amex points as worth 1.8 cents each, on . Depending on your spending preferences, that can mean big travel, wellness, and entertainment opportunities. NextAdvisor may receive compensation for some links to products and services on this website. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. 4 Digital Entertainment Statement credits are earned on a monthly basis, up to $20 a month. 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. Required fields are marked *. This is just one scoring method and a credit card issuer may use another method when considering your application. You can downgrade your card to a different American Express card that doesnt have an annual fee. Here are the best travel credit card welcome bonuses so you can save up to $750, The best luxury and premium credit cards if you want the best perks, Why the Fed raising rates could make your savings account more valuable and debt more expensive, How to get Super Bowl LVII tickets and VIP packages with points from multiple rewards programs, Last chance to get presale tickets to Taylor Swift's 'Eras Tour' through Capital One. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. Additionally, all Equinox memberships include complimentary access to the Equinox+ fitness app. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. The Benefits of No Annual Fee Credit Cards. 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. 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) . To enjoy the features and perks of some credit cards, you pay an annual fee. . To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. For rates and fees of the Amex Platinum, click here. $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline. Compare the cost in points or miles to cash, and see which option is best. Terms apply to all benefits listed below1 and all offers listed are subject to change. 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. Find the right card for you. Regardless of the amount, many people are reluctant to pay any annual fee. Clear expedited airport security program: Is it worth it? The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. The use of this website means that you accept the confidentiality regulations and the conditions of service. 7 Factors to Consider When Comparing Credit Cards. At home or at the gym: The best credit cards to maximize your next workout, seemingly comes with every premium credit card, prepaid Amex Fine Hotels & Resorts bookings made online, eligible Amex Fine Hotels & Resorts stays, The American Express Global Lounge Collection, youll need to request your membership card, these guests will also need to be flying Delta, 5 points per dollar on prepaid stays booked online through FHR, full guide on the Fine Hotels + Resorts Program, The Hotel Collection with American Express Travel, full guide to the Cruise Privileges Program, National Car Rental Emerald Club Executive, Do Not Sell or Share My Personal Information, Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. 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. 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