Although the rewards you earn generally are limited to the brand, the annual fee may still be a good deal. | BestCreditCard. Want more credit card news and advice from TPG? This is just one scoring method and a credit card issuer may use another method when considering your application. The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. You can estimate your odds of approval by checking for pre-qualified offers you may be eligible for on the American Express website. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. With those credits and benefits, though, comes a price. At the same time, the Platinum Card can help you get access to over $1,500 value in benefits. A: The annual fee for Amex Platinum is charged yearly on the anniversary date of when you first opened your account. 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. You will be charged the annual fee on your first statement after your account anniversary date. There is no guarantee youll receive an offer of any type. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. 2023 American Express. If you took a critical look at your spending habits and decided this card just isnt worth it for you, there are plenty of other travel credit cards on the market at lower annual fees. 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. Depending on how you use it, they say, a card with an annual fee even a high one may make better financial sense than a no annual fee credit card.6. 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. Macys American Express - 6400, 19,000. Plus, the various other benefits of the card can be worth even more for most frequent travelers. Some offers are no longer available. If you dont, the no annual fee credit card may be the better choice for you. American Express Platinum Edge Credit Card. Heres what you need to know to decide whether this card is worth it to you. Complimentary memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car Rental Emerald Club Executive. 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. 3% cash back at gas stations and some department stories. 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. TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits. 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. It comes with airport lounge access, hotel elite status and travel credits like the personal Platinum card, with the same annual fee of $695 (see rates and fees). These are federal laws that provide certain protections to active duty military. This included hundreds of dollars worth of annual statement credits one which can offset the price of Clear, a program that expedites your airport security experience. Eligibility and Benefit level varies by Card. 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. In addition to hotel elite status, cardholders can enroll for status with several car rental programs, including Avis Preferred, Hertz Gold Plus Rewards and National Car Rental Emerald Club Executive. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. The best American Express card will depend on your lifestyle and what type of rewards, benefits and other card features youre looking for, as well as what size annual fee youre willing to consider. You charge enough that the rewards you earn offset the fee. There are a couple of International American Express Lounges in Argentina, Australia, India and Mexico, too. For rates and fees of the Amex Platinum, click here. interest rate. 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) . Card issuers often base the specific month they bill your annual fee on the anniversary of the date you opened the card. 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. 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. Plus, youll earn 5 points per dollar on prepaid stays booked online through FHR. The annual fee is $175 for up to three Additional Platinum Cards, then $175 for each Additional Platinum Card thereafter. Earn 80,000 Membership Rewards points after spending $6,000 on purchases on the card in the first 6 months of card membership, The Amex Platinum Card earns 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits. If you actually plan to use them, that is. This can help negate the cost of the $250 annual fee (See Rates & Fees). Depending on your spending preferences, this may be a small price to pay for access to Platinumselevated suite of benefits, services, wellness, entertainment, and travel credits on top of the traditional benefits that have kept Platinum at the forefront of luxury travel credit cards. The value of this benefit depends on how frequently youd use the Platinum Card to book eligible airfare and prepaid hotels. First, lets do quick rundown of the current benefits of the card. All Rights Reserved. For rates and fees of The Platinum Card from American Express, click here. 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. Our points-obsessed staff uses a plethora of credit cards on a daily basis. You can enroll here for Hilton Honors Gold status and enroll here for Marriott Bonvoy Gold Elite status as a cardholder. Earn 10x points on eligible purchases on the Card at restaurants worldwide and when . 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. From next month, Amex will charge guests $50 for adults and $30 for children aged 2-18 to access its lounges. A: No, the annual fee for the American Express Platinum Card is not charged immediately. Terms, Conditions and Limitations Apply. 7 Factors to Consider When Comparing Credit Cards. Bottom line. The Amex Gold card is another premium travel rewards credit card, especially aimed towards travelers who also love to eat. This compensation comes from two main sources. Amex platinum when is annual fee charged? These offers are subject to change at any time. 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. (Enrollment is required for Priority Pass.). 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). The statement credits alone could provide nearly $2,000 in value, far more than the cost of the annual fee. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi. To get an Amex annual fee refund after closing an account, call customer service at (800) 528-4800 within 30 days to request a refund check. On cards designed for people with no credit or poor credit who therefore pose a greater risk of defaulting on payments. To view rates and fees for The Platinum Card from American Express please visit this page. On cards that offer better-than-average rewards and therefore cost credit card companies more to provide. Editors note: This is a recurring post, regularly updated with new information. 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. Amex Platinum annual fee increase from $550 to $695. 7 Card Members must link their Platinum Card to their Uber app. 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. In addition, take the time to figure out if you'll be able to use the credits. 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. You can even use Pay With Points to purchase your tickets. Plus, earns 5X total points on air travel 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. See offer terms for details. 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. Credit Score ranges are based on FICO credit scoring. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. 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. 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. Theme: News Way by Themeansar. Eligibility and Benefit level varies by Card. A card with no balance transfer, cash advance fees, annual fees, or minimum interest charges may sweeten the deal to make it worthwhile. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee. 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. There are 7 key factors to consider before you apply for one. This site does not include all credit card companies or all available credit card offers. She previously covered travel and credit cards as lifestyle. 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: 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.
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