See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. You might want to run the numbers on travel credit cards, too. Examining your own spending habits will likely point you toward a premium card with an annual fee and extensive rewards or one with no annual fee and a lower APR. Your email address will not be published. Others may not be able to easily access these benefits based on location or travel habits. 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. Instead, you can consider how youll use the card and do the math. So, to help cover the costs (I'm really desperate for the 150k MR), I decided to rob my neighbor. 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. To decide whether its worthwhile opening the card and keeping it, you will need to look at its ongoing qualities and how much value youre likely to reap from them. DEXSTA's VISA Platinum is just that type of card. Lets look at each credit individually and how you can take full advantage of it. Those users are eligible for some of the same benefits as the main account holder, including lounge access, Global Entry/TSA PreCheck reimbursement, hotel elite status and Amex Fine Hotels + Resorts benefits (not to mention Amex sometimes offers cardholders bonus points for adding authorized users). 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. Another option is to instead apply for a different version of the Amex Platinum. | Sort of like Amazon Prime, Walmart + includes free next-day and two-day shipping on items from Walmart.com, with no minimum required (excluding overweight, freight and Marketplace items), free delivery from your local Walmart store on orders of $35 or more, select prescriptions for as little as $0, savings of up to 85% at thousands of Walmart pharmacies, and discounts of 5 cents per gallon at Walmart and Murphy gas stations along with member pricing at Sams Club fuel centers. 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. Enrollment required. Additional Card Members must be 13 years of age or older.8. The representative can sometimes find a supervisor willing to approve the request. 1 Credit Card Annual Fee Explained,The Balance, 2 Is Paying an Annual Fee for a Credit Card Worth It?, Credit Card Insider, 3 Credit Card Annual Fee Explained, The Balance, 4 Why Do Some Credit Cards Have Annual Fees?, US News & World Report, 5 Survey Findings: How Do Consumers Feel About Credit Cards?, Experian, 6 Is It Worth Paying an Annual Fee for a Credit Card?, NerdWallet. Get $200 back in statement credits each year on prepaid hotel stays at either Fine Hotels + Resorts or The Hotel Collection, which requires a minimum two-night stay. If the annual fee is too expensive, don't fret there are several other credit cards you can consider without a steep annual fee. Amex increased the Platinum card's annual fee from $550 per year to $695 per year (see rates and fees ). Apply and select your preferred metal Card design: classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Plus, the various other benefits of the card can be worth even more for most frequent travelers. Can You Get a Credit Card Without a Social Security Number? When it comes time to get a new card, the survey found, 54% look for a no annual fee credit card.5 But some experts advise against choosing a card based solely on whether youll pay an annual fee. This post contains references to products from one or more of our advertisers. Many middle-class households can make this work. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military, for example. Many of the benefits, like the entertainment and Equinox credits, are essentially forcing some customers to spend more money than they normally would defeating the purpose of the card saving you money. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. checked bag fees, in-flight drinks, etc.) 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. That's $750 when you redeem through Chase Ultimate Rewards. 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 Information is accurate as of the publish date. 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. To enjoy the features and perks of some credit cards, you pay an annual fee. 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. You will receive up to $189 per year in statement credit to apply for CLEAR, a biometric security program located at airports and stadiums across the U.S. We only value this at $100 because members of select airline loyalty programs can apply for CLEAR at a discounted rate. 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. This site does not include all credit card companies or all available credit card offers. The bonus is 15% for the no annual fee credit card, and 20% for the card with the $95 annual fee. Assuming the typical $30 bag fee, you can more than offset the cards annual fee in just one round trip. An even lower fee option includes the Chase Sapphire Preferred 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. How do I find and add Amex Offers to my Card? The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. But aside from the benefits, be sure to evaluate your own spending prior to applying. Youll need to register for these elite statuses on the Amex website. Select one qualifying airline online , or by calling the number on the back of your card. This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum Card. A final point on the math: Dont forget to consider interest charges. 3. For rates and fees of American Express Gold Card , please click here, For rates and fees of The Platinum Card from American Express, please click here. 2% cash back at gas stations and some department stores. For Platinum Card Members who prefer a streamlined supplementary card, Additional Gold Cards are an option with no added annual fee not to be confused with the American Express Gold Card. Save my name, email, and website in this browser for the next time I comment. The fee is charged most often in these two cases: 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 $253or as high as several thousand dollars.4 But there are also many no annual fee credit cards. The card, previously clocking in at a $550 annual fee, will be hiking its price to almost $700. Clear expedited airport security program: Is it worth it? Enrollment is required. 3 weeks ago Seth. Please review. 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. 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. 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. One TPG writer received 30,000 bonus points in 2021 just for keeping his card open another year. However, these benefits and rewards don't come cheap the annual fee on the card is $695 (see rates and fees). $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. All rights reserved. If you're considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. If youre approved for Global Entry, youll receive access to TSA Pre at no additional charge. Here are some ideas for using your Amex Platinum airline incidental credits throughout 2023: Pay for seat assignments, checked bag fees, and food and beverages on future flights. That's enough to give almost anyone sticker shock. 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. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee. For rates and fees of The Platinum Card from American Express, click here. 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. 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. Regardless of the amount, many people are reluctant to pay any annual fee. Underwritten by AMEX Assurance Company. The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. However, many of the above values are estimates. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the read full answer How do I get a credit card annual fee waived? Learn more. Improve earnings, maximize rewards and track progress toward dream trips. 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. 5 Benefits are only available for Fine Hotels + Resorts or The Hotel Collection properties booked through American Express Travel. 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. The Amex Platinum Card offers eight main statement credits that can reduce the effective cost of the annual fee. How do I Earn Membership Rewards Points? When the representative mentions the annual fee, find out if they would be willing to waive the fee for the first year. He is also the author of four books on management. Through Amexs International Airline Program, cardmembers can get discounts on premium economy, business- and first-class tickets on around two dozen airlines. Comparing Annual vs. No Annual Fee Credit Cards. You can book up to three rooms and receive these benefits on each room. 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. However, even if you cant use all of the credits -- perhaps because you cant access the Equinox locations, you dont like shopping at Saks or you cant find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days its still possible that the cards other perks and earning potential will provide enough value to justify the annual fee. Amex Platinum cardholders can add up to three authorized users to their account for a total of $175 per year. 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. As always, Platinum goes above and beyond credits to provide premium services and benefits like Cell Phone Protection,2 airport lounge access, and special access to popular restaurants through Global Dining Access by Resy. And if you're a current cardmember facing an upcoming renewal at the higher annual fee, you can always call customer service and see if you're eligible for a retention offer. Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership. Insider values Amex points as worth 1.8 cents each, on . To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. However, before you sign up for a new card or if youre considering whether to keep or cancel a card you already carry its important to ask yourself whether the card is worth the annual fee. The app costs $40 per month and may be useful to those who dont live near an Equinox physical location. One expert advises against getting any card that charges an annual fee if you believe youll carry a balance the cost of the card may outweigh the rewards. In the right hands, the classic status card's staggering annual fee is well justified. However, it does have a $550 annual fee. Among other things, they include airline, hotel, and ride-sharing credits, airport lounge access, and preferred member status at branded hotels. Because Global Entry also qualifies you for TSA PreCheck, lets rate the full value of this benefit at $100 but amortize it over the four years. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. Check here before booking an award fare. Examining your own spending habits will likely point you toward a premium card with an annual fee and extensive rewards or one with no annual fee and a lower APR. The Benefits of No Annual Fee Credit Cards. 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. By Allan Halcrow | American ExpressCredit IntelFreelance Contributor. You will receive up to $100 every 4 years after you apply for Global Entry. Unfortunately, the Equinox and entertainment credits are more like coupons. Cost includes $12.95 plus applicable local sales tax. 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. For example, lets consider two cash back rewards cards offered by the same company. 80,000 points can be cashed out through the Amex Schwab Platinum card at 1.1 cents per point, making 80,000 Amex worth $880 cash. 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. 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. You can cancel your card before the annual fee is charged. Performance information may have changed since the time of publication. Toward the other end of the spectrum is an elite travel credit card with a $550 annual fee. 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. 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. Barclay Arrival Mastercard - 7,000. The Capital One Venture card is a flexible travel rewards credit card that earns 2 Capital One Venture miles per dollar on all purchases. Learn more. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. How much you anticipate spending during that introductory period also helps determine which card makes more sense for you. | BestCreditCard. 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. The Benefits of No Annual Fee Credit Cards. interest rate. 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. Please visit americanexpress.com/benefitsguide for more details. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. 2023 Forbes Media LLC. To offset the cost of the new perks, the annual fee has officially gone up to $695 ( see . This is just one scoring method and a credit card issuer may use another method when considering your application. Thinking of getting 1 charge card. No Annual Fee Credit Cards. 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 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. We want to help you make more informed decisions. Uber Cash and Uber VIP status is available to Basic Card Member only. Please visit americanexpress.com/ benefitsguide for more details. Monthly membership costs $12.95 plus local sales tax, so the statement credits should cover most, if not all, of that. Some may get huge value from these benefits if they're frequent travelers at airports with qualifying lounges or prefer staying at Hilton and Marriott properties. A Housing Market Prediction From Counting Crows? But if you can strategically plan purchases you were already going to make that align with the benefits of the card, it is still worth it. These are provided as guidelines only and approval is not guaranteed. Platinum cardholders can book stays through the Amex Fine Hotels + Resorts program. 2023 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. Compare the cost in points or miles to cash, and see which option is best. Plus, youll earn 5 points per dollar on prepaid Hotel Collection stays that are booked online. 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. Ready for a trip? The new benefits go into effect on July 1, 2021 for both existing and new card members. Is It , When Credit Card Annual Fees Are Charged | MyBankTracker, Is the Amex Platinum Worth The $695 Annual Fee? Then you can determine whether the annual fee is worth it for you based on your spending and travel habits. 7 Card Members must link their Platinum Card to their Uber app. Visit americanexpress.com to learn more. That's $750 when you redeem through Chase Ultimate Rewards. So, I wont assign specific values to them, but will outline their scope so you can estimate their value for yourself. Bottom line. Some offers are no longer available. Sign up for our daily newsletter! Annual fees are typically charged after the first year of membership. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit. 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. Related: How to make sure youre getting your Amex Platinum Uber credits. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Some cardholders tend to forget about the hotel elite status that comes with the Platinum Card. A recent national survey conducted on behalf of Experian found that 33% of Americans with credit cards are concerned by annual fees. Earn 20% back as a statement credit on purchases when you use your new Card to check out with PayPal at merchants in the first 6 months of Card Membership, up to $150 back.
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