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amex platinum annual fee 2024

Data de publicació 07/02/24 00:58
 
If you're looking for a premium travel credit card, you might have come across the American Express Platinum Card. This card offers a range of benefits, such as airport lounge access, hotel elite status, travel credits, and more. But it also comes with a hefty annual fee of $695. Is it worth paying that much for a credit card? Here are some factors to consider before you apply.
The Benefits of the Amex Platinum
The Amex Platinum is designed for frequent travelers who value luxury and convenience. Some of the main benefits of this card are:
- 5x Membership Rewards points on flights booked directly with airlines or through Amex Travel, and on prepaid hotels booked through Amex Travel
- $200 airline fee credit per calendar year for incidental fees, such as baggage fees, in-flight meals, and seat upgrades, on one selected airline
- $200 Uber Cash per year, which can be used for Uber rides or Uber Eats orders
- $100 Saks Fifth Avenue credit per year, split into two $50 credits for January-June and July-December
- $179 CLEAR credit per year, which can be used to pay for a membership that allows you to skip the lines at airport security and other venues
- $240 digital entertainment credit per year, split into $20 monthly credits for select streaming and audio services, such as Peacock, Audible, SiriusXM, and The New York Times
- $300 Equinox credit per year, split into $25 monthly credits for select Equinox fitness clubs or digital subscriptions
- Complimentary access to over 1,300 airport lounges worldwide, including Centurion Lounges, Priority Pass Lounges, Delta Sky Clubs (when flying Delta), and more
- Complimentary Marriott Bonvoy Gold Elite and Hilton Honors Gold status, which offer perks such as room upgrades, late check-out, free breakfast, and bonus points
- Complimentary benefits at over 1,100 Fine Hotels & Resorts properties, such as room upgrades, daily breakfast, $100 property credit, and late check-out
- Global Entry or TSA PreCheck application fee credit every four years, worth up to $100
- No foreign transaction fees
- Purchase protection, extended warranty, return protection, and travel insurance
The Drawbacks of the Amex Platinum
The Amex Platinum is not a perfect card for everyone. Some of the drawbacks of this card are:
- High annual fee of $695, which is not waived for the first year
- Limited bonus categories for earning points, compared to other premium cards that offer bonus points on dining, groceries, gas, and more
- High spending requirements to earn welcome bonus points (currently 125,000 points after spending $6,000 in the first six months)
- Limited redemption options for Membership Rewards points, which are best used for transferring to airline or hotel partners or booking travel through Amex Travel
- High annual fees for authorized users ($175 for up to three additional Platinum Cards, and $300 for each additional Centurion Card)
- Potential difficulty in using some of the credits, depending on your lifestyle and preferences
 
Is the Amex Platinum Worth It for You?
The answer to this question depends on how much you value the benefits of the Amex Platinum and how often you use them. To break even on the annual fee, you would need to get at least $695 worth of value from the card each year. This could be easy or hard depending on your spending habits and travel patterns.
 
For example, if you travel frequently and use the airport lounge access, hotel elite status, travel credits, and Global Entry or TSA PreCheck fee credit regularly, you could easily get more than $695 worth of value from the card. On the other hand, if you don't travel much or prefer to use other cards for earning and redeeming points,
you might find it hard to justify paying the annual fee.
 
To decide if the Amex Platinum is worth it for you, you should do some math and compare the value of the benefits with the cost of the annual fee. You should also consider your opportunity cost of using this card versus other cards that might offer better rewards or lower fees. Ultimately,
the Amex Platinum is worth it for you if you can get more value from it than what you pay for it.
The annual fee for the American Express Platinum card typically varies by country and region, as well as any promotional offers or special arrangements the issuer may have at a given time. However, in general, the American Express Platinum card is known for having a higher annual fee compared to standard credit cards, given its premium features and benefits.
 
For specific and up-to-date information on the annual fee for the American Express Platinum card in your location, it's best to check directly with American Express or visit their official website. Additionally, they may offer different tiers of the Platinum card with varying annual fees and benefits, so it's essential to review the terms and conditions associated with each option.
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