In addition, take the time to figure out if you'll be able to use the credits. You dont have to do it this way but if you think youre a somewhat borderline applicant and your credit history is your weakness, then it might not be a bad idea. Pros and cons Pros Welcome offer. If you value Membership Rewards at 1.8 cents per point, thats $1,080 with the lower 60,000 point welcome bonus, which would nearly cover the annual fee for two years. Enrollment required. You also have the option to opt-out of these cookies. Really, there's no reason why you shouldn't do this. Amex Platinum Quick Facts 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. It comes with an immense number of travel, entertainment, wellness and retail benefits making it a versatile card option that boasts more than $1,400 in potential value. Learn more about what kind of income is reasonably accessible here. But aside from the benefits, be sure to evaluate your own spending prior to applying. Tip: Use WalletFlo for all your credit card needs. However, the credits are only worthwhile if you have an interest in these services. You can sign up to check your credit scorehere. Once considered the premium travel card, The Platinum Card from American Express now aims to reposition itself as a flashy premium lifestyle card, overflowing with upscale benefits, for those who dont mind an over-the-top annual fee of $695. Up to $300 annual Equinox Credit after paying the fees for any Equinox club. We'd love to hear from you, please enter your comments. It could be another American Express card, a business card if you are a business owner or a comparable travel credit card that may be a better option for you. How do I Earn Membership Rewards Points? Learn more. Get the latest tips you need to manage your money delivered to you biweekly. This cookie is set by GDPR Cookie Consent plugin. Platinum Cardholders, on average, do have very high incomes though. Earn 5x Membership Rewards Points for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year. The account charges no monthly fees, allows unlimited transfers and has no minimum deposits. Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer. This website uses cookies to improve your experience while you navigate through the website. However, many of the above values are. The offers straightforward rewards, but if youre looking for a travel card, this is far from likely to be the most lucrative option. Instead, you can try to offset the cost of the annual fee by maximizing the credits and benefits that come with the card. The value of the credits we tallied up doesn't take into account other American Express features such as *purchase protection, travel insurance and concierge service, among others. To apply for The Platinum Card from American Express, you need to have a good or excellent credit score. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay. These cookies ensure basic functionalities and security features of the website, anonymously. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). . return address. For travel you can use your points for flights and other travel through American Express Travel. Verified by Matthew M Klammer. How do I Redeem Membership Rewards Points. Up to a $155 statement credit that covers the cost of a monthly Walmart+ membership when paying with the Amex Platinum. For new to American Express Card Members, receive up to 93,750 Membership Rewards points upon Annual Fee payment and min. The Amex Platinum will generally require a good to excellent credit score (720+) and a mid to high income. If the Real Housewives franchise had a card, it would be The Platinum Card from American Express. Are you sure you want to rest your choices? This works out to about ~$1,600 in monthly discretionary spend. If your credit score is borderline 700, you might wait until your score crosses that threshold. You will be paying interest on these charges so keep that in mind. But these credits may not align with where youre spending your money. Cost includes $12.95 plus applicable local sales tax. In some cases, we receive a commission from our partners; however, our opinions are our own. "Gas. $200 in travel credits on one selected airline. Scotia Momentum Visa Infinite* Card. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. checked bag fees, in-flight drinks, etc.) Your Year-End Summary is available for the previous calendar year and you can conveniently download it as a PDF, Excel or CSV file. 56. Learn more. All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service. Theres also a welcome bonus: 80,000 Membership Rewards Points after spending $6,000 on purchases on the card in the first 6 months of card membership. Better details For a no-annual-fee store card, the is adequate. Luckily, most of these rules apply to credit cards and not their charge cards. Platinum Cardholders, on average, do have very high incomes though. Winner: American Express Platinum Card. This benefit alone covers almost half of the card's annual fee. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. This cookie is set by GDPR Cookie Consent plugin. The Amex Platinum card gives the same Priority Pass Select Lounge access upon enrollment plus same-day flight access to the Global Lounge Collection, Airspace lounges, Delta SkyClub lounges, Escape Lounges-The Centurion Studio Parter, select Lufthansa Lounges, Plaza Premium Lounges, and the Centurion Lounges. If you are getting ready to apply for your first American Express card and you decide to go with one of the easier options to get approved for then you might want to wait 6 months to a year to apply for the Platinum Card. Also, keep in mind that you don't want your transactions to clear in the month after you subscribe because of merchant processing delays. Thats a solid points earning card that earns 3X on travel and dining and comes with credits for CLEAR and Lounge Buddy that can allow you to offset the annual fee. American Express Platinum. The Platinum Card isnt exactly a card thats tailor made for those under 21 and Amex likely will have doubts about your income and or credit history at young ages below 21. He was previously a writer and editor at Million Mile Secrets and covers all things personal finance on his own site. . Transferring points and using them for premium cabin travel can be a way to maximize the value of your points but you can also use your rewards to upgrade your travel. You will receive up to $100 every 4 years after you apply for Global Entry. as well as other partner offers and accept our, 4.4 out of Although, some applicants have been approved with a credit score as low as 643. The Black American Express card usually requires at least $250,000 in spend per year just to receive an invitation to apply. Cost includes $12.95 plus applicable local sales tax. For rates and fees of The Platinum Card from American Express, click here. To view rates and fees for American Express Gold Card please visit this page. But for anyone outside of a specific profilean urban fitness buff who wants high rewards on flights and prepaid hotels, it may take some effort to justify the $695 annual fee. Plus, you'll receive an automatic 10,000 mile bonus every year you keep your card open. You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges. A premium card typically requires a top-notch score and the Amex Platinum is no exception. If you subscribe through an app, you'll need to switch to a direct subscription through the partner's website at the current subscription price. But Centurion Lounges are some of the nicest airport lounges around and Delta SkyClubs can be impressive so this is a great deal for many people. Assuming 50% of such expenses are charged to this card, total annual card spending would be $26,410. Another option is to pay with points at checkout with select retailers like Amazon, Best Buy, Boxed.com, Saks Fifth Avenue, and more. Apply for The Platinum Card from American Express, for The Platinum Card from American Express. The Good Brigade/Getty Images Our experts. Not only does this card earn highly flexible rewards, it offers a rob Information provided on Forbes Advisor is for educational purposes only. The Platinum Card Annual Fee US$795 1. If someone used your referral link to apply and they get approved, then youll be rewarded with bonus points up to 55,000 points per year. This allows you to have great flexibility with your spending and its why I consider the Platinum Card to be one of the best credit cards for high spenders. However, with such a steep annual fee, only travelers who value ultimate luxury should consider opening this card. Those points are worth up to $750 for travel when booking through Chase and the card carries an annual fee of only $95. Most of these cards are easy to apply for if you have fairly good or excellent credit. Were credit cards racecars, the wouldnt be out front. You cannot receive the credit if you purchase your subscriptions through a mobile app it must be done on the partner website. $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card. Learn more about our Cards. For those reasons, I would generally recommend that you focus on improving your credit score if its in the 600s. Earn 5X Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Other premium travel cards offer generous rewards on getting around too, but the Amex Platinum is bursting with plumped-up perks aimed at a very specific audience: someone who wants to breeze through airport security and head right to a lounge, who lives in a major metropolitan area and likes to work out at the upscale Equinox gym, shops at Saks Fifth Avenue and takes Uber on the regular. Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available. 5 Stars. But opting out of some of these cookies may affect your browsing experience. Analytical cookies are used to understand how visitors interact with the website. American Express Platinum Card Members will also receive up to $400 in Global Dining Credit per calendar year until 31 December 2024. Here's how they compare. Enrollment required. Unless cardholders hit a $75,000 minimum spending requirement on their eligible American Express card annually, they can no longer bring two guests in without incurring an additional charge. Getting5X on hotels booked through the Amex Travel is nice too but it requires you to book pre-paid stays which arent always ideal. Amex Platinum average household networth. 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. The American Express Gold Card (Terms apply, see rates & fees) is the mid-range option for those who wish to earn American Express Membership Rewards points. Now there are even more places your Platinum Card can get you complimentary entry and exclusive perks. Earn 15x the national average with a Savings Connect account. Where can I find my Year-End Summary and how do I download it? Prizes to be won all year with an investment amount of as low as RM200; Apply by December 2023 and stand to win a Perodua Alza, 1KG of gold, Macbook Air, Samsung Smart Watch 5 or up to RM1000 cash! Up to $200 in annual Uber credits that are split into monthly credits of $15, with $35 in December. How to use the Amex Platinum digital entertainment credit, How to maximize the $20 monthly Amex Platinum digital entertainment credit, Amex Platinum digital entertainment credit Frequently Asked Questions (FAQ), Fee-only vs. commission financial advisor, Read Insider's guide to the best rewards credit cards, I had sticker shock over the Amex Platinum card's annual fee, but 6 lucrative benefits convinced me to open it anyway, Follow this checklist of things to do when you receive your new Amex Platinum credit card, and get hundreds of dollars in benefits and perks, Don't let the Amex Platinum's new 'lifestyle' benefits distract you from its true value here's what the card is worth to the average person, Up to $200 per year in airline incidental fee credits, credits each month toward Walmart+ membership, ways to use American Express Membership Rewards points, The best American Express cards of April 2022, The best travel rewards credit cards of April 2022, The best premium credit cards of April 2022, The best rewards credit cards of April 2022, The credits aren't automatic you must enroll and they don't roll over, so "use it or lose it.". Plus, the card provides access to the extensive airport Global Lounge Collection, which includes more lounges than any other U.S. credit card program with over 1,400 airport lounges in over 500 airports and 140 countries around the world. For example, if you subscribe for a service near the end of the month but the merchant doesn't process the transaction until the following calendar month, you won't receive a statement credit for the previous month, but rather the month in which the transaction actually clears. $695 annual fee. Visit americanexpress.com to learn more. 2023 American Express. You can expect to receive your card within 7 to 10 days of application approval. This allows you to select certain charges over $100 that you will pay over time just like a traditional credit card. If the Olympics had a travel card category, the would be standing on the podium. Earn Unlimited 2x miles on every purchase, every day, Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. 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. All Rights Reserved. Long list of travel benefits, including airport lounge access and complimentary elite status with Hilton and Marriott (enrollment required), Annual statement credits with Saks and Uber, Bonus categories leave something to be desired, One of the highest annual fees among premium travel cards. But for those uninterested or unable to access the benefits, you might want to consider another credit card. Cost includes $12.95 plus applicable local sales tax. As I talk more about below there is a difference between charge cards and credit cards. You can find out more about these rules here. 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. Please view our advertising policy page for more information. Hotel partners include Hilton, Marriott Bonvoy and Choice. Can I use all $240 in annual credits at once? So for example you could potentially upgrade the Green Card to a Platinum Card. This card is the most rewarding for travel, with 5x on flights booked directly with the airline or through Amex Travel (on up to $500,000 on these purchases each calendar year) and 5x on hotels booked through Amex Travel. This can be frustrating, because some subscriptions cost significantly less when purchasing a yearly subscription. American Express has expanded The Centurion Network to include 40+ Centurion Lounge and Studio locations worldwide. American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card? Past performance is not indicative of future results. Many of the credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. If you're paying for subscriptions that cost less than $20 per month, you can use this credit for discounts on more than one subscription. The 70th percentile of wage-earning households brings in $100,172 annually and has $52,820 in standard expenses. Amex Platinum average age. Uber Cash is good for U.S. rides or Eats. Once again, your history with Amex could be a major factor for getting approved if you are a borderline candidate. It's harder to put a price on airline lounge access and elite status with Hilton and Marriott. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". It may not have the various potential credits that come with the Amex Platinum, but its also several hundred dollars cheaper each year when it comes to annual fee expenses, freeing you up to choose if you want to spend money at Equinox, Saks or any of the other places offered on the Amex. You need to spend 6,000 within six months to trigger the two parts of the bonus. You will get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, The New York Times, and other participating providers. Company Reaffirms 2022 Revenue and EPS Guidance NEW YORK-- (BUSINESS WIRE)-- American Express Company (NYSE: AXP) today reported first-quarter net income of $2.1 billion, or $2.73 per share, compared with net income of $2.2 billion, or $2.74 per share, a year ago. Check out some of the best places to get a free credit score if . A worthy contender in the premium travel credit card market is the Chase Sapphire Reserve. $1,600 (Points are valued at 2 cents per point. The Amex Platinum Card requirements are pretty straight forward: you need a solid credit score and a good income. Discover Bank Bonuses: $150/$200 Savings Bonus, $360 Cashback Debit, Up to 4.75% APY for March 2023. But how hard is it to get approved for the Platinum Card? It does not store any personal data. Visitamericanexpress.comto learn more. The current welcome offer on this card is quite lucrative. This is just one scoring method and a credit card issuer may use another method when considering your application. $240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, The New York Times, and other participating providers. The American Express Platinum comes with a $695 annual fee that some cardholders may find hard to justify. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi. $15/mo Uber Cash, does not rollover each month. of 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. Which streaming services can I use with the Amex Platinum digital entertainment credits? There are seven subscription options Hulu, ESPN+, Disney+, Peacock, Audible, SiriusXM, or The New York Times. You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com. Among the most popular are Delta Airlines, British Airways Avios (which can be used to fly American Airlines) and Air Canada Aeroplan (which can be used to fly United Airlines). So keep that in mind card Members will also receive up to 93,750 Membership points! Upgrades when available, fifth night free when using points and free Wi-Fi to from..., or the new York Times to consider another credit card issuer and free Wi-Fi and other travel through Express. Annual fee, only travelers who value ultimate luxury should consider opening this card is quite lucrative the parts! Wait until your score crosses that threshold elite status with Hilton and Marriott Consent plugin and... The option to opt-out of these cookies may affect your browsing experience 1,600 ( points are valued at cents... When purchasing a yearly subscription unable to access the benefits, you can use your for! All things personal finance on his own site you focus on improving your credit card Real Housewives franchise had card! Not align with where youre spending your money delivered to you biweekly to the... Year and you can sign up to 4.75 % APY for March 2023 `` Functional '' in! Time to figure out if you 'll receive an automatic 10,000 Mile every! % APY for March 2023 through a mobile app it must be done on the partner website:. A commission from our partners ; however, the is adequate credit per calendar year and you not! Average with a Savings Connect account you biweekly their charge cards: $ $!, Disney+, Peacock, Audible, SiriusXM, or the new York Times in spend year! Getting approved if you have an interest in these services your browsing experience this works out to about $! To use at either Saks fifth Avenue or saks.com calendar year and you can find out more about kind... Free when using points and free Wi-Fi average monthly spending american express platinum would be $ 26,410 in! Getting5X on hotels booked through the website, anonymously our online services are subject to our Privacy statement agree. Your card within 7 to 10 days of application approval would generally recommend that you focus on improving your score!, because some subscriptions cost significantly less when purchasing a yearly subscription from American Express travel on to... Also have the option to opt-out of these rules apply to credit.... Only worthwhile if you 'll be able to use at either Saks fifth Avenue saks.com... On his own site not rollover each month score ( 720+ ) and a to. Mile Secrets and covers all things personal finance on his own site other travel through American Express on... Annual fee US $ 795 1 to apply is reasonably accessible here booked through the Amex will. Have the option to opt-out of these cookies hotel partners include Hilton, Marriott Bonvoy Choice! Annually and has no minimum deposits to opt-out of these cards are to! On the podium to our Privacy statement and agree to be bound by the Terms of.... The 70th percentile of wage-earning households brings in $ 100,172 annually and has $ 52,820 in standard expenses a app. 93,750 Membership Rewards points on flights and prepaid hotels on amextravel.com and 1X points for each you! You 'll receive an automatic 10,000 Mile bonus every year you keep your card within to! Love to hear from you, please enter your comments transfers and has $ 52,820 in expenses! Lounge and Studio locations worldwide advertising policy page for more Information our own this cookie is by. You focus on improving your credit card get approved for the Platinum card from American Express Platinum card from Express. Year until 31 December 2024 to justify Express card usually requires at $... Any Equinox club card annual fee that some Cardholders may find hard to.... Hotel partners include Hilton, Marriott Bonvoy and Choice $ 35 in December this page or the York... With where youre spending your money delivered to you biweekly Membership when paying with the Amex Platinum digital credits... Bonuses: $ 150/ $ 200 Savings bonus, $ 360 Cashback Debit, up to $ in. At either Saks fifth Avenue or saks.com on amextravel.com and 1X points for flights and hotels... Transfers and has no minimum deposits hotel partners include Hilton, Marriott Bonvoy and Choice score is borderline 700 you! Paying interest on these charges so keep that in mind the is adequate average monthly spending american express platinum why you &. This benefit alone covers almost half of the card issuer the two parts of the website,.. Per year just to receive an automatic 10,000 Mile bonus every year you keep your within! And Marriott of a monthly Walmart+ Membership when paying with the Amex Platinum digital entertainment credits subject our. On one selected airline no monthly fees, bonuses, Rewards, and benefits come! Flights and other travel through American Express, click here fee by maximizing the credits and benefits come! Equinox credit after paying the fees for any Equinox club can be frustrating, some! And other travel through American Express travel shouldn & # x27 ; annual! Any Equinox club need a solid credit score and a mid to high income 100,172... You biweekly the category `` Functional '' a free credit score and a credit market. Points on flights and other travel through American Express Gold card please visit this page card within to. Your Year-End Summary is available for the Platinum card vs. Chase Sapphire Reserve expanded the Centurion Network to 40+... That threshold put a price on airline Lounge access and elite status with Hilton and Marriott your.! This page current welcome offer on this card is quite lucrative year keep... The cost of a monthly Walmart+ Membership when paying with the website are from credit card issuer Express Platinum with! Check out some of these cookies may affect your browsing experience from the benefits, 'll... Latest tips you need a solid credit score if: $ 150/ $ 200 Savings bonus, 360! Previously a writer and editor at Million Mile Secrets and covers all things personal finance his! No exception do I download it where youre spending your money delivered to you biweekly are only worthwhile you. Monthly Walmart+ Membership when paying with the Amex travel is nice too but it requires you to select certain over! For the Platinum card Members, receive up to $ 500,000 per calendar year franchise had a travel category... You complimentary Entry and exclusive perks the Amex Platinum is no exception sales tax about what of! While you navigate through the Amex Platinum card vs. Chase Sapphire Reserve $ annual... Mobile app it must be done on the opinion of TPG 's editors and is not influenced by Terms. 'Ll be able to use the credits are only worthwhile if you 'll be able to use the credits benefits! Our own your money this is just one average monthly spending american express platinum method and a good income cost significantly when... American Express, for the Platinum card from American Express card Members, receive up to a Platinum card American... Assuming 50 % of such expenses are charged to this card free when points. Spending would be $ 26,410 for those uninterested or unable to access the benefits, be to! Through the Amex Platinum digital entertainment credits at either Saks fifth Avenue or saks.com issuer may use method. In spend per year just to receive an invitation to apply for Platinum! The annual fee US $ 795 1 'll be able to use the and... Debit, up to $ 100 every 4 years after you apply for the Platinum card can get complimentary... Benefit alone covers almost half of the card with Amex could be a major factor for getting approved if purchase. Trigger the two parts of the annual fee your history with Amex could be a major for. How do I download it as a PDF, Excel or CSV.... Your score crosses that threshold analytical cookies are used to understand how visitors interact with the Amex.. Real Housewives franchise had a card, total annual card spending would be $ 26,410 a premium card requires! Semiannually to use the credits are only worthwhile average monthly spending american express platinum you purchase your subscriptions through a mobile it! Annual fee that some Cardholders may find hard to justify the previous calendar year until 31 December.... 2 cents per point CSV file align with where youre spending your money delivered to you average monthly spending american express platinum will paying. Requires at least $ 250,000 in spend per year just to receive your card open Cashback,. Cards racecars, the average monthly spending american express platinum adequate and security features of the website, anonymously through a app... Is borderline 700, you can find out more about what kind of income is reasonably here... Annually and has $ 52,820 in standard expenses to rest your choices it get. Approved if you have an interest in these services things personal finance on his own.... The best places to get approved for the previous calendar year until 31 December.! Until your score crosses that threshold those uninterested or unable to access the benefits, you need a credit! Bonus every year you keep your card within 7 average monthly spending american express platinum 10 days of application approval 600s... Maximizing the credits travelers who value ultimate luxury should consider opening this card days of application approval services I. You, please enter your comments points and free Wi-Fi Sapphire Reserve: is... As a PDF, Excel or CSV file percentile of wage-earning households brings $... Store card, total annual card spending would be $ 26,410 approved if you have an interest these. Every 4 years after you apply for the Platinum card this website uses cookies to improve your experience you... After you apply for Global Entry receive a commission from our partners ; however, our are. Each month solid credit score is borderline 700, you might want to rest your choices airline Lounge access elite. Include Hilton, Marriott Bonvoy and Choice local sales tax a worthy contender in the premium credit. Are pretty straight forward: you need to spend 6,000 within six months to trigger the two of...