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- If you're an active-duty servicemember, you can get the annual fee waived for all American Express cards.
- That means you can get the $695 annual fee waived for The Platinum Card® from American Express.
- New cardholders can earn 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new card in your first six months of card membership.
- Read Insider's guide to the best rewards credit cards.
The Platinum Card® from American Express has one of the highest annual fees of any consumer card — $695 each year, starting when your first billing statement hits. However, the card is easily worth that annual fee, especially if you travel, because you can get that value back. That's why the card gets top rating for travel and luxury benefits in our guide to the best premium credit cards.
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PenFed Pathfinder® Rewards Visa Signature® Card -
PenFed Power Cash Rewards Visa Signature® Card
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PenFed Platinum Rewards Visa Signature® Card
To help make up for the annual fee, the card includes valuable credits for select digital subscriptions**, CLEAR® Plus membership**, Equinox fitness memberships**, and prepaid hotel bookings. Cardholders also receive a $300 statement credit toward the purchase of a SoulCycle at-home bike and $12.95 per month in credit for a Walmart+ membership.
There's a sky-high welcome bonus, too: 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new card in your first six months of card membership. That's worth around $1,440 in travel, based on Insider's valuation of Amex points.
However, if you're an active-duty US military member, Amex will actually waive the annual fee for the Amex Platinum Card along with all other American Express cards.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. 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.
How US Military Can Get the Amex Platinum Annual Fee Waived
The Amex Platinum Card is one of the best cards for active-duty military members because it offers lucrative benefits and statement credits that can put hundreds of dollars back in your pocket. Service members must request the benefit by calling the number on the back of the card — it isn't applied automatically. Amex uses an automated program to confirm your service, and refunds the annual fee in the form of a statement credit.
Amex will waive annual fees on its cards for active-duty military members who already have an eligible card, and for those who open an Amex card after beginning active duty. The annual fee is waived for existing cardholders under the Servicemembers Civil Relief Act (SCRA) and for cardholders who apply after beginning active duty under the Military Lending Act (MLA).
This can be particularly useful for military members who find themselves traveling frequently, either as a part of their service or during leave periods — or for traveling spouses and children, who can be added as authorized users.
Keep in mind that the fee waiver only applies to active-duty servicemen and women — reservists won't be able to get the fee waived unless they're actively deployed.
Amex Platinum Benefits
The Amex Platinum Card can be incredibly valuable even for non-service members who have to pay the whole fee. Here are some of the Amex Platinum benefits that make that the case.
Airport lounge access
Airport lounges are exclusive areas where you can enjoy seats, an internet connection, food, drinks, and sometimes other amenities. Although lounges were traditionally reserved for first-class and business-class passengers, many are accessible to any traveler who holds either a lounge membership or certain credit cards — and the Amex Platinum Card offers access to various airport lounge networks.
The first type is Amex's own proprietary Centurion lounges, located at two dozen airports in the US and overseas — with more locations slated to open in the future. These chic venues offer an oasis in the middle of the main terminal's chaos, featuring comfortable seating, complimentary cocktails and food created by award-winning mixologists and chefs, and other amenities. Access to these lounges is limited to holders of the Amex Platinum Card, The Business Platinum Card® from American Express, or Amex Centurion cards.
If you're flying with Delta and carry a Amex Platinum Card, you can also access any Delta Sky Club lounge. With more than 30 locations, Sky Clubs offer snacks, complimentary soft and alcoholic drinks (with more "premium" drinks available for purchase), fast Wi-Fi, and a place to unwind. Some locations also feature showers.
Finally, the Amex Platinum Card comes with a Priority Pass membership**. Priority Pass is a network of more than 1,300 airport lounges around the world. With the membership provided by your Platinum card, you and two guests can access any lounge location (as long as there's room) to enjoy free snacks, drinks, newspapers and magazines, showers, and more, all separate from the hustle and bustle of the main terminal. If you have an international version of the card, instead of the US version, be sure to double-check the guest policy for your card's Priority Pass benefit.
Membership Rewards points
The Amex Platinum Card earns Membership Rewards points, which are the currency in Amex's loyalty program. You can redeem points for statement credits or cash back, book travel through the American Express Travel website, or transfer them to any American Express airline and hotel transfer partner (transferable points are among the most valuable).
The card earns a whopping 5x points on airfare purchased directly through the airline and through Amex Travel (starting January 1, 2021, earn 5x points on up to $500,000 on these purchases per calendar year), as well as prepaid hotels reserved through Amex Travel. It earns 1 point for every dollar spent elsewhere.
The value of the points depends on how you use them, but by transferring them to airline frequent flyer programs, it can be possible to use those points from the welcome bonus offer to fly round-trip to Europe, or even one-way in first class.
Up to $200 per year in airline fee credits
Every calendar year, the Amex Platinum Card offers up to $200 credit toward incidental fees on one airline (that you can choose at the beginning of each year)**. While it doesn't cover tickets, you can use the Amex airline fee credit toward a variety of charges and extras, such as checked bags, change fees if you need to change your flight, inflight food and drinks, fees for traveling with a pet, airport-lounge day passes (if you don't already have complimentary access), and sometimes even things like seat assignments and extra legroom upgrade fees.
Up to $200 per year in Uber Cash credits
The Amex Platinum Card's Uber Cash credits work within the US, and are worth up to $200 per year, broken into monthly chunks; each month, you'll get a $15 credit added to your linked Uber account, with an extra $20 for a total of $35 each December**.
If you travel on a regular basis or live anywhere near most cities, this is an easy perk to get value from. You can also put the credits toward Uber Eats orders.
In addition, your account will be upgraded to Uber VIP status. There aren't a ton of perks with this, and it's only available in certain cities, but with Uber VIP, you'll only be connected to drivers rated 4.8 stars or higher. Uber also says that Uber VIP drivers have "high-quality cars."
Up to $100 per year in Saks shopping credits
US Amex Platinum Card members can enroll to get up to $100 in annual statement credits in-store or online at Saks Fifth Avenue**. The credit is broken into two parts, with up to $50 available from January to June, and another $50 from July to December.
Although many things at Saks are quite pricey, there are plenty of items in the $50-$100 range — and lower — that you can find by browsing the website. Sneakers that are on sale, things like Converse shoes, t-shirts, sweaters, or more.
Up to $200 per year hotel credit
Cardholders will get up to $200 in credit each calendar year toward prepaid bookings at Amex Fine Hotels and Resorts or Hotel Collection properties (minimum two-night stay) when they book with their card through Amex Travel.
Fine Hotels and Resorts bookings include perks such as free breakfast, guaranteed late checkout, room upgrades and early check-in when available, and a welcome amenity or credit unique to each property. If you would have otherwise paid cash for a luxury hotel stay, this perk can effectively shave $200 off your annual fee cost.
Bookings with The Hotel Collection must be for a minimum of two nights, and include benefits like room upgrades and a $100 on-property credit.
$189 CLEAR® Plus credit
CLEAR® Plus is an expedited security screening program that can save you time waiting in long lines at select US airports and stadiums. A CLEAR® Plus membership normally costs $189 per year ($179 for members of the United or Delta frequent flyer programs, and further discounts are available for elite status members), but if you pay with your Amex Platinum Card, you'll receive a credit to offset that cost**.
When you have a CLEAR® Plus membership, you can jump to the front of the security line, but — unlike TSA PreCheck members —you'll still have to remove items like your laptop and shoes before getting screened. CLEAR® Plus isn't a government program so the application requirements are much less stringent than those of TSA PreCheck and Global Entry.
Up to $240 in digital subscription credits
The Amex Platinum Card's digital subscription credits are awarded in chunks of up to $20 per month (maximum $240 per year). Enrollment is required before you can use this perk.
Eligible digital subscription services include:
Up to $300 annually in Equinox credits
Cardholders can receive up to $300 each year (up to $25 per month) in credits toward Equinox gym memberships or digital subscriptions to on-demand fitness classes through the Equinox+ app. Enrollment is also required to activate this benefit.
Equinox is a chain of high-end fitness clubs that are mostly located in large US cities. The company's website lists 110 locations, 41 of which are in Manhattan, and the rest are sprinkled around places like Chicago, Miami, London, and Washington, DC.
Walmart+ membership credit
When you use your Amex Platinum Card to pay for a monthly Walmart+ subscription, you'll receive a statement credit for the cost ($12.95 plus applicable sales tax each month).
With a Walmart+ membership, you'll get perks like free delivery, free shipping with no minimums, pharmacy discounts, and other benefits. If you shop at Walmart, even occasionally, signing up for a subscription is worth it.
$300 SoulCycle at-home bike credit
If you. use your Amex Platinum Card to make a SoulCycle at-home bike purchase through your Equinox+ account online, you'll receive a $300 statement credit. These usually cost around $2,500, but if this is something you plan to purchase anyway it's a nice little discount.
The terms and conditions say you can redeem this credit for up to 15 separate bike purchases each year, but be aware each purchase requires a 12-month Equinox+ membership ($40 per month plus applicable tax) to qualify. In-store purchases or those made through the Equinox mobile app are not eligible for the credit.
Elite status at Marriott and Hilton hotels
Elite status at hotels can be incredibly valuable, often including free perks like daily breakfast, room upgrades, early check-in or late checkout, premium internet, lounge access, free nights, points-earning bonuses, and more. Usually, only the top frequent travelers earn status, but with the Amex Platinum Card, you can earn it before you've stayed a single night.
The card comes with Marriott Bonvoy and Hilton Gold elite status, which you have to activate once you receive your card. If you stay at hotels even a few nights a year, these benefits can be extremely valuable, especially considering how expensive hotel food can be — Hilton Gold entitles you to free breakfast (currently awarded as a food and beverage credit). Some Hilton credit cards also offer Gold elite status as a benefit.
Global Entry or TSA PreCheck
TSA PreCheck and Global Entry (which comes with PreCheck) are absolute musts for just about any traveler. Once you enroll, you can use special lanes to breeze through airport security — you won't have to remove shoes and light coats, and you can leave your laptop in your bag.
With Global Entry, you can use a fast lane when you return to the US from abroad, which makes clearing immigration and customs easy and quick. The programs cost $85-$100, and American Express will provide a credit for that fee every four years (memberships are valid for five years).
Other card benefits
The Amex Platinum Card comes with a few other benefits that help offset the annual fee.
Amex offers Amex Platinum Card members access to the Amex Fine Hotels & Resorts program. When you book participating hotels through Amex Travel (there are nearly 1,000 worldwide), you'll enjoy valuable perks including room upgrades, free breakfast, late checkout, free Wi-Fi, and a unique amenity at each hotel, like a credit to use at on-property spas or restaurants.
An exclusive concierge service is available to Amex Platinum Card cardmembers, too. While the services are complimentary, you're responsible for paying for any services booked or purchases made on your behalf (don't worry, the concierge will always ask for approval first). The service can come in helpful for things like getting tickets to shows or making reservations at exclusive restaurants.
For rates and fees of The Platinum Card® from American Express, please click here.
For rates and fees of The Business Platinum Card® from American Express, please click here.
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Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.