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What if I told you that it’s possible to get The Platinum Card® from American Express without paying the $695 annual fee? This iconic card is beloved for its extensive airport lounge access, nearly two dozen airline and hotel transfer partners, hundreds of dollars in annual credits (for example, up to $200 in airline fee credits for incidentals with a select airline), up to $200 in Uber Cash for U.S. rides and Uber Eats orders (up to a total of $15 per month, plus up to a total of $35 in December) (Terms Apply) and up to $100 at Saks Fifth Avenue ($50 for January through June and $50 for July through December; enrollment required) and much more. If you use this card right, you can get some serious swag.
You can get the annual fee waived on The Platinum Card® from American Express exclusively for Morgan Stanley* if you have the Morgan Stanley Platinum CashPlus account, which also comes with unlimited ATM fee rebates and is FDIC-insured.
Here’s the fine print:
- The Platinum CashPlus account is free if you receive at least $5,000 in monthly deposits (or a Social Security deposit in any amount), maintain an average daily balance of at least $25,000 and are enrolled in Morgan Stanley Online. If not, the monthly account fee is $55.
- All or part of the $695 annual fee rebate may be subject to income tax. Morgan Stanley may be required to report all or a portion of the rebate as taxable income.
Jumping through those hoops can be well worth it
The qualification requirements aren’t chump change, but they’re not just for the super-rich, either. Many middle-class households can make this work.
Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $195 annual value), and their American Express Membership Rewards points are worth 1 cent apiece when they’re redeemed into an eligible Morgan Stanley account. On the traditional version of this card, points are only worth 0.6 cents apiece when exchanged for statement credits. Points can be worth considerably more when you transfer to the right airline or hotel transfer partner (according to Bankrate’s latest credit card point valuations, Amex points are worth around 2.0 cents with the right transfer).
Charles Schwab and Goldman Sachs also offer co-branded Amex Platinum cards. The Schwab version has historically offered an even better redemption value, previously with a high of 1.25 cents per point. Currently, it offers 1.10 cents per point when you deposit your Membership Rewards points into an eligible brokerage account.
Access to Goldman’s version is highly restricted and therefore not worth discussing here (unless you work at the firm or have an eight-figure account balance).
More mainstream brokerage credit cards
If this all sounds interesting but isn’t quite your cup of tea, here are a few alternatives that fit squarely on Main Street. I’m a big fan of the Fidelity® Rewards Visa Signature® Credit Card*.
Cardholders earn 2 percent cash back on every purchase (without an annual fee) as long as they deposit their rewards into an eligible Fidelity account. Options include individual retirement accounts, health savings accounts, 529 college savings accounts, brokerage accounts, cash management accounts and more.
I love the idea of earning additional upside from your rewards. If you invest in stocks, bonds and other appreciable assets, you could watch your free money multiply. The SoFi Credit Card* has a similar structure, and even makes it easy to make payments on your SoFi Personal Loan and SoFi Student Loan Refinance accounts with rewards.
Another idea is the Preferred Rewards program offered by Bank of America, which includes its wealth management division, Merrill. If you have $20,000 in eligible balances (for instance, bank accounts or investments), your Bank of America credit card rewards are worth 25 percent more.
You’ll also get a 50 percent bonus if you maintain $50,000 in eligible balances and a 75 percent bonus if you have $100,000 or more socked away. Especially once you hit that highest tier, Bank of America’s credit cards are tough to top.
The bottom line
Loyalty pays, so consider your entire financial picture. It might make sense to consolidate your banking, credit card and investment activity with a single provider in order to earn premium perks such as enhanced rewards and lower fees.
*Iinformation about The Platinum Card® from American Express exclusively for Morgan Stanley, the Fidelity® Rewards Visa Signature® Credit Card and the SoFi Credit Card has been collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer.
Have a question about credit cards? Email me at [email protected] and I’d be happy to help.
FAQs
How to Get Your American Express Platinum card Annual Fee Waived
- Call the retention line. You can ask Amex to waive the annual fee by calling (800) 452-3945. ...
- Apply for the Amex Financial Relief Program. ...
- Get a different version of the American Express Platinum card. ...
- Other options.
While it may seem hard to believe, there are two ways to avoid the annual fee on this premium card.
- Open the Morgan Stanley version of the card and a Platinum CashPlus account. There are multiple versions of The Platinum Card® from American Express. ...
- If you're active-duty military, American Express waives the fee.
Credit Score. The Blue Cash Everyday® Card from American Express is a strong option that offers cash back received in the form of Reward Dollars on everyday purchases without an annual fee.
Does Amex Platinum waive the annual fee for the military? ›
The Platinum Card® from American Express waives the annual fee to $0 for active duty military, Guard and Reserve on 30+ day active orders, and military spouses of active duty troops.
Does Amex Platinum refund annual fee? ›
(3) If you cancel the Card, we will refund the annual fee if you notify us of your intention to do so within 30 days of the date of the statement on which the annual fee appears. For cancellations after this 30-day period, the annual fee is non-refundable.
Does cancelling Amex Platinum hurt credit? ›
Closing a credit card can reduce your overall available credit, which could cause your credit utilization ratio — which accounts for 30 percent of your FICO score — to increase.
How much income do you need for Amex Platinum? ›
There is no income requirement, instead all you need is a fair to good credit score. A fair to good credit score depends on the credit reporting service but the average range is from 580 to 780.
Is it worth keeping Amex Platinum? ›
The Amex Platinum has an annual fee of $695, but for many travelers, the card's benefits will more than offset that charge. If you can maximize all of its annual statement credits, you're looking at nearly $1,600 in value. Plus, the various other benefits of the card can be worth even more for most frequent travelers.
Is Amex Platinum hard to qualify for? ›
American Express generally requires a good to excellent credit score to qualify for The Platinum Card® from American Express. Terms apply. You'll want to have at least a 690 credit score before applying for the card. So, you may need to work on building your credit score before applying for the card.
Why the annual fee of Amex is so high? ›
American Express credit card annual fees range from $0 to $695, depending on the card. Generally, the higher the annual fee, the more rewards and benefits the card is likely to offer. American Express typically charges annual fees when the cardholder opens an account and again on each account anniversary.
With The Platinum Card® from American Express you're required to pay your balance in full every month. Although Amex provides cardholders with other options, paying in full every month can help you avoid interest charges and make the most of the card's value.
What is the minimum income for Amex every day? ›
The Amex Blue Cash Everyday has no disclosed minimum income requirement. However, as with any credit card, you will need to have sufficient income to afford payments. When applying, your total annual income may include wages, retirement income, rental properties and other personal income you can rely upon.
How do I avoid paying Amex Platinum annual fee? ›
How to ask for a credit card fee waiver. However you're able to contact American Express (email, live chat, mail, etc.), the hands-down best way to ask for a fee waiver is to call. Immediately ask to speak to the retention department. Explain your situation and that the annual fee doesn't make sense to pay anymore.
What credit score is needed for Amex Platinum? ›
Bottom line. To qualify for the Amex Platinum Card®, you'll typically need a good to excellent credit score (670+). However, your credit score isn't the only thing that matters.
What is the minimum credit score for Amex Platinum military? ›
Like other premium travel credit cards, the Platinum Card requires very good or excellent credit. This typically means a FICO score of 740 or higher, although American Express does not advertise specific minimum credit score requirements. Before applying, check your credit score.
Does Amex Platinum charge annual fee immediately? ›
When does Amex charge its annual fee? New cardmembers will see the annual fee on their first billing statement. In subsequent years, you'll see the annual fee in the anniversary month of your account.
Can you downgrade Amex Platinum to no annual fee? ›
Is it possible to downgrade Amex Platinum card? Yes, it's possible to downgrade your Amex Platinum card. It's recommended that you've kept the card open for at least 12 months. You can downgrade it to the Amex Gold card or Amex Green card, but there is currently no way to downgrade to a card with no annual fee.
Is Amex Platinum no longer a charge card? ›
Yes, and no. Some American Express Cards, namely the American Express® Green Card, American Express® Gold Card, and the American Express® Platinum Card, can function as traditional charge cards or as credit cards, depending on what works best for your financial situation.
Can I write off my Amex annual fee? ›
Credit card fees are not deductible for individuals and are deductible for businesses. Businesses can deduct all credit card fees as well as finance charges. Businesses are eligible to deduct credit or debit card processing fees associated with paying taxes, but individuals are not.
