The Platinum Card® from American Express is normally pretty costly. It has a $695 annual fee (see rates and fees), making it one of the most expensive credit cards. You get plenty of benefits in return, but it still takes a bite out of your savings.
Unless you get it for free. While it may seem hard to believe, there are two ways to avoid the annual fee on this premium card.
1. Open the Morgan Stanley version of the card and a Platinum CashPlus account
There are multiple versions of The Platinum Card® from American Express. One of them is the Amex Platinum Card for Morgan Stanley. You can apply for it if you have a Morgan Stanley brokerage account.
If you have the card and a Platinum CashPlus account with Morgan Stanley, you can receive a $695 annual engagement bonus. Terms apply. Since that balances out the annual fee, you effectively pay nothing for the card (see rates and fees). Morgan Stanley's CashPlus accounts are designed as a banking alternative. They include a debit card and unlimited ATM rebates worldwide, among other benefits.
Here's the catch: The Platinum CashPlus account has a $55 monthly fee. That's $660 per year, so you're not saving all that much if you need to pay it. You can avoid that fee if you meet all of the following requirements:
- At least $5,000 in total monthly deposits (or a Social Security deposit of any amount)
- At least $25,000 in average daily cash in the account
- An additional eligible Morgan Stanley brokerage account (self-directed brokerage accounts qualify)
- Morgan Stanley Online enrollment
There are some hoops to jump through, namely the deposit and balance requirements. There's at least a long list of eligible types of deposits. It includes payroll direct deposits, checks, and incoming money transfers.
The main downside is that you need to keep at least $25,000 locked up. With current banking interest rates, that's more of an issue than it was in the past. Many of the best savings accounts have rates of over 4%. A $25,000 balance could earn you over $1,000 of interest per year in one of those accounts.
2. If you're active-duty military, American Express waives the fee
Two federal laws provide protections to active-duty military when borrowing money:
- The Servicemembers Civil Relief Act (SCRA) applies to credit accounts and loans opened before military service.
- The Military Lending Act (MLA) applies to credit accounts and loans opened during military service.
These laws include a variety of protections, including interest rate caps. Some card issuers, including American Express, go above and beyond by providing additional benefits.
While you're in the military on active duty, you can get the annual fee waived on many American Express cards. That includes The Platinum Card® from American Express (terms apply). Here's how getting the fee waived works:
- For cards opened before military service: You can request it online through the credit management section of your account. Select the option for SCRA benefits. You can also do it by phone -- just call the number on the back of your card.
- For cards opened during military service: There's no action required on your part. American Express checks if you're eligible with the Department of Defense during the application process. If you are, you receive the applicable benefits automatically. If you don't receive them, contact customer service.
It makes sense to apply for The Platinum Card® from American Express if you're active-duty military. You can get one of the most valuable credit cards without paying a dime. It has over $1,500 in annual spending credits and access to over 1,400 airport lounges, to name a few of the highlights (terms apply, select enrollment required).
For those who aren't in the military, there's the option with the Amex Platinum Card for Morgan Stanley. It isn't quite a slam dunk, because you also need a Platinum CashPlus account, and getting the fee waived on that is somewhat of a hassle. But it could be worth considering, especially if you're a Morgan Stanley client and you're interested in or already have that type of account.
FAQs
You might get your American Express Platinum card annual fee waived if you call Amex customer service at (800) 452-3945 and float the idea of closing your account due to the cost. Alternatively, if financial hardship is the reason you want a fee waiver, consider applying for the Amex financial relief program.
Is there a way to get Amex Platinum fee waived? ›
You might get your American Express Platinum card annual fee waived if you call Amex customer service at (800) 452-3945 and float the idea of closing your account due to the cost. Alternatively, if financial hardship is the reason you want a fee waiver, consider applying for the Amex financial relief program.
How to get the Amex Platinum card free? ›
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.
Can you get Amex Platinum with no income? ›
Of course, if a card has a high annual fee, one could assume that there's some serious eligibility requirements for The Platinum Card® from American Express, but that's not the case here. There is no income requirement, instead all you need is a fair to good credit score.
How to get Amex Platinum welcome offer? ›
Amex Platinum new member welcome bonus: 150,000 Membership Rewards® points after you spend $8,000 in your first six months of card membership. Amex Platinum upgrade offer: 100,000 Membership Rewards® Points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.
When can I cancel Amex Platinum to avoid 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.
How to waive Amex card annual fee? ›
AMEX In-app Fee Waiver:
- Open up and log in to your AMEX app.
- Select the chat icon (top right)
- Select Chat With Us.
- Type “fee waiver”
- You'll be connected with a Customer Service Officer (CSO) to confirm the card you're requesting a waiver 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.
What is the minimum credit limit of Amex Platinum? ›
The Platinum Card® from American Express does not have a traditional credit limit; utilization for this card is not calculated the same as cards with credit limits.
Are Amex Platinum cards worth it? ›
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.
Annual income of $100,000 or more. Aged 18 years or over.
Why is Amex Platinum so prestigious? ›
Amex Platinum benefits
Numerous travel benefits, reputable concierge service and protections. Arguably the best airport lounge access of any premium travel card. Travel and lifestyle statement credits that can easily offset the annual fee. Access to flexible Amex Membership Rewards points.
How to get American Express Platinum without annual fee? ›
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.
Amex has about 70 million proprietary cards in circulation, of which 70% are fee-bearing cards. Platinum and gold make up less than 10% of that, Nash estimated.
Is it worth upgrading Amex Gold to Platinum? ›
Should I upgrade from Amex Gold to Platinum? If you think that you would benefit from the better travel rewards, you might want to upgrade to the Amex Platinum card. Otherwise, stick with the Amex Gold Card for earning rewards on everyday spending.
Can you downgrade Amex Platinum to no 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.
Why is American Express Platinum card fee so high? ›
The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees. Amex cards are targeted toward people with good credit and high incomes who are likely to charge large amounts to their cards every month.
Does Amex Platinum cover cancellation fees? ›
If you purchase a round trip entirely with your Eligible Card and a covered reason cancels or interrupts your trip, Trip Cancellation and Interruption Insurance‡ can help reimburse your non-refundable expenses purchased with the same Eligible Card, up to $10,000 per trip and up to $20,000 per Eligible Card per 12 ...
What happens if you don t pay American Express Platinum in full? ›
If you don't repay us within 30 days, we may charge interest at the rates in this agreement until everything is fully repaid. You can contact us for details of what interest will be payable.
