Yes, American Express (Amex) does sometimes waive annual fees, either through specific card benefits, retention offers when you call to cancel or downgrade, or by using Membership Rewards points in some regions; however, for many premium cards, it's more about negotiating a retention offer or using points for the fee rather than a simple, automatic waiver. You can also get refunds for fees paid within 30 days of being charged, and there are no-annual-fee Amex cards available.
4 Ways to Get Your Platinum Card® Annual Fee Waived
Here are a few potential ways to persuade an issuer to waive your fee:
Blue Cash Everyday® Card from American Express
No Annual Fee. Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 19.49% to 28.49% variable APR. Plan It®: Buy now, pay later with Plan It.
Military-Specific Perks and Benefits
Under special military protections, both cards waive annual fees for active-duty servicemembers and their spouses.
Key Takeaways. Personal credit card fees aren't deductible, but business-related fees are eligible for tax deductions. Businesses can deduct credit card finance charges, annual fees, and processing fees as expenses. Individuals can't deduct fees related to credit card transactions, including those for tax payments.
U.S. Platinum Card and U.S. Business Platinum Card Members may qualify for Complimentary Guest Access for up to two (2) guests per visit to locations of The Centurion Lounge in the U.S. and select international locations (as set forth on the Centurion Lounge Website) (“Complimentary Guest Access”), after spending ...
The main reason Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which justify their steep annual fees. Amex cards are designed for people with good credit and a lot of income who are likely to charge large amounts to their cards every month.
What salary do you need to qualify for an Amex Platinum Card? There isn't a published income requirement for the Amex Platinum Card. However, income is considered, and having a higher income will help improve your approval odds.
The Amex 2/90 rule is a guideline limiting most people to approval for no more than two new American Express credit cards within a 90-day period, even if they meet other rules like waiting five days between applications (the 1-in-5 rule). This rule specifically applies to credit cards, not necessarily charge cards, and is a key factor in managing how many new Amex cards you can open and get welcome bonuses for.
These credits won't be relevant for everyone. But if you can use them without changing how you spend, you could get about $1,300 in annual value against an $895 annual fee. And this doesn't include the harder-to-quantify benefits like lounge access, hotel status, travel insurance or AmEx Offers. Enrollment required.
The 2/3/4 Rule is an informal guideline, primarily used by Bank of America, that limits how many new credit cards you can be approved for: two in a two-month (or 30-day) period, three in a 12-month period, and four in a 24-month period, helping lenders manage risk from frequent applications and "churning" for bonuses. It's a rule for applicants, not a limit on how many cards you should have, but a strategy for managing applications to avoid automatic denials.
The "15" and "3" refer to the days before your credit card statement's closing date. Specifically, the rule suggests you make one payment 15 days before your statement closes and another payment three days before it closes.
Canceling a credit card can hurt your credit score. When you cancel a credit card, there are multiple credit score factors that can be impacted. By how much your credit health is impacted depends on your credit history and the credit scoring model used.
American Express will refund the annual fee charged on a card if you notify them of your intention to cancel your account within 30 days of the fee being charged.
Is 175,000 Amex Points Worth the $895 Annual Fee? Short answer: Absolutely. The welcome bonus alone is worth 4X the annual fee.
100,000 American Express Membership Rewards points are generally worth $1,000 to $2,000 or more, depending on redemption; you get about 1 cent per point ($1,000 total) using the travel portal or gift cards, but can achieve 2 cents per point or higher ($2,000+) by transferring to airline/hotel partners for premium flights, yielding significantly more value, according to Bankrate and WalletHub and The Points Guy.
The credit limit you can expect for a $75,000 salary across all your credit cards could be as much as $15000 to $22500, or even higher in some cases, according to our research. The exact amount depends heavily on multiple factors, like your credit score and how many credit lines you have open.
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.
Hardest Card to Get Overall
Why it's one of the hardest cards to get: The hardest card to get is the American Express Centurion Card, known simply as the “Black Card.” You need an invitation to get Amex Centurion, and only the super rich and famous can expect to get the call.
The main cons of American Express (Amex) include limited merchant acceptance (due to higher fees for businesses), high annual fees on premium cards, and strict credit requirements, often needing good to excellent credit; plus, some traditional Amex cards are charge cards requiring full monthly payment, unlike typical credit cards, and points transfers can sometimes be slow, notes Investopedia, Finder.com.au, Credit Suite, Bankrate, Point Hacks, Half Past First Cast, and YouTube}.
Reasons Amex Is a Prestigious Credit Card Brand
VIP benefits: Several Amex cards include access to concierge services. In addition, Amex routinely offers invitation-only events, tickets, shows, and more to eligible cardholders through the Amex Experiences program.
The biggest disadvantage of the American Express Platinum Card® is that it charges a high annual fee, at $895. Therefore, it's not a great option for people who use their card infrequently or are tight on money.
The American Express Centurion Card, colloquially known as the Black Card, is an exclusive invitation-only charge card issued by American Express. It is reserved for the company's wealthiest clients who meet certain net worth, credit quality, and spending requirements on its gateway card, the Platinum Card.
Earning points on the Centurion Card
Cardmembers earn just one Membership Rewards point per dollar spent on all purchases. Other options for earning: You'll actually get much better Membership Rewards earning potential with the Amex Platinum or the American Express® Gold Card since both have bonus-earning categories.