3 Ways to Get the Amex Platinum Card at No Cost
KEY POINTS
- Combine the Amex Platinum Card for Morgan Stanley with a Platinum CashPlus account for a $695 annual engagement bonus.
- Charles Schwab investors can receive an annual appreciation credit with the American Express Platinum Card® for Schwab.
- Every version of this American Express card has plenty of spending credits, and if you can use enough of them, they'll outweigh the annual fee.
The Platinum Card® from American Express has lots of benefits at a hefty price tag. The annual fee is $695, making it one of the most expensive cards (see rates and fees). But there are also a few ways you could get it at no cost.
On American Express' Secure Website.
Terms apply
On American Express' Secure Website.
Terms apply
Good/Excellent (670-850)
Intro APR
Purchases: n/a
Balance Transfers: n/a
APR
See Pay Over Time APR
Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.
1X-5X Membership Rewards® Points
Annual Fee
$695
Welcome Offer Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
80,000 Membership Rewards® Points
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This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy, and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.
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- Big welcome offer
- Substantial spending credits
- Airport lounge access
- Hotel benefits
- Flexible travel points
- Annual fee
- Limited bonus categories
- Spending credits can be complicated to manage
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- Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
- The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
- $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
- $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 Platinum Card®.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
- $199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
- Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
- Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
- $695 annual fee.¤
- Terms Apply.
1. Get an annual engagement bonus with Morgan Stanley
If you have a Morgan Stanley brokerage account, you can get the Amex Platinum Card for Morgan Stanley. It has the same benefits, plus the opportunity to get a $695 annual engagement bonus. Terms apply.
To get that bonus, you'll need to open Morgan Stanley's Platinum CashPlus account. This account normally costs $55 per month ($660 per year). You can avoid that fee by meeting the following conditions:
- At least $5,000 in monthly deposits (or a Social Security deposit of any amount)
- An average daily cash balance of at least $25,000
- An additional eligible Morgan Stanley brokerage account
- Morgan Stanley Online enrollment
That's a sizable monthly deposit and average balance requirement. But if you can meet those requirements, the engagement bonus will cover the cost of your card.
2. Receive a Schwab appreciation bonus
Morgan Stanley isn't the only broker that's partnered with American Express. Charles Schwab has, as well. If you have an eligible account with it, then you can get the American Express Platinum Card® for Schwab.
If you also have substantial qualifying holdings with Charles Schwab, you receive an annual appreciation bonus. Here are the bonus amounts depending on your holdings with Schwab:
- $250,000 to $1 million: $100 in annual statement credits
- $1 million to $10 million: $200 in annual statement credits
- $10 million or more: $1,000 in annual statement credits
- Terms apply.
The largest bonus amount will be out of reach for most people. But if you use Charles Schwab for your investments and retirement savings, you could end up with enough there to qualify for a $100 or $200 annual credit.
3. Use at least $695 in statement credits
It's also worth mentioning the most straightforward option. The Platinum Card® from American Express has over $1,500 in annual statement credits. Here are some examples of what it offers:
- $200 in Uber Cash
- $240 digital entertainment credit
- $200 airline fee credit
- $155 Walmart+ credit
- $199 CLEAR® Plus credit
- Select enrollment required, terms apply. See Card Details in offer tile above for full details.
If you can use at least $695 of this card's many spending credits, then that makes up for the annual fee.
Now, these spending credits aren't all easy to use. Make sure to check them out and see if you think you'll be able to use them before you apply for the card. If not, then it probably isn't a good fit for you. In that case, you're better off looking at travel credit cards with features that better fit your lifestyle.
A less expensive Amex Platinum Card
The Platinum Card® from American Express is expensive, but there are ways to get it without paying $695 per year. The Morgan Stanley and Charles Schwab versions of the card both have spending credits that can help.
Even if you have the standard version, it really shouldn't be costing you $695 a year. It only makes sense to have this card if you can take advantage of its benefits, or at least a good portion of them. And those benefits can more than make up for the huge annual fee.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
For rates and fees for the American Express Platinum Card® for Schwab, click here
For rates and fees for the Amex Platinum Card for Morgan Stanley, click here
For rates and fees for the The Platinum Card® from American Express, click here
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