Why is Amex annual 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 ever waive annual fee?

Most people will need to pay the $695 annual fee on The Platinum Card® from American Express in full each year. However, there are a few ways to waive the Amex Platinum annual fee if you're eligible. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers' Civil Relief Act.

Are American Express annual fees worth it?

The bottom line

The Amex Platinum Card is only worth the annual fee if you'll use enough benefits to recoup the fee. You could easily offset the fee with the statement credits alone, but this card also offers the chance to earn boosted rewards on travel purchases, too.

How do I offset my Amex Platinum annual fee?

Although The Platinum Card® from American Express will increase the annual fee by $145 from $550 to $695, you can still extract value and offset the annual fee if you take advantage of the numerous statement credits (e.g., airline, hotel, digital entertainment, Equinox, Clear membership, Uber, Saks) and use the most ...

Are Amex cards for the rich?

No,. American Express is not specifically for rich people, even though it does have a high level of status in many people's minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don't need to be rich to have a good credit score.

Amex Platinum Card - 13 Things You MUST DO

What card do billionaires use?

The credit card billionaires are most likely to use is the Centurion® Card from American Express, also known as the Amex Black Card, which has unique benefits and is reserved for high-net-worth individuals. Some of the rich and famous people rumored to have the card include Jerry Seinfeld and Halle Berry.

How much is 150k Amex worth?

We generally value Membership Rewards points at about 2.2 cents per point, which means that a 100,000-point bonus offer is worth ~$2,200, a 125,000-point bonus is worth ~$2,750, and a 150,000-point bonus is worth $3,300.

Can I use my Amex in Mexico?

Which U.S. Credit Cards Work In Mexico? The major credit cards—Visa, MasterCard and American Express are accepted in most large cities and tourist areas across Mexico. Discover is accepted in some locations too.

Can Amex Platinum fee be waived?

Amex waives the annual fee on all of their cards, including the AMEX Platinum. Cards opened while on active duty are waived with Military Lending Act (MLA). Cards opened before active duty are waived with SCRA.

Is Amex Platinum prestigious?

The Amex Platinum is one of the most prestigious travel credit cards you can own. Trying for an American Express credit card lets you establish a relationship with Amex. Plus, it can make it easier to add the Amex Platinum Card to your wallet in the near future.

What is the downside of American Express?

The primary drawback of American Express cards is the fact that they charge companies for the payments that they process. This is because they have their own payment network and don't rely on companies like Visa and Mastercard. This means that some businesses, especially smaller ones, may not accept American Express.

Is Amex more expensive than Visa?

Winner: Visa

American Express has long charged higher credit card processing fees than other payment networks. To avoid those more expensive fees, some merchants have opted not to accept American Express cards.

Is Amex Platinum or Gold better?

Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards. But Amex Gold provides more everyday value.

Can you negotiate Amex fees?

But here's something you might not know. Not every merchant pays the same fees for Amex transactions. In fact, you can even negotiate your Amex merchant fees with your processor to save money on credit card processing.

How do I cancel my Amex annual fee?

To get an Amex annual fee refund after closing an account, call customer service at (800) 528-4800 within 30 days to request a refund check. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the statement on which the fee appears.

How do I get my annual card fee waived?

Call your issuer

Call the customer service number on your statement or the back of your card, and provide identifying information like your name and account number. Then, ask if you can have a waiver for your annual fee. If this is successful, you're done.

Can you downgrade Amex Platinum to no fee card?

As an American Express Platinum cardholder, you can only downgrade to the American Express® Gold Card or the American Express® Green Card.

What happens if I don't pay off my Amex in full?

$38 if you do not pay the Amount Due (Minimum Payment Due if you have a Pay Over Time balance) on a billing statement before the next Closing Date. For each following Closing Date that an amount past due remains unpaid, we may charge a fee of the greater of $38 or 2.99% of any past due Pay In Full amounts.

What happens if you don't pay Amex Platinum in full?

If you don't pay Amex Platinum in full, you will be charged interest on any purchases added to a Pay Over Time balance. With Pay Over Time, you can add eligible charges to a Pay Over Time balance, up to a limit.

Why Amex is not accepted worldwide?

Historically, Amex hasn't always been widely accepted, either domestically or internationally. The issuer and payment network has long had a reputation for charging merchants swipe fees, which hindered the company's ability to attract small businesses. Over the years, this has shifted.

Where is AMEX not accepted in USA?

Major Retailers That Accept American Express: Amazon, IKEA, Sears, Target, Walmart, Lowe's, Apple, Best Buy, Staples, CVS. Major Retailers That Don't Accept American Express: Costco, small non-chain stores/restaurants.

Does Amex charge international fee?

You can check if foreign transaction fees are waived for your Card through your online account. Otherwise, for personal and small business (OPEN) Cards we charge 2.7%, and for Corporate Cards, it's 2.5%.

What is the richest Amex card?

What is the hardest Amex card to get?

The hardest Amex card to get is the Centurion® Card from American Express. Also known as the “Black Card,” this Amex card is hard to get because it is available by invitation only, and potential candidates are rumored to need an annual income of at least $1 million.

How rich do you have to be to have a black Amex card?

How much do you have to make to get Amex's black card? There aren't any income requirements per se, but you most likely need to be a high spender on your Amex cards. If you're in the ballpark of $250,000 to $500,000 in annual spending across all your open Amex cards, you may qualify for the Centurion card.